Thanks for the follow-up response:
- I would not amend a tax return for an incorrect balance sheet. This will only cause confusion at the IRS. This assumes that the 2021 tax return (taxable income and K-1's) were correct.
- Are you saying that you never made any capital contributions?
- What entity type are you filing? S corp, c corp, or LLC filing form 1065?
- Based on your response, are you indicating that all end of the year amounts reflected in your initial question are correct? And these amounts agree to your QuickBooks?
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
