BofA insists on a Profit & Loss Statement to apply for a loan mod, but my situation is unusual. The IRS considers me self-employed, because (with 4,000 other owners) I am technically part-owner of a large company. However, the company just gives me regular monthly pay stubs like an employee, plus an annual profit-sharing check. I play no role in the running of the company, other than an occasional vote and my 9-5 work there.
The bank says submitting pay stubs (even with my tax returns, prepared by a CPA) is not enough. I also gave them the company's K1 statement that my tax preparer uses to do my taxes....not enough.
How do I write a Profit & Loss Statement for a company that turns over millions of dollars annually, of which I am only a tiny part?
Any help suggestions appreciated, I know zero about accounting and this is the only missing piece of my loan application.