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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- How do I adjust Retained Earnings after prior year audit changed my client's tax able income?
How do I adjust Retained Earnings after prior year audit changed my client's tax able income?
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dhartttttt
Level 2
03-25-2022
11:55 AM
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I had a client who had a prior year audit (2018) and I am trying to make the balance sheet balance. However, since I transferred the file year to year the Retained Earnings is now thrown off because it doesn't include the prior year audit changes to the taxable income. Is there any particular area I would make this adjustment or would I just override the Retained Earnings on the Balance Sheet? C Corp by the way.
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dhartttttt
Level 2
03-25-2022
01:39 PM
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What would be the other adjustment? Technically that income was from 2018 so it isn't taxed but then it leaves the Assets underbalanced.
