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Negative amounts on the retained earnings field on a Louisiana S corporation returns
If line 26 of Balance Sheet on page 14 of the Louisiana S Corporation return has a negative amount, Pro Series throws up an error message. On a small corporation you could go to the federal form and elect to not present a balance sheet which will carryover to the Louisiana corporate form and eliminate the red flag. Then, you can submit the returns. But, if your corporation is too large and a balance sheet must be presented, then the only way to submit the return is to not engage the error check feature when conversion occurs. Alternatively, ProSeries could just have one of its programmers fix this error and save everyone a lot of worry. After all, we do pay a lot of money for this program.
