My S Corp has gone out of business but I still need file my 2012 return
and can't afford to hire an accountant.
My accountant agrees that Turbo Tax
for business would be a good solution under the circumstances.
I have an MBA degree and have done a lot of the bookkeeping myself over the years. Since I took accounting
in the MBA (25 years ago) I believe I am familiar with the basic principles.
In house I have used the accrual method of accounting since it gives me a clearer picture of my financial situation.
However in the past my accountant "converts" my data to cash accounting. I believe this has been to minimize my tax burden
. (which falls on me personally)
I think as far as income
and expense I am fairly clear how to make the adjustment
Do I need to adjust the balance sheet also? Would I just "back up" the accounts receivable and payable about 30 days for example?
BTW There will undoubtedly be a significant loss for the S corp for 2012.