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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- I have a partnership with a net loss that elected to take Sec 179 which would be carried over to the next year. The book income on Schedule M-1 is not reflecting the loss including the Section 179.
I have a partnership with a net loss that elected to take Sec 179 which would be carried over to the next year. The book income on Schedule M-1 is not reflecting the loss including the Section 179.
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Pamme
Level 1
09-12-2023
10:54 AM
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The book income on Sch M-1 is not showing the full loss including the Section 179 and then showing the Sec 179 as a book deduction not taken on the return. Instead it is showing book income as NOT including the Sect 179 which is then making my balance sheet off by the amount of the Sect 179.
Is there a box to be checked somewhere or do I have to manually manipulate this?
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PhoebeRoberts
Level 11
09-12-2023
11:10 AM
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The last time I had that, I had to manually manipulate.
abctax55
Level 15
09-12-2023
11:11 AM
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Lacerte doesn't handle this well (or, at all).
You need to override the entries, and leave yourself good notes for next year.
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