NJ CBT 100S Schedule C

Forum|Forum|6 years ago
March 26, 2020
3 replies
33 views

Schedule C of Form CBT 100S is basically equivalent to the Federal Schedule M-1.

On the 2019 form however, you are asked to reconcile net income per books to the income on Schedule K, Part II, Line 8. In previous years we reconciled to Schedule A, Line 31.

Furthermore, Sch C indicates "Data must match amounts reported on Schedule M-1".

This is not possible, as Schedule K Part II makes NJ adjustments to net income not reported on the Federal tax return.

I think when NJ changed the form, they made a mistake and as in prior years they want us to reconcile to Schedule A, line 31.

Problem is Lacerte is forcing Sch C to reconcile to Schedule K.

Lacerte Tax

This topic has been closed for replies.

K

Kerry R

Level 2

I noticed this as well. Are you overriding fields to make it work, or waiting for another update from Lacerte to fix it?

J

jeffrey1Author

Level 3

Waiting (and hoping) for an update.

S

stephen

Level 2

Is there an anticipated date that this will be resolved?

J

jeffrey1Author

Level 3

Don't know

E

Expedient

Level 2

I spent 3 days 2.5 hours each time on the phone with lacerte trying to explain why it is not possible - no result

3/30/20 was told to wait for NJ update

4/2/20 was told - "live with it, and fix on your own" NJ law is NJ law......didn't get it

KennethS

Level 3

With 2019 release (version 40.0324) the calculations for New Jersey S-Corporation returns have been updated which is causing the balance sheet to be out of balance. The calculation on the 2019 NJ CBT-100S, Page 7, Schedule C, Line 8 has been updated to match the form which indicates to use Schedule K, Part II, Line 8. This change impacts the calculation of the New Jersey, Net Income per Books calculation.

Previously the amount utilized was from the Schedule A, line 31 which was used in the prior years forms.

• Lacerte calculates the net income per books beginning with the Schedule C, line 8 and works backwards to calculate the net income per books.
• Schedule C adjustments may be needed to ensure the Net Income per Books are calculated correctly for Schedule C, line 1.

At this time, preparers will need to account for these adjustments in the Schedule M-1 screen under the State, if different column.(31.1)

In prior years, this was never required for the schedules to align and there were always differences between the schedules.

J

jeffrey1Author

Level 3

I am a long time Lacerte user. I brought this situation to Lacarte's attention during February or March 2020. Lacerte staff told me the program computations were correct and if I don't like their computations I could always overide. Unfortunately, it seems to me Lacerte is not interested in getting it right.

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