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Category: Tax
Satisfied Customers: 11592
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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S corp gross revenues from P&L cash do NOT match gross

Customer Question

s corp gross revenues from P&L cash do NOT match gross revenues in 1120s
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: gross receipts on 1120
JA: Is there anything else important you think the Accountant should know?
Customer: its an s corp
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Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.



Maybe you can give me a little more context? (surroundings, details)?


Although we many times see mismatches of book to tax, GAAP to 1120-s, and that can be handled on the M1... and non cash expenses such as depreciation,


Gross receipts are typically gross receipts (unless maybe you have a timing issue - where something was booked as received, but the actuaal cash payment has not come in) or maybe an accrual account issue that needs to be reconciled.


Can you tell me more?

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