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If your company is already in operation, you'll need to provide a profit-and-loss statement and a balance sheet.
The preamble defines separate financial accountability to include a profit-and-loss statement. (4) Without more guidance, however, an employer may be unsure which financial statements are necessary and what degree of detail will be required.
TEI recommends that the final regulations clarify the definition of profit-and-loss statements to provide that a pretax profit-and-loss statement (determined before interest income and expense and, at the election of the controlled group for each testing period, either before or after corporate overhead) will satisfy the requirements of separate financial accountability.