I'm working on my LLC taxes, and on the error check it says to check this entry: Form 1065 p4-5: Sch K, Line 20c Amt: Other items to report separately must be entered.
It has highlighted AG Gross Receipts for section 448(c).
I don't ever remember doing this. What do I enter here? I have a very simple computer repair side business.
Any thoughts on this? I'm no tax person, but from reading this has to do with my gross receipts being less than 25M. I'm only about 40k a year. Do I just enter the total of all the money I've taken in during this year?
You would enter your gross receipts. The program needs to know if they are under $25,000,000 to determine if you can use the cash basis of accounting.
The program asked if my company and gross revenue of 25,000,000. So why this issue and on only one item. Sounds like a glitch to me.