PDF Workpaper


1. Please make sure CY beginning R/E is tied to PY ending R/E (also, check whether the client booked our AJE if we provided them for certain entities). 

2. Don’t need to print excel F/S (G/L) to pdf and add it to workpaper. Keep the financials in excel.

3. Don’t need to print excel G/L to pdf for FTB payment (FF-1) and/or partner contributions (SS-1) and add them to workpaper.  

4. Please complete lower-tier partnerships first and book AJE for income/loss to upper-tier 

 partnership. 

5.     Please print AF trial balance and AJE report to pdf and include them in the workpaper.

6. Please print a) Stidham entities control sheet, b) payment control sheet, and c) org chart to pdf 

and include them in the workpaper.

7. Please include Dec. bank statement in the workpaper. 

8. Don’t include Form 3522 in the workpaper.

 


In summary, we will have two workpapers, pdf and excel (PBC GL). PDF workpaper should include 1) Point Sheet, 2) Entities control sheet, 3) Payment control sheet, 4) Organizational Chart, 5) Adjusted Trial Balance in AF, 6) Adjusting Journal Entries, if any and 7) Dec. bank statement. Also, please make sure to book AJEs for income/loss from lower-tier partnerships to upper-tier partnership. 

Tax Return

  1. Do not need to enter expenses in GoSystem as we are not going to produce K-1 as individual tax return workpaper anymore. For individual return, use trial balance from AF as workpaper. For 2% portfolio deductions, input them in Schedule A directly. 
  2. In case there is an income, please enter income in GoSystem to report on Form 568, Side 7.   
  3. If we have a CA temporary ID number (refer to the control sheet), please enter it in GoSystem so that it will show on the top of Form 568, Side 1. The FTB used this number to credit the payment amounts. Please put additional zeros in front of temp. ID number to be qualified for e-filing.   
  4. For SMLLC not registered in CA, the answer for M(2), “Was this LLC registered in CA without earning any income sourced in this state during the taxable year?” should be “No.”
  5. Please suppress Form 3522 voucher from printing if client already made payment. 
  6. Please suppress printing “Reconciliation of State to Federal Page One/ Schedule K.”
  7. Don’t print return cover sheet: Organizer – General Information – Return and Print Options – Basic Options – Miscellaneous – Uncheck “Print return cover sheet.”
  8. Please add member consent date in Form 568 side 3. Otherwise, it won’t be qualified for e-filing.
  9. Don’t include sign date for authorized member or manager in Form 568 side 3. 
  10. Don’t include sign date in Form 8453-LLC for manager.
  11. Don’t include transmittal letter. We will only include filing instruction.
  12. Please make sure to create state e-file at the end and clear diagnostics, if any. 

 

In summary, client copy should only include “CA filing instruction + Form 8453-LLC + Form 568 Side 1, 2, 3, and 7.” Make sure to input CA temporary ID number, if applicable and only add member consent date in Form 568, side 3 (No other sign date should be added). Please create state e-file at the end and clear diagnostics, if any. 

 


Advance Flow

  1. Please name each SMLLC’s extension folder to “Extension – See "Individual's name"’s extension – entity extension.”
  2. Please save draft return in AF for review. 

 

Gofileroom

 

Please make sure to check the notes in FF whether they are applicable for the current year:

For 2020, there should be three separate notes as follows:

 

Assembly Notes:

Note 1:

The entity is SMLLC, so no federal return is required. Please print “state return only” for both accountant copy and client copy as follows:

1) For accountant copy, please select “All” in copy types and “All State & City Returns.” 

2) For client copy, please select “Taxpayer” in copy types and “All State & City Returns.”

 

Note 2:

PDF file assembly: break down file into three pdf files: 

  1. Form 568
  2. E-file form
  3. Payment voucher, if applicable

 

Delivery Note:

Discuss with your manager and update if it is different from PY instruction.

 

After tax returns are finalized, we should email client's accountant AJEs so that she can update her QB.