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- Make State balance sheet equal to federal
Make State balance sheet equal to federal
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mattlamcpa
Level 1
02-07-2022
06:18 PM
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In the business modules, how do you make the state balance sheet equal to federal?
Matt Lam
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sjrcpa
Level 15
02-07-2022
06:29 PM
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Most of the time they are equal - except for CA sometimes.
What item(s) are different?
Ex-AllStar
mattlamcpa
Level 1
02-07-2022
06:40 PM
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It is the current year income. The difference between assets and Liab + equity is exactly the amount of Employee Retention Credit used to reduce Wages in the tax return.
Matt Lam
