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Level 1
posted Mar 6, 2022 10:45:03 PM

Form 1120S schedule L Balance Sheet

I have an accountant to file the tax return for my S Corp for the last few years and decided to do it myself with TurboTax software. I realized the info they put on the Balance sheet is not correct. Or I have no idea how they came up with the numbers. 

 

Should I entered the correct numbers this year or followed what was reported on last year's balance sheet for this year? Like use last year-end balances for this year's beginning balance? 

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1 Replies
Level 15
Mar 6, 2022 10:49:39 PM

use the correct numbers. you filing under penalties of perjury but I've never heard of anyone being prosecuted because the balance sheet was incorrect.