Question

Why is CA form 568 asking for my "total assets end of year?" I am a single member LLC. No Schedule L. No balance sheet. Can't get past this point.

Forum|Forum|6 years ago
February 25, 2020
3 replies
0 views

No text available

TurboTax Self Employed Online

Your total assets would be the amount of cash in the business and business property cost basis at end of year. It would not affect your tax in anyway, so you can manually calculate a reasonable amount for that entry.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

D

dg_enterprisesAuthor

They have never asked for this in the past. Why this year?

T

Twitter1

Re: Why is CA form 568 asking for my "total assets end of year?" I am a single member LLC. No Schedule L. No balance sheet. Can't get past this point.

DawnC

You should have a depreciation report and a Form 4562 that lists your non-current assets. If you use accounting software, you should be able to generate a report for all of your business assets. @Twitter1

Assets

Here are the components of a balance sheet:

Assets – What your business owns. Assets are resources used to produce revenue, and have a future economic benefit.
Liabilities – Amounts your business owes to other parties. Liabilities include accounts payable and long-term debt.
Equity – Equity is the difference between assets and liabilities, and you can think of equity as the true value of your business.

The components are connected by the balance sheet formula:

Assets = liabilities + equity

The formula is used to create the financial statements, including the balance sheet.

What are assets?

Generally Accepted Accounting Principles (GAAP) requires firms to separate assets and liabilities into current and non-current categories. [Edited 05/13/21 5:35PM]

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

D

dg_enterprisesAuthor

Single member LLCs are not required to keep a balance sheet or list assets. This is the entire problem. Please read the questions more carefully.

PS: When I originally posted this, i decided to pay the $60 for the TurboTax live accountant. He couldn't figure it out either.

DaveF1006

According to the Form 568 instructions, if you are not required to file Schedule L, you are also not required to provide total assets (Item G on side 1). Check your responses to Form 568 questions about your answers to Form 1065, Schedule B, questions 4a through 4d (or similar questions) and the number of members, to make sure you have answered appropriately to be exempt from Schedule L and Item G.

If an entry of Total Assets is still required, you can either enter total assets to clear the error, or print and mail the Form 568. You will need a waiver to print and mail the form.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

T

terracodellc

For Tax Year 2021: If you double click the field for the total assets, it comes up with a form that you can check off to not send the asset form. I then put 0 into the field on Form 568 since my LLC doesn't have any reportable assets.

M

mcgalmon

Were you able to actually transmit for e-filing? Even after I check the box and put “0”, it take me in an endless loop of reviewing. The number is not saving in that field even if I put anything other than “0”. I really don’t want to have to file by mail.