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I am trying to reconcile info on an S Corp balance sheet and
I am trying to reconcile info on an S Corp balance sheet and a S Corp Tax return. The balance sheet shows larger distributions (and retained earnings) than the tax return. I'm wondering if the differe… read more
PDtax
PDtax
Owner
Master's Degree
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I have a question regarding filing out Form 3115 for my
I have a question regarding filing out Form 3115 for my client who is going from cash to accrual.The problem is my client received 300,000 more on the cash basis this year than on the accrual basis an… read more
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Carter McBride
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I am trying to get my m-1 balanced but not sure what to put
i am trying to get my m-1 balanced but not sure what to put on there … read more
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I am a c corp. I have the following changes to my balance
I am a c corp. I have the following changes to my balance sheet. inventory went up by $3188 ap increased by $857 ar decreased by $37,979what is the impact on my profits (and therefore my tax liability… read more
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In making a 481a adjustment for an S Corp, how do you
in making a 481a adjustment for an S Corp, how do you account for difference in retained earnings?… read more
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I am trying to help reconcile a tax return from 2007- they
I am trying to help reconcile a tax return from 2007- they have a balance of retained earnings of -484474 and the difference in gross receipts between their income statement and their TR is $483498. C… read more
Mark Taylor
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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
, I have been researching the proper way to report income
Hi, I have been researching the proper way to report income for a cash basis taxpayer with an accrual Balance Sheet and P&L. I reduced the sales by the amount billed but not received but just need to … read more
Stephen G.
Stephen G.
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Reconciling in QB's- two years haven't been reconciled (add
Reconciling in QB's- two years haven't been reconciled (add in g/l), no reconciling of bank stmt. Best to add a big J/E to make adjusting entry to resolve? Or add in bank stmt items individually to QB… read more
USTaxAdvising
USTaxAdvising
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Amending return, all Schedule numbers appear correct; overstated
Amending return, all Schedule numbers appear correct; overstated income by $80000; cash is correct on return; where in the world does one offset this reduction? Schedule M-2 as other increases?… read more
Lane
Lane
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Doctoral Degree
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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
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AR: 10.000 (Assuming they are collectible) Loan from shareholder
AR: 10.000 (Assuming they are collectible) Loan from shareholder 40,000 Capital stock 10,000 Paid in Capital 10,000 Retained earnings (10,000) Net Loss (40,000) **(No cash is left) 1) for S corpration… read more
taxmanrog
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Filing an 1120-S with basis reduction for sale of easement
Filing an 1120-S with basis reduction for sale of easement with retained beneficial interest. Should the reduction be reflected on the schedule L and reduce land value or schedule M-1 adjustment since… read more
Megan C
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Form 3115, Section 481(a) Adjustment: Change in Overall Method
Form 3115, Section 481(a) Adjustment: Change in Overall Method Cash to Accrual. Company has 12/31/11 year-end cash basis AR & AP balances zero and accrual basis AR balance of $34K and zero AP balance.… read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
I want to understand something. Here is a toy example: Assume
I want to understand something. Here is a toy example: Assume an s corp that keeps accrual books but files 1120s on cash basis and reports schedule L as per books, i.e., accrual, and records book to t… read more
Stephen G.
Stephen G.
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I am changing from Cash to Accrual for Tax purposes. The
I am changing from Cash to Accrual for Tax purposes. The difference in AR and AP at 12/31/10 was 92,000. Where do I record the postive adjustment. Can I recognize it over 4 years. How do I do that on … read more
PDtax
PDtax
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Master's Degree
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Processing an 1120S here for a cash basis taxpayer with
Processing an 1120S here for a cash basis taxpayer with accrual books (per company books) on schedule L. BOY and EOY A/R and A/P adjustments flowing through Schedule M-1. I use UltraTax and you can ei… read more
Expert
Expert
C corp. with accrual basis books filing cash basis 1120 Where
C corp. with accrual basis books filing cash basis 1120 Where to make adjustments on Sch.L, M1, M2 ?… read more
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