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I want to know whether a company that files as cash-basis is
I want to know whether a company that files as cash-basis is allowed to submit a modified-cash-basis Schedule L balance sheet with their tax return. I am having trouble balancing the balance sheet to … read more
PDtax
PDtax
Owner
Master's Degree
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Form 5471 balance sheet will not balance. I'm assuming due
Form 5471 balance sheet will not balance. I'm assuming due to currency conversion. The original balance sheet in functional currency balances. Any advice?… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
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I have an LLC with S corp election but I revoked my S corp
I have an LLC with S corp election but I revoked my S corp election year end 2017. I am completing my 2017 1120S now. Do I mark it as a "final return" as well as "s election termination or revocation"… read more
Barbara
Barbara
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I am trying to do a balance sheet for an S corp. and having
hi, I am trying to do a balance sheet for an S corp. and having trouble with end of year retained earnings. It is not matching up with my assets … read more
PDtax
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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
PDtax
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My end of year total assets dont balance w ith liability and
my end of year total assets dont balance w ith liability and equity... … read more
Stephen G.
Stephen G.
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Bachelor'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
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I converted my business from a sole proprietorship to an
I converted my business from a sole proprietorship to an SCorp as of January 1, 2014. My Dec 31, 2013 balance sheet showed $4k in assets, $60k balance due on a loan, which I transferred to the corpora… read more
Jonathan Tierney
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Hi there, We own a tree farm in Illinois. We got sprayed
Hi there, We own a tree farm in Illinois. We got sprayed by a farmer, which destroyed almost one entire field of trees that were for sale. We settled for $700,000. Do I need to report this an income i… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
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I am a single member LLC, with S corporation classification
I am a single member LLC, with S corporation classification and have less than $250k in gross receipts, so according to tax prep software recommendation I do not need to tally year end assets on Form … read more
CGCPA
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I own an S-corp which has always been an S-corp. I purchased
I own an S-corp which has always been an S-corp. I purchased 100% of the stock in the corporation from another person for $94,360. It was a stock sale. When completing schedule L (Balance Sheet) of 11… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,360 satisfied customers
My QuickBooks balance sheet is perfect and balanced, yet when
My QuickBooks balance sheet is perfect and balanced, yet when I do TurboTax Incorporated balance sheet, I have $4059.00 more in equity than liabilities. I think the problem might be in the retained ea… read more
William Ellis, CPA
William Ellis, CPA
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Im having trouble getting our balance sheet to balance using
I'm having trouble getting our balance sheet to balance using Turbo Tax for Business. Please Help.… read more
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Balance sheet requirements for an S Corp filing 1120
If my s corp had more than 250,000 in gross receipts but less than 250,000 in assets, do we have to file a balance sheet? I believe the answer is we do not have to file a balance sheet because our ass… read more
JKCPA
JKCPA
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I was wondering where I could find someone to go over my corporate
I was wondering where I could find someone to go over my corporate taxes (small company). I did them with turbo tax and I cannot get my reconcile return and books to balance.… read more
RD
RD
Self Employed
Master's Degree
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I am preparing an 1120 corp tax return. On Sch L, the company
I am preparing an 1120 corp tax return. On Sch L, the company has substancial assets but hardly and liabilities. (They have paid off most all their debts by the end of the fiscal period) So the liabil… read more
jgordosea
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RE understanding a tax return - how do you read a Schedule
RE: understanding a tax return - how do you read a Schedule L (Form 1120S) - the a, b, c & d column confuse me. any helpful tips is appreciated. Thanks!… read more
Wayne Brasch
Wayne Brasch
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Master Degree
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I am doing my balance sheet for tax purposes using turbo ...
I am doing my balance sheet for tax purposes using turbo tax, and it is out of balance by exactly the amount of my Last year Retained earning(-35,622), which I used as begining of tax year R.E. This y… read more
RD
RD
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