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jackie5
Level 1
July 1, 2020
Question

If 2016 corp return is amended do I use the amended ending balance sheet numbers to begin 2017 or do I use the original opening bal sheet numbers when amending 2017?

  • July 1, 2020
  • 1 reply
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1 reply

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claudetcb
Level 4
July 2, 2020

You are referring to two separate years: If you have the balance sheet segment of a 2016 amended 1120S, the ending balances of  the 2016 amended return become the opening balances of the 2017 Form 1120S. What is perplexing, though is why a tax preparer would amend a balance sheet item on an  amended return, when they could do the same thing on a current years return as a prior period adjustment. I would look at the amended return, and you might discover that the change would have applied to an income/expense item, and not a balance sheet item. All you then do is close out the amended net income to retained earnings, and you are good to go forward. 

 

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