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How do I account for federal income tax refund on 1120
Hi - I am filing form 1120. In 2020 I received federal income taxes I paid for 2019. I know it is not taxable income. But, how do I account for this refund on form1120 so everything ties in? In QBD I have entered a refund for Federal Income Tax as an Expense account.
Any help will be appreciated.
Andy
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‎January 17, 2021
1:26 PM