Tax Return & Financial Statement Analysis

Credit and lending professionals in my presentations on Credit Risk Readiness at banking associations, and in my training programs on Global Tax Return Analysis, often include Millennials, some... Continue Reading

Ryan asks: On the 1120 tax return, at the bottom of page 1, it lists total tax of $29,280. However when looking at page 5, Schedule M-1, there is no Federal Income Tax listed. Is there a reason... Continue Reading

Joey asks: I am concerned about double-counting income on pass through entities. Here is my example: XYZ company started 1/1/17. The company made $100,000.00 in profit. The personal tax return of... Continue Reading

Higgins asks: I see a partnership has made distributions to various C-corporations. The C-corporations received Schedule K-1s showing the distributions. Where on form 1120 would I see these... Continue Reading

Paula asks:

When doing a mortgage loan under the Appendix Q guidelines, we have been told a Balance Sheet is required, even for a Sole Proprietorship. I...

Continue Reading

Bill asks:

On the managing member’s 1065 Schedule K-1 for an LLC, Box 14 “Self-employment earnings (loss)" is $9,862,741 with a code letter of “C”. Is this...

Continue Reading

Lisa asks:

If the client has an NOL carryover on their 1040, causing income tax to be $0, would we need to estimate income taxes after adding back the NOL...

Continue Reading

For my loyal ‘Ask Linda’ subscribers, fair warning. This post is mostly about having fun while learning. That’s it! But if you want to learn something and skip the case for fun... Continue Reading

Carrie asks:

I have a question on a non-profit audited financial statement. Under the Statement of Activities (Unrestricted Column not Total Column) there is...

Continue Reading