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J
juliarblue
Level 2
March 11, 2023
Question

I am processing an S Corp first year tax return. I have the 12/31/22 balance sheet but no begin bal. Are beginning balances required on the initial return (1120S Sch L)?

  • March 11, 2023
  • 1 reply
  • 10 views
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1 reply

T
TaxGuyBill
Level 15
March 12, 2023

Wouldn't all the beginning numbers be zero?

Unless maybe I suppose if this was a pre-existing business that was an LLC and newly elected to be taxed as a S-corporation.

 

    J
    juliarblueAuthor
    Level 2
    March 12, 2023

    That is what I was thinking but yes it was a preexisting company that incorporated and started running the business as an S Corp on January 1. The end of the prior year the balances would be zero but  on January 1 it should have a balance sheet. 

    George4Tacks
    George4Tacks
    Level 15
    March 12, 2023

    Sole proprietor became a S Corp?

    https://www.irs.gov/pub/irs-drop/rr-03-51.pdf

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