Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Intangible 1120S

Highlighted
Level 4

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. 

Labels (1)
0 Cheers
2 Replies 2
Highlighted
Level 15
Level 15

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


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers
Highlighted
Level 4

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.

0 Cheers