I'm looking to transition from using a CPA to filing my corporation's T2 myself using TurboTax. I have a bookkeeping question as I prepare my preliminary 2022 financial statements.
In 2022 I made a payment to CRA for corporate tax based on the 2021 T2 return my CPA prepared. At the time my CPA told me to record this payment to an Accounts Payable account. The payment has been made, and now it appears on my 2022 balance sheet.
What's the correct way to get this item off my balance sheet when preparing my 2022 year end statements? I'm confused about whether the 2021 corporate tax should be recorded as an expense for 2022 or maybe it should be deducted from the retained earnings for the 2022 balance sheet?
I need to figure out this issue before I can start using TurboTax.
If you need assistance with TurboTax Business Incorporated or preparing your incorporated business tax return (T2), you can visit the Intuit Profile support site.
For business returns please contact Profile at 1-800-452-9970.
Thank you