5 Financial Discovery Mistakes to Avoid

Here are 5 mistakes I made in financial discovery when I was a newbie 👇

1. Requesting K-1s for a C-Corp. K-1s are only for S-corporations, LLCs and partnerships. Regular corporations are not passthrough entities and do not have them.

2. Requesting tax returns for an entity reported on Schedule C or E in the individual tax return or a disregarded entity that doesn't prepare returns.

3. Requesting missing checks for time periods where a check was not written.

4. Not requesting balance sheet or accounts receivable information for a Schedule C or E business since it is not included in the individual tax return.

5. Thinking financial discovery work can be done by someone with little to no training or experience.

Learn from my mistakes!