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For 1120s need NAICS Code 611610 for dance studio can this code be added asap. Thank you

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@kanddtaxprep 

This is NOT Intuit support - this is a peer to peer forum populated by fellow software users. So nope, *we* can't add anything, ASAP or otherwise.

And Intuit doesn't "add" NAICS codes, the government dictates those.

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AND ...  611610 exists in the drop down menu for Lacerte. 

I'd be really surprised if it isn't also there for PTO.

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PTO seems to only have a short list. Use 611000 as that is as close as you are gonna get with this abbreviated software.

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Wow...  talk about "the poor stepchild" sydrome.

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@abctax55 wrote:

AND ...  611610 exists in the drop down menu for Lacerte. 

 

I  think Lacerte is wrong.

The instructions don't say to enter a NAICS code.  It says to enter the "Principal Business Activity Code" (which is based on NAICS) and to enter the code "from the list below".

So you need to use a number that is from the list in the Instructions, not from the NAICS website.  And 611610 is not on that list.

https://www.irs.gov/pub/irs-pdf/i1120s.pdf#page=47

 

 

EDIT:  What number shows up on the tax form?  It is possible that Lacerte is set up to enter a NAICS code and then translates it to the proper "Principal Business Activity Code" from the instructions.

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Could be....  I just typed in the number to see if it was available.  I didn't look to see what it "said" 🙂

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And how does any code here help to administer the proper collection of income taxes? 


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@George4Tacks wrote:

And how does any code here help to administer the proper collection of income taxes? 


I'm not sure if this is true or not, but from what I understand, they are used to create statistical averages for a particular type of business.   So when the IRS gets a tax return that is significantly different than the statistical average for that type of business, it can trigger a 'red flag' for a potential audit.  

And of course an audit is used to collect taxes.   🙂