Lacerte Large Corporation Determination

Forum|Forum|3 years ago
March 27, 2023
1 reply
16 views

My C-corp client did not have 3 straight years of more than 1 million in taxable income, yet Lacerte's diagnostic keep stating it is. Under Scree 11 Penalty and Interest - Large Corporation is not marked "1"

Screen 10 Estimate tax - 2021 taxable income is 2 million, 2020 is 1.5 million 2019 is 500k.

It's not Large Corp. What am I missing? It's generating penalty and interest based on Large Corp, it's annoying.

Lacerte Tax

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Best answer by sjrcpa

It's taxable income of $1 million for any of the 3 years.

". A large corporation is a corporation (other than an S corporation) that had, or whose
predecessor had, taxable income (defined below) of $1 million or more for any of the 3 tax years immediately preceding the 2022 tax year"

sjrcpa

Level 15

~~It's not taxable income, it's Gross Income~~.

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

sjrcpaAnswer

Level 15

It's taxable income of $1 million for any of the 3 years.

". A large corporation is a corporation (other than an S corporation) that had, or whose
predecessor had, taxable income (defined below) of $1 million or more for any of the 3 tax years immediately preceding the 2022 tax year"

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

E

eric1032Author

Level 3

you are right.

I wander if the definition changed in the last 3 years. I always thought it's 1 million or more for 3 straight years.

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