The program will automatically generate the Balance Sheet on the 1120 when the Total Receipts and Total Assets are more than $250,000. Per the 1120 Instructions,
"Corporations with total receipts (line 1a plus lines 4 through 10 on page 1) and total assets at the end of the tax year less than $250,000 are not required to complete Schedules L, M-1, and M-2 if the "Yes" the corporation is not required to complete Schedules L, M-1, and M-2..."
To suppress the 1120 Balance Sheet:
- Go to the Input Return tab.
- From the left of the screen, select General and choose Miscellaneous Information.
- Scroll down to the Other Information (Schedule K) section.
- Enter a 1 in Corporation's total receipts and total assets at the end of the year are less than $250,000: 1 = yes, 2 = No [Override].
If the 1 is entered, the Balance Sheet, Reconciliation of Book Income to Income per Return, and the Analysis of Unappropriated Retained Earnings won't print unless forced with an entry in the Balance sheet, M-1, M-2: 1=force, 2=when applicable [Override] field.
If the Balance Sheet is still generating:
- Go to the Input Return tab.
- From the left of the screen, select Balance Sheet and choose Balance Sheet Miscellaneous.
- Locate the Other subsection.
- Delete the entry in Balance sheet, M-1, M-2: 1= force, 2= when applicable [Override].
