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Schedule M-1 ADDS back non-deductibles to tax-basis further reducing LOSS. Error: "Form 1120S p3-5: M-1, difference line - Schedule M-1 is out of balance by $-1433.00"
Book income is negative (loss). Sched M-1 correctly shows tax basis Loss after removing non-deductibles. However it ADDS back (positive) non-deductibles to the (negative) tax basis loss to calculate book income but instead reduces the loss by that amount instead of increasing the lass to book income/loss.
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‎February 17, 2023
3:54 AM