Compiled Monthly Statements

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#1
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2809
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22-Apr-2014 1:34pm
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North Carolina
I normally prepare monthly compiled statements (no notes) for a client. However, their 12-31-20 tax return has been extended and is not yet filed. I have not run into this in many, many years. Am I correct that I can go ahead and issue the monthly 2021 compiled statements but just stamp them "tentative" until the 2020 year-end is completed? Or is there another way to go ahead and issue the 2021 statements?
 

#2
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264
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20-Sep-2020 2:59pm
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US
I personally mark them draft, but tentative would be fine, and just communicate with the client there will be some changes to the balance sheet once the tax return is finished, but the income statement will be correct. When I finish the return I will give them a correct set of statements for the current month and ask if they want me to reprint the prior months, which they never seem to want.
 

#3
Posts:
2809
Joined:
22-Apr-2014 1:34pm
Location:
North Carolina
Thank you for the reply! Maybe it was "draft" that I used to stamp them with, I can't really remember, and did not know if something had changed over time. Thanks again!
 


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