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.
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.