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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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I converted my sole proprietorship to a LLC (w/S-election)

Customer Question

Hello! I converted my sole proprietorship to a LLC (w/S-election) on 3/23/2012. I paid a CPA to advise me a keep my books for the year using Quickbooks. When it came time to do taxes I had to let my CPA go and I am doing them with TurboTax Business (1020S). The problem is that I am not able to reconcile Retained Earnings. I did a balance sheet report of 3/22/2012 and 12/31/2012. My problem is how to calculate the Distributions amount. There is a "Draws" account and I thought if I took the difference in balances between 3/22 and 12/31 then that would equal the amount distributed, but when I plug that number into TurboTax it won't reconcile retained earnings. Any suggestions on how to debug?
Submitted: 4 years ago.
Category: Tax
Expert:  Lindie-mod replied 4 years ago.
I'm a moderator for this topic. I've been working hard to find a Professional to assist you with your Tax, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

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