Milly09
Feb 2, 2009, 02:56 PM
My accountant has prepared my S-CORP (sole proprietor) tax return (Form 1120S) for the past 11 years.
This year, I'm using Turbo Tax for Business to prepare the return myself and need to match the return's balance sheet with my balance sheet. It appears that LOANS FROM SHAREHOLDERS was used in prior years as a "bucket" to make the return match the books (last year's ending balance was 52k).
Is this a valid use for LOANS FROM SHAREHOLDERS line?
This year, I'm using Turbo Tax for Business to prepare the return myself and need to match the return's balance sheet with my balance sheet. It appears that LOANS FROM SHAREHOLDERS was used in prior years as a "bucket" to make the return match the books (last year's ending balance was 52k).
Is this a valid use for LOANS FROM SHAREHOLDERS line?