Welcome to the forums. If you are working on mac go to Premiere pro/Preferences/Audio hardware and change the audio hardware to to Built-in output.
It didn't work.. and yes I am on a mac. Any other ideas? Thank you!
Please try to trash the Preferences and clean the media cache and try selecting other option in audio hardware. This issue occurs when the device selected in Audio hardware doesn't respond.
I trashed preferences, cleaned the media cache and tried all the settings in audio hardware. Didn't work.
BUT I solved it by making a new sequence and copying everything over.
Thanks for the help though.
This fix worked for me...
In your sequence timeline there is a top margin that shows the playhead and it has a bunch of numbers that relate to the timecode of your audio or video. (This is also where you set your markers)
If you right click in this margin area a menu comes up with marker information at the top and near the bottom of this menu is a option to "Show Audio Time Units" if there is a tick next to this option the "Step Forward" / "Step Backwards" option does not work... Make sure this is deselected and you should get full function of the step function again.