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While filing out the schedule L on a 1120 I am $2471.00 off
while filing out the schedule L on a 1120 I am $2471.00 off and it points to line 25 Retained earnings - Unappropriated as the problem. No apparent reasoning for this to happen ie insurance fund. … read more
ABC Accounting Group
ABC Accounting Group
Bachelor's Degree
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1120S M-2. If Ordinary income from 1120S line 21 already
1120S M-2. If Ordinary income from 1120S line 21 already includes a deduction from form 4562 179 deduction, would you put the 179 deduction in Line 5 of the M-2? I am assuming that the balance (Line 8… read more
PDtax
PDtax
Owner
Master's Degree
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I have an S corp question....I have just received from a
I have an S corp question....I have just received from a potential client a copy of his S corp 1120S. With regards ***** ***** 4 schedule L line 24 and page 5 Schedule M-2 line 8.....These numbers hav… read more
Mark Taylor
Mark Taylor
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I am working on an S-Corp return and need some help. It is
I am working on an S-Corp return and need some help. It is for a retail store that closed the physical location but continuing with an online store. The schedule L was in balance for 2014 but it is of… read more
PDtax
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Master's Degree
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Line 27 of Schedule L is out of balance to Assets by exactly
Line 27 of Schedule L is out of balance to Assets by exactly income. Where should income be included? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
I formed an S-Corp in 2015 but have not yet begun active
I formed an S-Corp in 2015 but have not yet begun active trade in the business yet and have no revenue/income in 2015. Further the only expenses I have in 2015 are an upfront franchise fee and some mi… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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I need help with filling out Schedule L, M-1 and M-2 on my
I need help with filling out Schedule L, M-1 and M-2 on my 1120S. I am a 100% shareholder in S corp with total receipts for the year over $250K. Up until 2014 I would always “zero out” my balance shee… read more
Expert
Expert
When I put the correct amounts on Sch L of 1065, the M-2 comes
When I put the correct amounts on Sch L of 1065, the M-2 comes up out of balance. I'm thinking it's the beginning balance..Is there a legitimate adjustment to make it balance since I didn't do the boo… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Where exactly do I get numbers for lines 6, 22 and 24 for the
Where exactly do I get numbers for lines 6, 22 and 24 for the beginning of the year and end of the year?… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Dear Tax Professional, For S-Corporation, form 1120-S, does
Dear Tax Professional, For S-Corporation, form 1120-S, does the M-2 ending balance must tie to Schedule L, retained earnings ending balance? Please advise, thank you!… read more
Anne
Anne
Master Tax Preparer
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I deducted this years Section 179 (Form 4562) from my books
I deducted this years Section 179 (Form 4562) from my books with a Journal Entry (Debit Depreciation Expense and Credit Accumulated Depreciation. Do I record it on M-2 Line 5 on my 1120S tax return?… read more
ezcpa
ezcpa
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177. If the income of a S corporation is $20,000, the money
177. If the income of a S corporation is $20,000, the money in the bank on 12/31/2011 was $10,000 and all $20,000 were disbursed to the owner, then where do all these numbers go? Is $10,000 or $20,000… read more
winktax
winktax
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If my S corp buys a $10 computer cable, it winds up on my 1120S
If my S corp buys a $10 computer cable, it winds up on my 1120S as an office expense, which reduces net income, which in turn reduces retained earnings by $10 on 1120S Schedule L. (That's how I've don… read more
jgordosea
jgordosea
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Bachelor's Degree
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In 2011 my S Corp paid $8.45 in penalties and interest for
In 2011 my S Corp paid $8.45 in penalties and interest for a late local tax payment. I understand this is a non-deductible expense, so it's reported on 1120S Schedule K line 16c Non-deductible expense… read more
Jax Tax
Jax Tax
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Hi John, Could you please help me with schedule L on form
Hi John, Could you please help me with schedule L on form 1120? What is a purpose of this form ? if i answer "yes" on line 8 of schedule N do I still have to fill out schedule L? what those (a) (b) (c… read more
CGCPA
CGCPA
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I am completing Form 8825 for condo rentals. I have meals as
I am completing Form 8825 for condo rentals. I have meals as an expense. Where do I put this and how much am I allowed for 2010? 1/2 the total meals? . According to Scedule E I can take 51 cents per m… read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
I have difficulties reconciling the shareholders undistributed
I have difficulties reconciling the shareholders' undistributed taxable income previously taxed (M-2) These are the facts: 1. Accumulated Depreciation per books was entered in Schedule L Balance Sheet… read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
How do you balance an 1120S form and schedule an M2?
Accounting - IRS Form 1120 S - M2 on page 4. Domestic Production Deduction. It seems logical that I must reduce balance by amount of deduction, but is it? How do I balance to Retained Earnings line 24… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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