PTax — Guided Setup

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Welcome to PTax. I'm here to help you set up your first engagement.

Let's start by understanding what you're working on. You can upload documents like a trial balance, prior year K-1s, or your LPA — I'll analyze them and build out your engagement scope.

Here's the trial balance from our accounting system.

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Acme_Capital_TB_2024.xlsx

Analyzing structure and accounts...

Analyzing

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Acme_Capital_TB_2024.xlsx

Analysis complete

Done

I found 148 accounts in the trial balance. Here's what I detected:

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Entity type Investment Partnership

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Rental activities 3 properties

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Fixed assets detected $2.4M basis

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Foreign income indicators K-3 likely needed

I have a few questions to finalize the scope. First — do you have a fixed asset schedule? I noticed depreciation but need detail to check for 704(c) situations.

Yes, there are 3 rental properties. Two were acquired this year with new partners — I think we had a book-up.

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Got it — that's really helpful. A book-up with new partners means we'll need to track 704(c) layers for the new properties. I'll set that up.

Based on everything I've analyzed, here's the engagement scope I recommend:

Engagement Scope Ready

Form 1065 with Schedule K / K-1s
Form 8825 for 3 rental properties
Schedule K-3 (foreign income detected)
704(c) tracking for 2024 acquisitions
Multi-state allocations (3 states)