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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- How do i get rid of Form 1125-A while still reporting inventory on Balance Sheet?
How do i get rid of Form 1125-A while still reporting inventory on Balance Sheet?
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Emm1234
Level 3
03-31-2022
04:11 PM
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I am getting the following critical diagnostics on a 1120S that is a Farming business:
Beginning inventory in the cost of goods sold section is different than the beginning inventory on the balance sheet. (Ref #25272) and Ending inventory in the cost of goods sold section is different than the ending inventory on the balance sheet. (Ref #25276)
If I fill out 1125-A it obviously incorrectly puts the COGS on the front page of the return. But I need to report the inventory amounts on the balance sheet to balance. Are these critical diagnostics going to affect the e-filing of the return if I don't do anything?
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