Hello, question for adjustments on 1120s: Schedule B method of accounting is checked as cash, books are kept on accrual basis. I assume you fill out Schedule L on accrual basis with cash basis tax adjustments on Schedule M-1? Subtracting receivables, adding back payables line by line? Or do the adjustments go somewhere else?
Thank you.
Cash is the default. YOU are in charge and have ability to change that IF IT IS APPROPRIATE.
Wouldn't you have to file form 3115 if you're changing that after the first year?
Yes.
Thank you
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