Per IRS, balance sheets are required for any corporation, S-corp, or partnership, which has combined assets and gross receipts totaling $250,000 or more. Below is an example of a Balance sheet.
Below are the IRS links to the PDF's that contain the Balance Sheets (Schedule L) for Corporations and S-corps. These PDF's can be filled in and printed:
Form 1120 (page 6)
Form 1120-S (page 4)
The only difference between the Schedule L on the 1120 and the 1120-S is that the 1120 includes an extra line item for "Other liabilities".
At Pelican Tax Services, we can put this balance sheet together for you if you do not wish to do it yourself; we will require some extra information as well as the first and last month's bank statements for 2019. Preparation of your balance sheet will be an additional $75, and will likely require additional time at your appointment. If you would like us to prepare your balance sheet, we will happily add more time to your appointment or schedule you for a second appointment.
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