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I have the incorrect opening balance on retained earnings, therefore balance sheet on my tax return doesn't match with my books. I am an S Corp.
I may have to amend my last year return, but as of right now I need to finish 2021 Tax return and file.
Any advise is greatly appreciated.
Go to Solution.
Retained earnings is the sum of net income from prior years. So, if it's wrong you can adjust it by recording the missing earnings in prior years and then it will change.
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