Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
1120
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
SweetLeaf
Level 2
04-21-2022
10:12 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a C-Corp client that just started business in Nov 2021. I have read that you can elect to not get taxed on up to $250,000 as long as it stays in the Retained Earnings account. Is this true and if so, how do I make this election in Lacerte?
Labels
2 Comments 2
sjrcpa
Level 15
04-21-2022
10:37 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
$250,000 Retained Earnings is deemed to be held for reasonable needs of the business and not subject to accumulated earnings tax. Totally different from income tax.
The more I know, the more I don't know.
