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SweetLeaf
Level 3
April 21, 2022
Question

1120

  • April 21, 2022
  • 1 reply
  • 5 views

I have a C-Corp client that just started business in Nov 2021.  I have read that you can elect to not get taxed on up to $250,000 as long as it stays in the Retained Earnings account.  Is this true and if so, how do I make this election in Lacerte?

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1 reply

sjrcpa
sjrcpa
Level 15
April 21, 2022

Not true.

The more I know the more I don’t know.
    sjrcpa
    sjrcpa
    Level 15
    April 21, 2022

    $250,000 Retained Earnings is deemed to be held for reasonable needs of the business and not subject to accumulated earnings tax. Totally different from income tax.

    The more I know the more I don’t know.
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