thomaspfleming
Level 1
06-09-2021
11:08 AM
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When the 1120S transfers to a NJ CBT-100S, it shows Gross Receipts but calculates only the minimum tax. It leaves it to the preparer to record the Gross Receipts on Page 6 under Gross Receipts from Tangible Personal Property transferred in NJ. You would expect the program to calculate the tax based on Gross Receipts from the 1120S, but it doesn't. The personal property I refer is bread- bread delivery to retailers. Anyone have similar problems or suggestions?
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14strings
Level 3
06-09-2021
01:00 PM
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If you do business in multiple states you would not want that to populate automatically.
sjrcpa
Level 15
06-09-2021
02:02 PM
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From the 1120S how would the software know the gross receipts are from sales of tangible personal property as opposed to services, for example?
The more I know the more I don’t know.
