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
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Re: 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?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
dhartttttt
Level 2
03-25-2022
11:55 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
Labels
3 Comments 3
dhartttttt
Level 2
03-25-2022
01:39 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
What would be the other adjustment? Technically that income was from 2018 so it isn't taxed but then it leaves the Assets underbalanced.
