RECONCILIATION PROBLEM WITH SCHEDULE M-3 AND FORM 1120 LINE 28 DUE TO NON-DEDUCTIBLE PENALTIES EXPENSE, HOW DO I RECONCILE?

Forum|Forum|3 years ago
March 16, 2023
1 reply
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HOW DO I RECONCILE A NON-DEDUCTIBLE PENALTY EXPENSE BETWEEN SCHEDULLE M-3 AND FORM 1120 NET INCOME?

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dkh

Level 15

Are you entering on page 3 Part III, line 12 and it's not working ?

J

JUAN FIGUEROAAuthor

Level 2

yes, we are, and we get an error message of difference in schedule m, page 2 between line 30, column (d) and form 1120, page I, line 28.

the system is not reconciling to page 1 of form 1120 due to the fact that penalties (non-deductible expense) is not part of page 1, but yet is part of schedule M.

after spending crazy hours with Intuit's agents and not getting any assistance whatsoever, i decided to run the penalties as a separate item through retained earnings. this reconciling factor is a glitch with the software and. they are claiming it to be a tax advise scenario which they do not provide.

this is my first time ever with a reconciling issue using Intuit, and has also been very frustrating the way it has been handled by them.

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