Identify unresolved financial records before relying on the year-end figures. Describe ownership, compensation arrangements and the timing of collected fees, without exposing client matters.
Preparation resource. Record completion does not determine eligibility, deductions or tax savings. Ask your qualified tax professional to resolve the facts and applicable rules.
What this file should establish
Reconcile accounts, receivables, liabilities and owner balances to source evidence. Separate routine close tasks from tax adjustments that need a preparer. Track the person responsible and the evidence used to resolve each item.
Describe ownership, compensation arrangements and the timing of collected fees, without exposing client matters.
A situation to work through
A firm collects a large fee near year end while partner payments reflect an older forecast.
For this situation, start with partner agreement. Identify the period and legal owner before combining it with the other records. Keep the original source and explain any adjustments in a separate reconciliation.
Review point
Prepare an updated entity and owner projection before treating a cash distribution as the final tax result.
Unreconciled accounts change profit or owner balances materially.
Question for the reviewer
Which close exceptions must be resolved before a projection or return is finalized?
Expected handoff
A close exception register with a cutoff date.
Separate facts supported by documents from estimates and unresolved assumptions. Assign each missing item to a responsible person and a date. Send the reconciliation alongside the source references so the reviewer can trace each conclusion.
Your preparation worksheet
Enter a reference to the document, the person who can supply it and the unresolved question. Use file names or locations rather than account numbers or other sensitive information. Entries stay in this page until you close or refresh it. They are not sent to us or saved automatically. Export before leaving.
Record or decision
Source reference
Status
Responsible person
Open question
partner agreement
distributions
fee collections
payroll
capital contributions
account
reported balance
support
exception
responsible person
Mark not applicable only after noting why. A collected record can still require correction. Review the exported file before sharing it with your adviser.
Use the following primary guidance to frame the questions. The worksheet organizes facts; it does not replace analysis of the relevant year, ownership, elections or state treatment. Record the applicable period, confirm the source version and retain the preparer's written conclusions with the supporting documents.