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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- Where can I make Section 181 election in ProSeries? I have a filmmaker client who would like to use this election to deduct his production costs instead of captializing.
Where can I make Section 181 election in ProSeries? I have a filmmaker client who would like to use this election to deduct his production costs instead of captializing.
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askmyacct
Level 1
09-07-2022
02:13 PM
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Info from Cornell Law School: https://www.law.cornell.edu/cfr/text/26/1.181-2
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dkh
Level 15
09-08-2022
09:38 AM
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1065 and 1120S have Election Summary worksheets with an area for Other Elections at the bottom
1040 election summary page does not have option to list other elections so probably would need to attach a pdf to the return
askmyacct
Level 1
09-08-2022
11:16 AM
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Thank you for the advice! That is what I ended up doing - I typed out the election based on the other elections offered through the software, and the instructions from the IRC Code.
