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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
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Certified Public Accountant (CPA)
Master's Degree
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I am having issues making my balance sheet balance for 2017
Hi. I am having issues making my balance sheet balance for 2017 S corp tax return … read more
PDtax
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Final C Corp return has: How does this service work? Final C
Final C Corp return is cash 300,000 retained earnings 955,000, paid in capital 75,000, treasury stock (730,000) I assume that the cash will be return of capital and dividend. How is the balance of retained earnings taxed?… read more
PDtax
PDtax
Certified Public Accountant (CPA)
Master's Degree
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My balance sheet in quickbooks does not match line #21
My balance sheet in quickbooks does not match line #21 "Partners Capital" on my tax return, everything else matches. … read more
Mark Taylor
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Masters
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In Quickbooks online my balance sheet shows an entry of "net
Hi, in Quickbooks online my balance sheet shows an entry of "net income" in the Equity section but Turbotax Business Schedule L does not show an entry for "net income". Because of this, the two do not… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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It's not a tax question more of a Turbo Tax question. I
It's not a tax question more of a Turbo Tax question. I can't get my balance sheet to balance in Turbo Tax even though I have accounted for everything and my balance sheet in QB's balances. But thanks… read more
ABC Accounting Group
ABC Accounting Group
Bachelor's Degree
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An S Corp owner has received more distributions than
An S Corp owner has received more distributions than retained earnings for income tax purposes which forces the balance sheet to be out of balance because the return (in Turbo Tax) won't accept a nega… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
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I HAVE USE DIFFERENT ACCOUNTANTS YEARS... AND NOW I BARELY
I HAVE USE DIFFERENT ACCOUNTANTS FOR MANY YEARS... AND NOW I BARELY NOTICE THAT MY RETAINED EARNING IS OVER 100,000.. THAT IS SOMETHING THAT DOESN'T EXIST... IS THERE A WAY TO FIX RETAINED EARNINGS ON… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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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.
Sr Financial & Tax Consultant
Bachelor's Degree
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On my 1120S, My schedule L, line 24 ties in perfectly with
On my 1120S, My schedule L, line 24 ties in perfectly with my Balance Sheet, however my Schedule M-2 Line 8 is off by the previous years 179 expenses disallowed that it allowed this year which is incl… read more
BK-CPA
BK-CPA
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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Ok so I have owned our very small business years, I do all
Ok so I have owned our very small business for 17 years, I do all my family's taxes (turbo tax) but now my son started a corporation in Feb 2015...2014 his dba brought in 38000 gross in 2015 his corp … read more
Mark D
Mark D
Enrolled Agent
Master's Degree
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S corp officer had $10k in Retained Earnings at the
S corp officer had $10k in Retained Earnings at the beginning of 2014. The Company earned income $50k during 2014. Officer took a distribution of $40k during 2014 and then in 2015 established a SEP IR… read more
Lane
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JD, MBA, CFP, CRPS
Doctoral Degree
13,773 satisfied customers
I am using quickbooks online and have entered all my final
I am using quickbooks online and have entered all my final entries for year 2013. For some reason retained earning is still showing $0.00 on all the reports. Quickbooks states that it should automatic… read more
Lane
Lane
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Doctoral Degree
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Hi, I asked this question yesterday, but Ive reworded it to
Hi, I asked this question yesterday, but I've reworded it to be a little more specific. I'm looking for a specific answer, which I will reiterate below. Yesterday, I coded the answer as "ok" even thou… read more
BK-CPA
BK-CPA
Bachelor's Degree
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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
Tax-Scholar
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I have an S Corp that was a C Corp prior to 2010. Trying to
I have an S Corp that was a C Corp prior to 2010. Trying to figure out what should be zeroed out and what accounts should have balances in QuickBooks as my Tax Accountant do not complete the end of ye… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
I use quickbooks for my S corp. on my quickbooks generated
I use quickbooks for my S corp. on my quickbooks generated balance sheet it shows the retained earnings and then shows a separate line for net income. On the actual tax return, obviously it doesn't ha… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
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