Tax Explorer
Level 4

Hi,

If I were to file an amended 2022 S-Corp tax return to update the Schedule L Balance Sheet beginning balance in retained earnings due to a change in the 2021 S-Corp tax return, is it ok to override the retained earnings beginning balance on Schedule L or should it be done differently?

I plan to adjust both an Asset account's beginning balance and the Retained Earnings beginning balance.

 

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