Balance Sheet

[Taxm0m22]

My S Corp did not have an income of greater than 250,000 in past years so no balance sheet was done. I now have to do a balance sheet and can not get it to balance. Not sure where to pull numbers from since the Schedule L from last year is blank.  I put in opening account balance and closing account balance as well as asset/depreciation information.

[Anonymous_ · Accepted solution]

You need to refer to your books which, hopefully, you have been keeping separately.

Other than what you mentioned, look at capital stock, retained earnings, and cash.

[SteamTrain]

Possibly related to this recent bug just being reported & apparently due to the most current software update??

Re: TurboTax 2021 Federal Taxes Deduction calculation wrong for common business expenses -- software...