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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.
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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- Partnership dissolution: j/e for equity accounts
Partnership dissolution: j/e for equity accounts
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dbtaxsolutions
Level 4
03-11-2022
08:49 PM
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How do I clear the equity accounts in the books ( do they go in as P & L item or are they adjusted in the tax return itself in proseries). ?
Thanks for any guidance.
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jeffmcpa2010
Level 11
03-12-2022
04:43 AM
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I always complete the accounting entries using my OLD "accounting theory classes" (From a long time ago) before I even start trying to fit in onto a Tax Return in this situation.
Just work through it on a Trial Balance or GL and get everything correct and in balance and that may clear up how to report it on the return.
