TAX ARTS: Prior tax years for newly acquired business? - GoFuckYourself.com

MrMaxwell · 07-26-2018, 03:21 PM

Can you buy a business and then refile the taxes to get a refund if the business overpaid?

If not,

Can you buy an entity which owns a business, and then as that entity, refile the tax returns to get a refund if the entity overpaid?

NALEM · 07-26-2018, 03:43 PM

Quote:

Originally Posted by MrMaxwell

Can you buy a business and then refile the taxes to get a refund if the business overpaid?

If not,

Can you buy an entity which owns a business, and then as that entity, refile the tax returns to get a refund if the entity overpaid?

This is a good question for a CPA. I know that a business can re-file taxes, and claim over payments.

What you need to focus on, does the change of ownership effect the business's legal rights, and how many years back can you go (SOL).

Good luck!

Bladewire · 07-26-2018, 03:45 PM

That's a red flag for an audit so contact a quality VPA firm before proceeding.

blackster · 07-26-2018, 03:51 PM

Quote:

Originally Posted by MrMaxwell

Can you buy a business and then refile the taxes to get a refund if the business overpaid?

If not,

Can you buy an entity which owns a business, and then as that entity, refile the tax returns to get a refund if the entity overpaid?

It can't hurt to try (famous last words ;)

When in doubt, right it off. If you get audited and you made a mistake, then just pay up

Bladewire · 07-26-2018, 03:53 PM

Quote:

Originally Posted by blackster

It can't hurt to try (famous last words ;)

When in doubt, right it off. If you get audited and you made a mistake, then just pay up

Congratulations on your 13th post in 12 years

blackster · 07-26-2018, 03:59 PM

Quote:

Originally Posted by Bladewire

Congratulations on your 13th post in 12 years

Are bots allowed on GFY? Just wondering...

Arnox · 07-26-2018, 07:22 PM

Just from a purely logical perspective, there's an expectation of payment to the business from the taxation office, which I don't think should go away if the business is owned by a new entity. Some governments might see it differently, but it's just an outstanding payment due with some constraints.

07-26-2018, 03:21 PM	#1
MrMaxwell Too lazy to set a custom title Industry Role: Join Date: Jul 2005 Posts: 10,057	TAX ARTS: Prior tax years for newly acquired business? Can you buy a business and then refile the taxes to get a refund if the business overpaid? If not, Can you buy an entity which owns a business, and then as that entity, refile the tax returns to get a refund if the entity overpaid?

07-26-2018, 03:45 PM	#3
Bladewire StraightBro Industry Role: Join Date: Aug 2003 Location: Monarch Beach, CA USA Posts: 56,229	That's a red flag for an audit so contact a quality VPA firm before proceeding. __________________ Skype: CallTomNow

07-26-2018, 07:22 PM	#7
Arnox Confirmed User Industry Role: Join Date: Sep 2009 Location: Radelaide Posts: 2,160	Just from a purely logical perspective, there's an expectation of payment to the business from the taxation office, which I don't think should go away if the business is owned by a new entity. Some governments might see it differently, but it's just an outstanding payment due with some constraints. __________________ Need Text? X Copywriters \| Adult Writing Service - [email protected]