Which business is required to complete schedule l, m-1, and m-2 to report balance sheet information on its return?

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03-08-2022
Business

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Which business is required to complete schedule l, m-1, and m-2 to report balance sheet information on its return?

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-08-17T03:54:02-04:00

A partnership is required to complete schedule l, m-1, and m-2 to report balance sheet information on its return. The section of Form 1065, U.S. Return of Partnership Income known as Schedule M-2. The sum of the amounts indicated in Part II, Item L of each partner's Schedule K-1 should match the amounts on Schedule M-2.

Because evaluating changes to capital accounts should be consistent with income reporting and the balance sheet, the IRS uses this area of the tax return to check the correctness of tax reporting (Schedule L). Analysis of Partner's Capital Accounts is where the partnership informs the IRS of the changes to the partners' capital accounts on the partnership's books and records.

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