Hello,
We're in the US and use the accrual method and file form 1120. During 2011-2012 we made some sales to a company for a project. These invoices became totally uncollectible in 2013. We did not deduct the bad debt in 2013 or 2014. We're now preparing the 2015 tax return (yes..late) and since the debt is very compared to the gross sales, we would like to deduct part of it in 2015 and the rest on the following years. Is this acceptable? or do we need to file an amendment for 2013?
Thanks
We're in the US and use the accrual method and file form 1120. During 2011-2012 we made some sales to a company for a project. These invoices became totally uncollectible in 2013. We did not deduct the bad debt in 2013 or 2014. We're now preparing the 2015 tax return (yes..late) and since the debt is very compared to the gross sales, we would like to deduct part of it in 2015 and the rest on the following years. Is this acceptable? or do we need to file an amendment for 2013?
Thanks
