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Q: Is there any possible way to refigure the taxes for the years 2010 through 2013 since the money was returned.
A: Yes, you can enter the amount of the returned funds on Line 1b (Returns and allowances) on the Form 1120S. SEE BELOW:
Line 1b. Returns and Allowances
Enter cash and credit refunds the
corporation made to customers for
returned merchandise, rebates, and
other allowances made on gross
receipts or sales.
Form 1120-S instructions, page 14.
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