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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 263
Experience:  Over 20 Years experience in resolving tough tax cases
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I believe that my partner's capital has been calculated incorrect

Customer Question

I believe that my partner's capital has been calculated incorrectly but not sure when the issue began. We have no assets other than a apx. $300 in the bank and no liabilities and both partners have apx, 29K caplital. I don't know how to fix this...
JA: Thanks. Can you give me any more details about your issue?
Customer: I believe that my partner's capital has been calculated incorrectly but not sure when the issue began. We have no assets other than a apx. $300 in the bank and no liabilities and both partners have apx, 29K caplital. I don't know how to fix this...
JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  R. Klein, EA replied 1 year ago.
Thank you for your question today. Thank you for requesting me. Is this question in reference to a tax return? Or are you asking about financial statements such as a balance sheet? Or about a bookkeeping issue?
Customer: replied 1 year ago.
It's in reference to a tax return. I am in NYS and am required to submit a balance sheet for my business return. My assets total $330 and my liabilities and equity are apx. $29K. I see no way to fix this. I'm sure the issue stems from using an accountant for many years...then moving and getting a new accountant...who seems to have taken a different approach than in prior years. I took over last year and did not have this issue. Not sure there is a quick fix to this.

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