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?
$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.
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