Tax Position

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    Topic
  • October 26, 2015 at 11:41 pm #197795
    Anonymous
    Inactive

    I just took a tax position with a new firm and am trying to learn the ropes. I passed REG about 1.5 yr ago so most of what I knew about tax i have to refresh before I am proficient again.

    Anyways, apparently a large part of preparing tax returns is just correcting the clients books from the previous year and reconciling retained earnings to the previous years tax return. Has anyone else in the tax field experienced this?

    I’ve been having issues getting it reconciled…i’ve been using the normal formula to try and pinpoint differences but cant seem to get it:

    (BEG RE + NI – DIVIDENDS or DRAWS = END RE)

    Any tips or tricks?

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