After 23 years in business, this year we are trying to file our S-Corp taxes (2021). In the last four years, we had four different CPAs! Last year new CPA did not enter any Assets or list of depreciation from the previous years! plus, I noticed in the last eight years items like new computers and cell phones, etc. never counted for depreciation! My first question is: How do I import the assets information into my TurboTax? The second question is: how should I treat those previous missing items in the depreciation list? I called the TurboTax for help, after over half an hour the representative suggested that I need to get help from a professional CPA.
When you begin your S-Corporation return in TurboTax Business, you will have the option to import data from Quickbooks.
If you have asset information in Quickbooks, you will be able to import it.
Otherwise you you can enter it manually.
Your previous CPAs may have expenses assets valued under $2,500 instead of depreciating them which could account for why there is no depreciation entries.
You should verify what was expensed as office expenses, supplies, and other miscellaneous expenses prior to adding assets to your depreciation lists of assets.
Up to 2018, there is an Amortization of GOODWILL on 5/09/2007 for the amount of $100,00.00 accounted for the total Amortization of $6667.00 and the lifetime for 15 years. How should I add this missing part from 2019 to my TurboTax? Plus am I eligible to add the computers and types of equipment from eight years ago which never accounted for in our previous tax files?
Thank you so much for your assistant.
You need to make sure that those items that you believe may have been missed have not really been fully depreciated and that is why there was no depreciation.
Those items could have been written off through Section 179 or bonus depreciation in a particular year.
To verify this you would need to review all past copies of your tax returns.