I have a client that suffered a theft loss during the 2018 tax year. He is an s-corp.
His insurance company hasnt reimbursed him yet and is not sure if it will.
What is the best way to show the theft loss on the 1120s return if the insurance compensates him and if it doesn't?
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"I have a client.." Are you a paid tax preparer? If so, using TurboTax violates the terms of service.
I'm using the business version of turbotax. It says.
Prepare income tax returns for multiple businesses, even if they are different entity types.
And I'm not getting paid, client is relative.
@Filip , think the red-flag is "client" -- whether paid or not would violate the spirit of the agreement. It is your status as a preparer and NOT "HELPER" that opens the flood gate. If you are only helping a relative , then there is no violation of circular 230 or state statutes or even the terms of service / use of the product.
In any case if you are not sure whether the loss is going to re-compensated by the insurer, you have the choice of waiting till resolved ( not past extension period ) or file recognizing the loss and if and when the insurer settles the claim, then go back and file an amended return.
Personally , i would opt for the latter scenario.
I'm using the business version of turbotax
For others reading this thread who are paid tax preparers, if the name of the product has the word "TurboTax" in it, then it's not licensed for use by a paid tax preparer. So if you are a paid tax preparer and wish to use an Intuit product for preparing tax returns for your clients, you need to be using either Lacerte' or ProConnect. https://proconnect.intuit.com/ It's much more comprehensive than the TurboTax line of products, when it comes to in-program help and navigation.
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