Pam1040
Level 1
08-22-2024
01:28 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have the same situation. Previous tax preparer plugged the amount into "Loan From Shareholder", but client says it was never a loan and has never made/received any loan payments and does not plan to. Would like to reclassify as Add'l Paid In Capital as it should have been. Worried it will raise a red flag.
Client is a Single Owner S-Corp.
Any guidance or suggestion is much appreciated!
Pam1040