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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.
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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SweetLeaf
Level 2
04-21-2022
10:12 AM
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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?
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sjrcpa
Level 15
04-21-2022
10:37 AM
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$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.
