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» From: Meadows of Dan, VA Dear TaxMama: I'm preparing my 1st corporate return. Ouch! Please explain in English how to "reconcile" the actual checking account payments (esp. for payroll taxes & other liabilities) with the tax return. Accrual based. Nothing balances. Also, if there's a good resource book you'd recommend, please feel free. Thank you! :) Diane Dear Diane, I am so sorry. But I don't have a quick and easy explanation for you. In fact, I've seen first and second year accountants tearing their hair out until they learn to do those reconciliations so they work properly. (Why do you think so many are prematurely bald? Even the women.) Good books? Hmmm. I spent about two years in college and about another year or so in training to learn to do that properly (and so easily that it's now second nature). You could look at some college textbooks .... or books on bookkeeping. (Or, after tax season, I may just be persuaded to write a tight workbook on this skill.) I really suggest that if you have a corporation, you get a real tax professional to help you. Ask if you can watch how they do it. Some of this is better explained visually than verbally. (Hmmm ... I might be able to put together a video on the subject ... if anyone's interested.) Good luck. Eva Rosenberg Your TaxMama  |
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