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Have a S Corp type business. I have returned money to a

Customer Question
company that hired me to...
Have a S Corp type business. I have returned money to a company that hired me to do work for them. I paid taxes on the money that is now being given back. Is there any possible way to refigure the taxes for the years 2010 through 2013 since the money was returned.
Submitted: 2 years ago.Category: Tax
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2/22/2016
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,654
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified

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.

REFERENCE SOURCE:

https://www.irs.gov/pub/irs-pdf/i1120s.pdf

Form 1120-S instructions, page 14.

Let me know if I can be of further assistance to you regarding this matter.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago

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