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In a current year 1120s tax return, I have previous years
In a current year 1120s tax return, I have previous years distributions to shareholders not included on previous years 1120s tax returns. It was overlooked I'm sure because a balance sheet is not requ… read more
Carter McBride
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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
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Schedule L Balance Sheet - Other Current Assets does this
hello, Schedule L Balance Sheet - Other Current Assets does this include equipment and machinery I purchased in 2016 … read more
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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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When doing schedule C, for line 36, can that be negative?
when doing schedule C, for line 36, can that be negative? the cost of items i will withdraw for personal use, exceed the amount of purchases that is why.also when i was reading the IRS explanation for… read more
PDtax
PDtax
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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'm having a problem understanding this balance sheet. Total
I'm having a problem understanding this balance sheet. Total Assets : $ -25492.90 Total Liabilities: $ 15861.76 Net Income: $50096.14 Retained earnings: $ 1358.37 Total Liabilities & Equity : $ 25140.… read more
R. Klein, EA
R. Klein, EA
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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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Hello, you helped me last year with some questions on filing
Hello, you helped me last year with some questions on filing my company 1120 S tax return. I've got a situation for this years 1120 S 2013 tax return that I'm finishing up (extension due 9-15-14). Can… 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
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What if S-corp has two non-equal members (stock ownership and
What if S-corp has two non-equal members (stock ownership and stock basis) and received different amounts of non-dividend distribution throughout the year... How would this be reported on 1120S tax re… read more
PDtax
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S Corp bought land, build property and faced foreclosure.
S Corp bought land, build property and faced foreclosure. Total cost was 2.6 mln. On foreclosure we have the following: Bank amount due $2.3 mln, Interest 45k, Publication costs 575.00 Attorney Fees 1… read more
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I am preparing a S-corp return for 2010. This company has shown
I am preparing a S-corp return for 2010. This company has shown only losses since 2005 and never showed income. This is the first year to be required to prepare the balance sheet. If I take the losses… read more
CGCPA
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We are a 501c3 that has asked a few questions in the past.
We are a 501c3 that has asked a few questions in the past. We have unrestricted net assets that we want to begin using to fund some internal upgrades to our office. What is the entry to get it out of … read more
William Ellis, CPA
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We have dissolved our S-Corp and, after paying all other
We have dissolved our S-Corp and, after paying all other bills and selling all assets, have $50,000 of partner loans and accrued interest to the S-Corp to write off. Do the notes to be written off get… read more
RD
RD
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When closing an S-Corp what happens with negative retained earnings?
X started a S-Corp in 2006 and bought a computer. there was no income only depreciation exp. of approx. $500. In 2007 he bought some merchandise for $8000 and sold it for $2000 there is a loss of $600… read more
Jon Andrews
Jon Andrews
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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
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Prepairing TAX Form 1120S. All entries agree with ...
Prepairing TAX Form 1120S. All entries agree with books, yet Schedule L, Balance Sheet is out of balance by $41,000. The Lines 1-22 all agree with books. Only difference is Line 24, Retained earnings.… read more
Ed Johnson
Ed Johnson
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