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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- If taxpayer has 5 S Corps with losses, should I include all losses on individual tax returns which would result in a large negative taxable income?
If taxpayer has 5 S Corps with losses, should I include all losses on individual tax returns which would result in a large negative taxable income?
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vjlaw
Level 1
03-20-2023
11:54 AM
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Or could only losses be used to reduced taxable income to zero?
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dascpa
Level 11
03-20-2023
12:29 PM
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Are you aware of S corp loss issues (basis, passive versus active, etc.) as well as NOL's and other tax issues? Make sure you're qualified to handle this tax return or else you could run into "preparer issues".
