Many tax preparers and advisors, and tax return reviewers at do not prepare a balance sheet as part of schedule I on a partnership, regular c corporation or a subchapter s corporation return because it is not required with certain thresholds promulgated by the Internal revenue service. This is the case even when there is a balance sheet available to input into the income tax return.

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The Balance Sheet is good to have on every tax return, even if not required, because it offers a trail information of the client from one tax return to the next and a good way to compare the same with the financial statements for such partnership, regular C corporation or subchapter corporation.