[Milly09]

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?

[AtlantaTaxExpert]

WHY, for goodness sake, are you trying to prepare a corporate tax return on your own?

Most of the paid tax preparers in this country cannot properly prepare a corporate return, so what makes you think you are now qualified?

Contact your accountant, profusely apologize for your hubris, and PAY him do what he has trained for most his adult life to do properly.

If he botched the job last year, then find another competent professional.

I REPEAT: If a corporate return is beyond the skill set of most paid tax preparers, it is sure as H**L not a job for a layman!

By doing it yourself, you are ASKING for trouble with the IRS!