My C-corp client did not have 3 straight years of more than 1 million in taxable income, yet Lacerte's diagnostic keep stating it is. Under Scree 11 Penalty and Interest - Large Corporation is not marked "1"
Screen 10 Estimate tax - 2021 taxable income is 2 million, 2020 is 1.5 million 2019 is 500k.
It's not Large Corp. What am I missing? It's generating penalty and interest based on Large Corp, it's annoying.
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It's taxable income of $1 million for any of the 3 years.
". A large corporation is a corporation (other than an S corporation) that had, or whose
predecessor had, taxable income (defined below) of $1 million or more for any of the 3 tax years immediately preceding the 2022 tax year"
It's taxable income of $1 million for any of the 3 years.
". A large corporation is a corporation (other than an S corporation) that had, or whose
predecessor had, taxable income (defined below) of $1 million or more for any of the 3 tax years immediately preceding the 2022 tax year"
you are right.
I wander if the definition changed in the last 3 years. I always thought it's 1 million or more for 3 straight years.
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