Discussion:Sec 1341, Claim of right
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| Revision as of 17:53, 3 September 2009 Death&Taxes (Talk | contribs) (Stupid question) ← Previous diff |
Current revision Riley2 (Talk | contribs) (I think so. The) |
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| {{ForumReplyPost|UserID=Death&Taxes|Date=3 September 2009|Text=Stupid question #1: are such payments really taken as income under a claim of right? }} | {{ForumReplyPost|UserID=Death&Taxes|Date=3 September 2009|Text=Stupid question #1: are such payments really taken as income under a claim of right? }} | ||
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| + | {{ForumReplyPost|UserID=Riley2|Date=6 September 2009|Text=I think so. The taxpayer had an apparent unrestricted right to the income.}} | ||
Current revision
Discussion Forum Index --> Advanced Tax Questions --> Sec 1341, Claim of right
Discussion Forum Index --> Tax Questions --> Sec 1341, Claim of right
Schaeferrm (talk|edits) said: | 3 September 2009 |
| Taxpayer is a S-Corp. Business is physical therapy. In 2008, Medicare audited books. Determined that taxpayers documentation of records was inadequate from 3 months of 2003 to the end of 2006. Required a repayment of over $100,000 for the years in question.
Am I correct in assuming that the repayment is reported in full on the S-Corp, with adequate disclosure? The calculation of prior year taxes will than be at the individual level. Any resulting credit will be shown on line 68. The 1040 will require disclosure as to the 1341 claim. Anything else I need to think about? Schaeferrm | |
| 3 September 2009 | |
| you should compare the result with just writing it off this year | |
Death&Taxes (talk|edits) said: | 3 September 2009 |
| Stupid question #1: are such payments really taken as income under a claim of right? | |
| 6 September 2009 | |
| I think so. The taxpayer had an apparent unrestricted right to the income. | |
