Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- I am processing an S Corp first year tax return. I have the 12/31/22 balance sheet but no begin bal. Are beginning balances required on the initial return (1120S Sch L)?
I am processing an S Corp first year tax return. I have the 12/31/22 balance sheet but no begin bal. Are beginning balances required on the initial return (1120S Sch L)?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
juliarblue
Level 2
03-11-2023
05:56 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Labels
3 Comments 3
TaxGuyBill
Level 15
03-11-2023
06:42 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Wouldn't all the beginning numbers be zero?
Unless maybe I suppose if this was a pre-existing business that was an LLC and newly elected to be taxed as a S-corporation.
juliarblue
Level 2
03-12-2023
09:57 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
That is what I was thinking but yes it was a preexisting company that incorporated and started running the business as an S Corp on January 1. The end of the prior year the balances would be zero but on January 1 it should have a balance sheet.
George4Tacks
Level 15
03-12-2023
10:20 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Sole proprietor became a S Corp?
https://www.irs.gov/pub/irs-drop/rr-03-51.pdf
Answers are easy. Questions are hard!
