You're looking at a sample workspace. Nothing here is a real client. Run your own free study
Ledgerline clients Wasatch Ridge Homes
Intake
S corporation · UT · tax year 2026 · Lehi, UT · contact Jared Holm, CFO
Fastest way: drop whatever files you have (QuickBooks exports, budgets, draw reports, trackers) and we fill in most of these steps for you.
Drop your files →Step 8 of 8
Gap check
Here is what is still missing. Everything else is ready to run.
- Sage Flats lots: lot takedown schedule and development budget not uploaded
- Juniper Hollow: 6 closing statements still missing (Aug-Sept closings)
- Sage Flats lots (40 lots): no study inputs yet, so only screening estimates are shown
- 38(c) tentative minimum tax: for 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053 the credit limit takes TMT = 0 (an upper bound on credits used) because owner AMT inputs (net capital gain and qualified dividends; optional ISO bargain element, private activity bond interest, 56(a)(3) contract and other adjustments) is missing or not coded, and energy-efficient home credit is not a specified credit (38(c)(4)(B)), so AMT could cut the credit used each year: CPA review on Form 6251 / 3800 at the owner level
21 questions for the CPA
- the small-business gross receipts test small business status assumes the gross receipts entered include every person treated as one taxpayer under the small-business gross receipts test(2) (single employer under 52(a)/(b) or 414(m)/(o), e.g. commonly owned framing, supply or other building entities). Confirm the aggregated figures before relying on the cash method, inventory cost rules, 471(c), the home construction contract rule(1)(B) or 163(j)(3).
- Do any project LLCs allocate >35% of losses to non-managing members in loss years?
- Will growth push the group over the threshold within 3 years, and is the round trip worth it?
- Is each entity the eligible contractor (owned and had basis during construction)?
- Which multifamily buildings meet PW and apprenticeship rules and have Form 7220 support?
- What authority governs building cost on converting builder inventory (FMV rule)?
- Is the home's basis on conversion cost or lower of cost/market (if inventory was written down)?
- Rev. Rul. 89-25 text and any model-home case law to confirm
- For projects straddling 2025-01-19, is the component election or a separate-property argument available for later-installed personal property items?
- Should the client elect 40% under bonus depreciation(10) for 2025 (e.g., to use expiring credits/NOLs or smooth income)?
- Which circuit controls this client's tax appeals?
- Is a change-of-purpose allocation supportable for this parcel?
- Is a change of lot allocation method a method change requiring a non-automatic 3115?
- Firm retention policy vs client retention policy
- How are earnest money and customer deposits treated under the chosen method?
- Is the builder required to keep inventories for materials (see inventory_471c)?
- Which entities count as real property trades for the half-of-services test?
- Joint-return rule text for (c)(7)(B)
- 80% loss carried forward limit interaction with future-year planning
- Is the client under exam or in Appeals?
- Any change made in prior 5 years for the same item?
Current estimate with these gaps: $191,554 (moderate, after fees).