September 6, 2017 at 12:02 am #99352
I used an accountant firm for my initial 2015 Corporation Income tax return(1120). They did a Profit & Loss and Balance sheet for that year.In the schedule K they put cash for the accounting method but in the balance sheet they did says accrual basis.I had a a net income of $ 82425.In the Schedule L they put 795.00 as a Cash, 56130 as “trade notes and accounts receivables” and 56130 for “less allowance for bad debts”. This give me a total asset of 56925. I paid 10251.00 federal taxes. Give me a retained earning of 46674. When I use this information for the 2016 Income tax the Tax Act give an error.The beginning and end of the year is out of balance. Any help?September 6, 2017 at 12:10 am #99491
I’m sorry to hear that you are having issues with this schedule. Unfortunately I do not have much experience with completing this schedule. If you want to try and figure it out on your own, there is an article that I wrote that includes a section on how to complete schedule M-1. You can find it here: http://fitsmallbusiness.com/how-to-complete-form-1120s/
I would strongly suggest that you find another CPA/Tax accountant who can fix this for you. Check out how this article on how to locate a tax pro:http://fitsmallbusiness.com/how-to-find-a-quickbooks-proadvisor/
Finally, feel free to email me directly and I can give you a couple of referrals. You can reach me at firstname.lastname@example.org.
Good luck on getting this issue resolved.