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G
Golfer2016
Level 5
April 19, 2020
Question

1120S forgot to put in a AMEX liability. Do I need to amend for the balance sheet if they didn't meet the asset test?

  • April 19, 2020
  • 1 reply
  • 11 views

Client didn't meet the asset test but we did a BS anyways.  We forgot to put a credit card as a current liability.  Do I have to amend?  Or, for this year, can I just put the info in as if the liability was there?

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1 reply

IRonMaN
IRonMaN
Level 15
April 19, 2020

No change to taxable income, no need to amend.  But how did everything balance if you were missing that?

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