I have a S-corp client that has a carryover loss from the tax years 2014 - 2017, the previous preparer failed to recognize the initial capital and additional loans to the business in earlier years. If I want to add basis to the 2018 tax year in ProSeries, where do I enter the information?
Enter as positive since Loan is assumed as Loan Payable to shareholder. Loan Receivable isn't basis.
If there should have been a loan in prior years, then it should be in Beginning Balance, correcting the opening balance.