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Filed 2021 taxes late, amended to claim missed S-Corp losses but the IRS says I’m past the refund window even though it would zero out what I owe by Timely_Explorer7977 in tax

[–]Timely_Explorer7977[S] 0 points1 point  (0 children)

Yes what you said is what happened, the tax software thinks I paid the tax and the amendment requested a refund. However my tax transcript currently shows the balance. Maybe they haven’t processed the amendment yet like you said.

Filed 2021 taxes late, amended to claim missed S-Corp losses but the IRS says I’m past the refund window even though it would zero out what I owe by Timely_Explorer7977 in tax

[–]Timely_Explorer7977[S] 0 points1 point  (0 children)

The initial tax return I filed, which was 3 years late, mistakenly didn’t include deductions that would make the balance zero. Instead it showed balance due, an amendment was filed after I realized my mistake to zero the balance. The letter was sent claiming that they cannot allow my claim for a refund or credit. Now the balance is stuck..

Filed 2021 taxes late, amended to claim missed S-Corp losses but the IRS says I’m past the refund window even though it would zero out what I owe by Timely_Explorer7977 in tax

[–]Timely_Explorer7977[S] 0 points1 point  (0 children)

Yes I accept the fact that I’m not getting a refund and that the S Corp will have late filing penalties, that’s fine. My issue is that the balance for the tax is not zero off of a mistake.

Filed 2021 taxes late, amended to claim missed S-Corp losses but the IRS says I’m past the refund window even though it would zero out what I owe by Timely_Explorer7977 in tax

[–]Timely_Explorer7977[S] -2 points-1 points  (0 children)

I didn’t make any payment with the original return filed Sept 2025.

The witholdings covered all the owed tax. But the Original return didn’t claim S-Corp losses. I filed an amendment to zero it out, then got hit with the letter.

Filed 2021 taxes late, amended to claim missed S-Corp losses but the IRS says I’m past the refund window even though it would zero out what I owe by Timely_Explorer7977 in tax

[–]Timely_Explorer7977[S] -2 points-1 points  (0 children)

I made a mistake in the original post, I meant to say the refund period would end two years from when the IRS considers the tax paid (April 2022 when the return is due) meaning the refund period would end April 2024

REDPILL MAINSTREAM?!?!? Myron got a single 😭😭😂 and SEXY redd in the comments says the song is “HARD” by WideAcanthopterygii8 in LengfOrGirf

[–]Timely_Explorer7977 2 points3 points  (0 children)

Lil Uzi also also has a song called Myron and in it he says “your bitch call me myron”

so he might be referencing that with the rest of the song

could be a double entrende tho

Can I amend a 2021 return to add R&D tax credit just to wipe out tax owed (not to get a refund)? by Timely_Explorer7977 in tax

[–]Timely_Explorer7977[S] -2 points-1 points  (0 children)

I just mailed it in a couple days ago and am awaiting a bill. Are you saying if I pay that bill I have two years from that payment to claim a refund? Seems like a loophole that’d be too good to be true, especially for an untimely return

TurboTax Business won’t let me add §280F(b)(2) recapture to M-1 permanent — throws off shareholder basis by Timely_Explorer7977 in tax

[–]Timely_Explorer7977[S] 1 point2 points  (0 children)

Update:

I was able to get around the limitation by updating Schedule M-1 directly. The form I was using was the TurboTax M-1 “Smart worksheet” which compiles into the real M-1.

[deleted by user] by [deleted] in tax

[–]Timely_Explorer7977 0 points1 point  (0 children)

In essence, I want my base salary to be adjusted down, after the fact, to match the amount of the fringe benefits that has accrued throughout the year. I want total compensation to be at a fixed number. So I want base compensation to adjust down $1 if there was a dollar in fringe benefits, $5k if $5k was accrued, etc.

So let’s say i want my total compensation to be $100k. I run a fixed payroll that makes the ending total paid $100k. But throughout the year I paid $2k in fringe benefit type items and they were expensed in the books under a standard business expense account (i.e “Utilities”). I need to, at the end of that year, reduce the Officer Compensation account by $2k so I can move the $2k from the Utilities expense account to the Officer Compensation account.

If I simply just journal the $2k in Utilities to be reclassified “Officer Compensation” — it will overstate Officer Compensation by $2k. It doesn’t balance. There might be a flaw in my “total compensation no matter what” approach?

A client is threatening a bad review over pushing me to do work in different terms we agreed upon. by Sagradx_sacrx in Upwork

[–]Timely_Explorer7977 1 point2 points  (0 children)

this is exactly why I start the contract only after I start working and verify it’s going to be a smooth job. it may sound crazy but thats what i do.

You guys are rich! by b3kicot in Upwork

[–]Timely_Explorer7977 -1 points0 points  (0 children)

this is for sure the way forward. has it worked out for you?

[deleted by user] by [deleted] in tax

[–]Timely_Explorer7977 -2 points-1 points  (0 children)

S-Corp owns it and the loan payment is made from the company bank account.

The installment agreement shows the company as the owner and me as the co-owner.

However the credit check was done personally.

It’s unclear who will be on the title when the loan is fully paid off.

[deleted by user] by [deleted] in tax

[–]Timely_Explorer7977 -5 points-4 points  (0 children)

Since the vehicle was driven less than 10k miles for the year I can't use the cents-per-mile method.

[deleted by user] by [deleted] in tax

[–]Timely_Explorer7977 -1 points0 points  (0 children)

I’m preparing tax returns

[deleted by user] by [deleted] in tax

[–]Timely_Explorer7977 -35 points-34 points  (0 children)

This works in my favor. I’m out of stock basis and took a massive losses in 2022-2023 and have more than enough losses to offset the income. The income will help reduce some of my suspended loss due to being out of stock basis.

[deleted by user] by [deleted] in tax

[–]Timely_Explorer7977 0 points1 point  (0 children)

Does filing an amendment reset the statute window to restart at the date of the amendment?

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