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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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- CA balance sheet is off because of $800 FTB Tax
CA balance sheet is off because of $800 FTB Tax
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G-dog
Level 2
02-27-2021
02:30 PM
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Where should the CA FTB $800 tax be entered? When inputting it into deductions - Taxes - State Taxes, PTO correctly adjusts it out on the CA schedule K, but it throws off the balance sheet. Schedule M-1 net income per books is off by $800 now.
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sjrcpa
Level 15
02-27-2021
03:05 PM
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For CA M-1 it's a deduction on books not on tax return.
Ex-AllStar
