I am seting up my chart of accounts and selecting a tax line mapping for each account. For some reason, the available tax-line mappings show only Form 8825 lines for income statement accounts, but this is not a rental real estate company. What gives?
Go to Company menu > Company Info to see what tax form is assigned to your business entity type.
The income tax form assigned is S-Corp. I don't see anything that says "rental real estate", so I don't know know why QB thinks the company is real estate.
You are confusing Tax Entity type (LLC, S-corp) with "what our business does."
I don't remember ever entering "what my business does" data into the program. I think I know the difference between tax line mapping and my business activities, but maybe I'm missing something here. Is there somewhere in the program that I could have mistakenly entered my activities as "rental real estate"?
You don't have to use everything you see, just because you see it.
You don't enter anywhere "what my business does." You are looking at a form that is associated with what an S-Corp may or may not do, that is a form associated with the 1120S.
If you don't do whatever it is you are looking at, then it is not meaningful to you and this is not the correct selection for your operation.
You don't need to map at all. This is not a QB function. It is because Intuit sells tax prep software and they want to facilitate importing your data to one of their other programs.
Thanks qbteachmt for your assistance.
Tax mapping is needed so that I can print reports that will allow me to efficiently prepare tax returns. I am a CPA and have been preparing corporate tax returns for 25 years. This is my first time using QB to support tax return preparation. As such, I might be asking dumb questions and for that I apologize.
To solve this problem, I reset the tax line mapping by changing the tax type to C Corp and then changed it back again to S-Corp. Voila, the correct tax lines showed up and I was able to complete the tax mapping.
It appears that the QB program had a temporary bug that caused this problem.
Thanks again.
Perhaps they did start this file under the wrong corporation structure.
Glad to learn that you reset it.
It is not a dumb question, but the function doesn't do what many people think it is doing.
If you are using an Intuit tax product, then of course it has meaning for you.
