mvp2885
Level 5
‎05-23-2020 01:22 PM

Been working on an 1120-S. Previous accountant had put approximately $20,000 of intangibles, depreciated some amount, but when I asked the client what that "intangible" is from, they don't know! Previous accountant is no where to be found, maybe closed or out due to COVID-19. 

Anyways, thoughts on carrying this intangible to this years tax return. Thank you. 

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Just-Lisa-Now-
Level 15
Level 15
‎05-23-2020 01:25 PM

Look at their books from last year and see what they bought?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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mvp2885
Level 5
‎05-23-2020 01:27 PM

Well this shady accountant didn't even do that, probably just put it to reduce some taxes. I'm trying to figure out if it's a customer list. They have a list of assets being depreciated, but this intangible is questionable. Considering just not including it unless I really find what it is, but at this point it's not very clear.

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