Difference between US and UK annual accounts

What do we ask a US client for when we want their LLC's "annual accounts"?

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Morning All

We asked a client of ours for their "annual accounts" (we are not accountants or bookkeepers by the way) and they have supplied us their compnay and individual tax returns. When we went back and said we need their actual unaudited "annual accounts" they sent us a Quickbooks file that can only be opened in Quickbooks. Irrespective of what is in the Quickbooks file, it will not be a copy of the filed accounts. Are we asking for the wrong thing? Is there a different terminology? Surely a US LLC has to also prepare and file accounts with their tax returns? As always please excuse such a basic question.

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By Marion Hayes
01st Mar 2018 07:21

What will you want to do with the information when you get it?

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Replying to Marion Hayes:
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By Limited Company
01st Mar 2018 07:28

Morning Marion. Thank you again for your assistance. I see you are an early bird too!

The client is seeking to move to the UK and their immigration lawyers have asked for the accounts as the business visa they are applying for (one that allows them to set up a branch in the UK) requires a "reasonable equivalent" of UK's "unaudited annual accounts"

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By Matrix
01st Mar 2018 07:40

I don't think that statutory accounts are required to be filed in the US so that is why they only have tax returns.

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Replying to Matrix:
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By Limited Company
01st Mar 2018 07:51

I see. That may explain Trump's ability to hide his fortune/debt! Thanks

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By Marion Hayes
01st Mar 2018 07:47

I would ask them to obtain from their CPA a certified copy of their latest set of accounts.

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Replying to Marion Hayes:
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By Limited Company
01st Mar 2018 07:51

Will do, thanks.

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Replying to Marion Hayes:
Flag of the Soviet Union
By thevaliant
01st Mar 2018 10:59

Which will get you nowhere.

US have no requirements to either prepare or file accounts. If you aren't on the New York stock exchange, forget it, you won't get anything.

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By Marion Hayes
01st Mar 2018 07:56

or send a message to David Treitel. He often helps out on here
http://www.americantaxreturns.co.uk/

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By SkyBlue22
01st Mar 2018 10:45

Perhaps it's the wording you are using? Perhaps using 'Financial Statements' might get you what you are after.

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Replying to SkyBlue22:
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By Limited Company
01st Mar 2018 11:02

The wording definitely does not help as it is UK wording. However, we are advised that the laws require the company to present "reasonable equivalent" of UK "annual accounts".

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Flag of the Soviet Union
By thevaliant
01st Mar 2018 10:58

Having dealt with US subsidiary before:

In the US - the requirements to prepare accounts are noted below:

""

There is no requirement to prepare accounts in the US, and certainly no requirement to file them anywhere.

All we ever got was a Quickbooks TB and the IRS Tax return.

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