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NJ CBT 100S Schedule C

Level 1

Schedule C of Form CBT 100S is basically equivalent to the Federal Schedule M-1.

On the 2019 form however, you are asked to reconcile net income per books to the income on Schedule K, Part II, Line 8.  In previous years we reconciled to Schedule A, Line 31.  

Furthermore, Sch C indicates "Data must match amounts reported on Schedule M-1".

This is not possible, as Schedule K Part II makes NJ adjustments to net income not reported on the Federal tax return.

I think when NJ changed the form, they made a mistake and as in prior years they want us to reconcile to Schedule A, line 31.

Problem is Lacerte is forcing Sch C to reconcile to Schedule K.

 

 

 

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Level 1

I noticed this as well. Are you overriding fields to make it work, or waiting for another update from Lacerte to fix it? 

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Waiting (and hoping) for an update.

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Level 1

Is there an anticipated date that this will be resolved?

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Level 1

Don't know

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I spent 3 days 2.5 hours each time on the phone with lacerte trying to explain why it is not possible - no result

3/30/20 was told to wait for NJ update 

4/2/20 was told - "live with it, and fix on your own" NJ law is NJ law......didn't get it

 

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I forced the Schedule C.  I made the Net income per books agree with the

Federal M-1 and the hell with it.  I e-filed the NJ return and it was accepted.

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Level 1

How did you force Schedule C?

 

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My problem was that The NJ Schedule C reflected the additional 50% of meals and entertainment that was fully deductible on Schedule K.  This caused my net income per books to be incorrect.

I went to Screen 31.1  - Expenses recorded on books not included on Schedule K.  Under Other - Other - Control E  - I placed a Zero in the Federal Column and a Negative figure equal to the NJ Entertainment adjustment made by Lacerte.  Place "NJ" in the State Column.  This made the NJ adjustment on Sch C disappear.

I also made a small Depreciation adjustment on this screen equal to the depreciation adjustment reflected on Schedule K.  So at the end, my Net income per books on Schedule C agrees with the Federal M-1 and NJ Sch C Line 8 agrees with NJ Sch K Line 8.

Best...

 

 

 

 

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