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socrateaser
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 33775
Experience:  Retired (mostly)
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we have an s corporation and we fill 1120s every year. Since

Customer Question

we have an s corporation and we fill 1120s every year. Since our total assets and our gross income are less than $250,000 we are not required to fill Schedule L, however we filled it , but then we realized we made a mistake and we need to increase our assets, we are not going to change anything in the profit and loss statement as it is right and we do have a loss for the year, so we did not pay any taxes..My question is , if we correct schedule L and we increased our current assets and the total of assets and the gross income is still less than $250,000 , will we be liable to any taxes for increasing our currents assets? thanks.
Submitted: 3 years ago.
Category: Tax
Expert:  socrateaser replied 3 years ago.
No change. An S-Corp passes through all of its income to the shareholders. Assets are not taxed. Assuming that your change of assets does not change your net income, then there is no penalty or interest and no change in tax liability.

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