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2012 Amended Tax Return

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2012 Amended Tax Return

2012 amended tax return 10. 2012 amended tax return   Business Bad Debts Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Definition of Business Bad DebtAccrual method. 2012 amended tax return Cash method. 2012 amended tax return Debt acquired from a decedent. 2012 amended tax return Liquidation. 2012 amended tax return Types of Business Bad Debts When a Debt Becomes Worthless How To Claim a Business Bad DebtSpecific Charge-Off Method Nonaccrual-Experience Method Recovery of a Bad DebtNet operating loss (NOL) carryover. 2012 amended tax return Introduction You have a bad debt if you cannot collect money owed to you. 2012 amended tax return A bad debt is either a business bad debt or a nonbusiness bad debt. 2012 amended tax return This chapter discusses only business bad debts. 2012 amended tax return Generally, a business bad debt is one that comes from operating your trade or business. 2012 amended tax return You can deduct business bad debts on Schedule C (Form 1040) or your applicable business income tax return. 2012 amended tax return All other bad debts are nonbusiness bad debts and are deductible only as short-term capital losses. 2012 amended tax return For more information on nonbusiness bad debts, see Publication 550. 2012 amended tax return Topics - This chapter discusses: Definition of business bad debt When a debt becomes worthless How to claim a business bad debt Recovery of a bad debt Useful Items - You may want to see: Publication 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 556 Examination of Returns, Appeal Rights, and Claims for Refund Form (and Instructions) Schedule C (Form 1040) Profit or Loss From Business 1040X Amended U. 2012 amended tax return S. 2012 amended tax return Individual Income Tax Return 1045 Application for Tentative Refund 1139 Corporation Application for Tentative Refund 3115 Application for Change in Accounting Method See chapter 12 for information about getting publications and forms. 2012 amended tax return Definition of Business Bad Debt A business bad debt is a loss from the worthlessness of a debt that was either: Created or acquired in your trade or business, or Closely related to your trade or business when it became partly or totally worthless. 2012 amended tax return A debt is closely related to your trade or business if your primary motive for incurring the debt is business related. 2012 amended tax return Bad debts of a corporation (other than an S corporation) are always business bad debts. 2012 amended tax return Credit sales. 2012 amended tax return   Business bad debts are mainly the result of credit sales to customers. 2012 amended tax return Goods that have been sold, but not yet paid for, and services that have been performed, but not yet paid for, are recorded in your books as either accounts receivable or notes receivable. 2012 amended tax return After a reasonable period of time, if you have tried to collect the amount due, but are unable to do so, the uncollectible part becomes a business bad debt. 2012 amended tax return   Accounts or notes receivable valued at fair market value (FMV) when received are deductible only at that value, even though the FMV may be less than the face value. 2012 amended tax return If you purchased an account receivable for less than its face value, and the receivable subsequently becomes worthless, the most you are allowed to deduct is the amount you paid to acquire it. 2012 amended tax return    You can claim a business bad debt deduction only if the amount owed to you was previously included in gross income. 2012 amended tax return This applies to amounts owed to you from all sources of taxable income, including sales, services, rents, and interest. 2012 amended tax return Accrual method. 2012 amended tax return   If you use the accrual method of accounting, you generally report income as you earn it. 2012 amended tax return You can only claim a bad debt deduction for an uncollectible receivable if you have previously included the uncollectible amount in income. 2012 amended tax return   If you qualify, you can use the nonaccrual-experience method of accounting discussed later. 2012 amended tax return Under this method, you do not have to accrue income that, based on your experience, you do not expect to collect. 2012 amended tax return Cash method. 2012 amended tax return   If you use the cash method of accounting, you generally report income when you receive payment. 2012 amended tax return You cannot claim a bad debt deduction for amounts owed to you because you never included those amounts in income. 2012 amended tax return For example, a cash basis architect cannot claim a bad debt deduction if a client fails to pay the bill because the architect's fee was never included in income. 2012 amended tax return Debts from a former business. 2012 amended tax return   If you sell your business but retain its receivables, these debts are business debts because they arose out of your trade or business. 2012 amended tax return If any of these receivables subsequently become worthless, the loss is still a business bad debt. 2012 amended tax return Debt acquired from a decedent. 2012 amended tax return   The character of a loss from debts of a business acquired from a decedent is determined in the same way as debts acquired on the purchase of a business. 2012 amended tax return The executor of the decedent's estate treats any loss from the debts as a business bad debt if the debts were closely related to the decedent's trade or business when they became worthless. 2012 amended tax return Otherwise, a loss from these debts becomes a nonbusiness bad debt for the decedent's estate. 2012 amended tax return Liquidation. 2012 amended tax return   If you liquidate your business and some of the accounts receivable that you retain become worthless, they become business bad debts. 2012 amended tax return Types of Business Bad Debts Business bad debts may result from the following. 2012 amended tax return Loans to clients and suppliers. 2012 amended tax return   If you loan money to a client, supplier, employee, or distributor for a business reason and you are unable to collect the loan after attempting to do so, you have a business bad debt. 2012 amended tax return Debts owed by political parties. 2012 amended tax return   If a political party (or other organization that accepts contributions or spends money to influence elections) owes you money and the debt becomes worthless, you can claim a bad debt deduction only if all of the following requirements are met. 2012 amended tax return You use the accrual method of accounting. 2012 amended tax return The debt arose from the sale of goods or services in the ordinary course of your trade or business. 2012 amended tax return More than 30% of your receivables accrued in the year of the sale were from sales to political parties. 2012 amended tax return You made substantial and continuing efforts to collect on the debt. 2012 amended tax return Loan or capital contribution. 2012 amended tax return   You cannot claim a bad debt deduction for a loan you made to a corporation if, based on the facts and circumstances, the loan is actually a contribution to capital. 2012 amended tax return Debts of an insolvent partner. 2012 amended tax return   If your business partnership breaks up and one of your former partners becomes insolvent, you may have to pay more than your pro rata share of the partnership's debts. 2012 amended tax return If you pay any part of the insolvent partner's share of the debts, you can claim a bad debt deduction for the amount you paid that is attributable to the insolvent partner's share. 2012 amended tax return Business loan guarantee. 2012 amended tax return   If you guarantee a debt that subsequently becomes worthless, the debt can qualify as a business bad debt if all the following requirements are met. 2012 amended tax return You made the guarantee in the course of your trade or business. 2012 amended tax return You have a legal duty to pay the debt. 2012 amended tax return You made the guarantee before the debt became worthless. 2012 amended tax return You meet this requirement if you reasonably expected you would not have to pay the debt without full reimbursement from the borrower. 2012 amended tax return You received reasonable consideration for making the guarantee. 2012 amended tax return You meet this requirement if you made the guarantee in accord with normal business practice or for a good faith business purpose. 2012 amended tax return Example. 2012 amended tax return Jane Zayne owns the Zayne Dress Company. 2012 amended tax return She guaranteed payment of a $20,000 note for Elegant Fashions, a dress outlet. 2012 amended tax return Elegant Fashions is one of Zayne's largest clients. 2012 amended tax return Elegant Fashions later defaulted on the loan. 2012 amended tax return As a result, Ms. 2012 amended tax return Zayne paid the remaining balance of the loan in full to the bank. 2012 amended tax return She can claim a business bad debt deduction only for the amount she paid, since her guarantee was made in the course of her trade or business for a good faith business purpose. 2012 amended tax return She was motivated by the desire to retain one of her better clients and keep a sales outlet. 2012 amended tax return Deductible in the year paid. 2012 amended tax return   If you make a payment on a loan you guaranteed, you can deduct it in the year paid, unless you have rights against the borrower. 2012 amended tax return Rights against a borrower. 2012 amended tax return   When you make payment on a loan you guaranteed, you may have the right to take the place of the lender. 2012 amended tax return The debt is then owed to you. 2012 amended tax return If you have this right, or some other right to demand payment from the borrower, you cannot claim a bad debt deduction until these rights become partly or totally worthless. 2012 amended tax return Joint debtor. 2012 amended tax return   If two or more debtors jointly owe you money, your inability to collect from one does not enable you to deduct a proportionate amount as a bad debt. 2012 amended tax return Sale of mortgaged property. 2012 amended tax return   If mortgaged or pledged property is sold for less than the debt, the unpaid, uncollectible balance of the debt is a bad debt. 2012 amended tax return When a Debt Becomes Worthless A debt becomes worthless when there is no longer any chance the amount owed will be paid. 2012 amended tax return This may occur when the debt is due or prior to that date. 2012 amended tax return To demonstrate worthlessness, you must only show that you have taken reasonable steps to collect the debt but were unable to do so. 2012 amended tax return It is not necessary to go to court if you can show that a judgment from the court would be uncollectible. 2012 amended tax return Bankruptcy of your debtor is generally good evidence of the worthlessness of at least a part of an unsecured and unpreferred debt. 2012 amended tax return Property received for debt. 2012 amended tax return   If you receive property in partial settlement of a debt, reduce the debt by the property's FMV, which becomes the property's basis. 2012 amended tax return You can deduct the remaining debt as a bad debt if and when it becomes worthless. 2012 amended tax return   If you later sell the property for more than its basis, any gain on the sale is due to the appreciation of the property. 2012 amended tax return It is not a recovery of a bad debt. 2012 amended tax return For information on the sale of an asset, see Publication 544. 2012 amended tax return How To Claim a Business Bad Debt There are two methods to claim a business bad debt. 2012 amended tax return The specific charge-off method. 2012 amended tax return The nonaccrual-experience method. 2012 amended tax return Generally, you must use the specific charge-off method. 2012 amended tax return However, you may use the nonaccrual-experience method if you meet the requirements discussed later under Nonaccrual-Experience Method . 2012 amended tax return Specific Charge-Off Method If you use the specific charge-off method, you can deduct specific business bad debts that become either partly or totally worthless during the tax year. 2012 amended tax return However, with respect to partly worthless bad debts, your deduction is limited to the amount you charged off on your books during the year. 2012 amended tax return Partly worthless debts. 2012 amended tax return   You can deduct specific bad debts that become partly uncollectible during the tax year. 2012 amended tax return Your tax deduction is limited to the amount you charge off on your books during the year. 2012 amended tax return You do not have to charge off and deduct your partly worthless debts annually. 2012 amended tax return You can delay the charge off until a later year. 2012 amended tax return However, you cannot deduct any part of a debt after the year it becomes totally worthless. 2012 amended tax return Significantly modified debt. 2012 amended tax return   An exception to the charge-off rule exists for debt which has been significantly modified and on which the holder recognized gain. 2012 amended tax return For more information, see Regulations section 1. 2012 amended tax return 166-3(a)(3). 2012 amended tax return Deduction disallowed. 2012 amended tax return   Generally, you can claim a partial bad debt deduction only in the year you make the charge-off on your books. 2012 amended tax return If, under audit, the IRS does not allow your deduction and the debt becomes partly worthless in a later tax year, you can deduct the amount you charged off in that year plus the disallowed amount charged off in the earlier year. 2012 amended tax return The charge-off in the earlier year, unless reversed on your books, fulfills the charge-off requirement for the later year. 2012 amended tax return Totally worthless debts. 2012 amended tax return   If a debt becomes totally worthless in the current tax year, you can deduct the entire amount, less any amount deducted in an earlier tax year when the debt was only partly worthless. 2012 amended tax return   You do not have to make an actual charge-off on your books to claim a bad debt deduction for a totally worthless debt. 2012 amended tax return However, you may want to do so. 2012 amended tax return If you do not and the IRS later rules the debt is only partly worthless, you will not be allowed a deduction for the debt in that tax year because a deduction of a partly worthless bad debt is limited to the amount actually charged off. 2012 amended tax return See Partly worthless debts, earlier. 2012 amended tax return Filing a claim for refund. 2012 amended tax return   If you did not deduct a bad debt on your original return for the year it became worthless, you can file a claim for a credit or refund. 2012 amended tax return If the bad debt was totally worthless, you must file the claim by the later of the following dates. 2012 amended tax return 7 years from the date your original return was due (not including extensions). 2012 amended tax return 2 years from the date you paid the tax. 2012 amended tax return   If the claim is for a partly worthless bad debt, you must file the claim by the later of the following dates. 2012 amended tax return 3 years from the date you filed your original return. 2012 amended tax return 2 years from the date you paid the tax. 2012 amended tax return You may have longer to file the claim if you were unable to manage your financial affairs due to a physical or mental impairment. 2012 amended tax return Such an impairment requires proof of existence. 2012 amended tax return   For details and more information about filing a claim, see Publication 556. 2012 amended tax return Use one of the following forms to file a claim. 2012 amended tax return For more information, see the instructions for the applicable form. 2012 amended tax return Table 10-1. 2012 amended tax return Forms Used To File a Claim IF you filed as a. 2012 amended tax return . 2012 amended tax return . 2012 amended tax return THEN file. 2012 amended tax return . 2012 amended tax return . 2012 amended tax return Sole proprietor or farmer Form 1040X Corporation Form 1120X S corporation Form 1120S and check box H(4) Partnership Form 1065X if filing on paper or  Form 1065 and check box G(5) if filing electronically Nonaccrual-Experience Method If you use an accrual method of accounting and qualify under the rules explained in this section, you can use the nonaccrual-experience method for bad debts. 2012 amended tax return Under this method, you do not accrue service related income you expect to be uncollectible. 2012 amended tax return Because the expected uncollectible amounts are not included in income, these amounts are not later deducted from income. 2012 amended tax return Generally, you can use the nonaccrual-experience method for accounts receivable for services you performed only if: The services are provided in the fields of accounting, actuarial science, architecture, consulting, engineering, health, law, or the performing arts, or You meet the $5 million gross receipts test for all prior years. 2012 amended tax return Service related income. 2012 amended tax return   You can use the nonaccrual-experience method only for amounts earned by performing services. 2012 amended tax return You cannot use this method for amounts owed to you from activities such as lending money, selling goods, or acquiring receivables or other rights to receive payment. 2012 amended tax return Gross receipts test. 2012 amended tax return   To find out if you meet the $5 million gross receipts test for all prior years, you must figure the average annual gross receipts for each prior year. 2012 amended tax return If your average annual gross receipts for any year exceeds $5 million, you cannot use the non-accural experience method. 2012 amended tax return   The average annual gross receipts for any year is the average of gross receipts from the year in question and the 2 previous years. 2012 amended tax return For example, if you were figuring the average annual gross receipts for 2013, you would average your gross receipts for 2011, 2012, and 2013. 2012 amended tax return Interest or penalty charged. 2012 amended tax return   Generally, you cannot use the nonaccrual-experience method for amounts due on which you charge interest or a late payment penalty. 2012 amended tax return However, do not treat a discount offered for early payment as the charging of interest or a penalty if both the following apply. 2012 amended tax return You otherwise accrue the full amount due as gross income at the time you provide the services. 2012 amended tax return You treat the discount allowed for early payment as an adjustment to gross income in the year of payment. 2012 amended tax return Change in accounting method. 2012 amended tax return   Generally, you must obtain consent to change to a nonaccrual-experience method (other than one of the safe harbor methods) or to change from one method to another. 2012 amended tax return See Form 3115 and the Instructions for Form 3115 for more information. 2012 amended tax return Recovery of a Bad Debt If you claim a deduction for a bad debt on your income tax return and later recover (collect) all or part of it, you may have to include all or part of the recovery in gross income. 2012 amended tax return The amount you include is limited to the amount you actually deducted. 2012 amended tax return However, you can exclude the amount deducted that did not reduce your tax. 2012 amended tax return Report the recovery as “Other income” on the appropriate business form or schedule. 2012 amended tax return See Recoveries in Publication 525 for more information. 2012 amended tax return Net operating loss (NOL) carryover. 2012 amended tax return   If a bad debt deduction increases an NOL carryover that has not expired before the beginning of the tax year in which the recovery takes place, you treat the deduction as having reduced your tax. 2012 amended tax return A bad debt deduction that contributes to a NOL helps lower taxes in the year to which you carry the NOL. 2012 amended tax return For more information about NOLs, see Publication 536. 2012 amended tax return Also, see the Instructions for Form 1045, and the Instructions for Form 1139. 2012 amended tax return Prev  Up  Next   Home   More Online Publications
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The American Recovery and Reinvestment Act of 2009

Contractor Name

Award #

Category

Obligated Value

Date of Award

Presidio Networked Solutions, Inc. TIRNO-99-Z-00002, DO 00731, Modification 0045

Tax Provisions

$535,500.00

01/12/2011

Macro International TIRNO-05-Z-00012, DO 0030 HCTC $52,008.00

09/22/2010

Lockheed Martin TIRNO-06-D-00013, DO 0030, Modification 0020

Tax Provisions

$32,269.00

06/23/2010

Lockheed Martin TIRNO-06-D-00013, DO 0030, Modification 0013 Tax Provisions $0.00

04/27/2010

Information Systems Consulting Group TIRNO-06-D-00024, DO 0006, Modification 0002 HCTC $88,707.20

04/12/2010

Lockheed Martin TIRNO-06-D-00013, DO 0030, Modification 0009

Tax Provisions

$27,963.00

12/22/2009

Accenture LLP TIRNO-06-D-00006, DO 0008, Modification 0019 HCTC $13,790,162.00

12/14/2009

Accenture LLP TIRNO-06-D-00006, DO 0008, Modification 0018 HCTC $60,000.00

09/29/2009

AT&T TIRNO-04-Z-00007, DO 0110

Tax Provisions

$520,159.00

09/29/2009

Macro International TIRNO-05-Z-00012, DO 0026, Modification 0002 HCTC $98,312.00

09/15/2009

Accenture LLP TIRNO-06-D-00006, DO 0008, Modification 0013 HCTC $20,000.00

 04/17/2009

Page Last Reviewed or Updated: 03-Feb-2014

The 2012 Amended Tax Return

2012 amended tax return Publication 957 - Introductory Material Table of Contents Future Developments Introduction Future Developments For the latest information about developments related to Publication 957, such as legislation enacted after it was published, go to www. 2012 amended tax return irs. 2012 amended tax return gov/pub957. 2012 amended tax return Introduction The Social Security Administration (SSA) has special rules for back pay awarded by a court or government agency to enforce a worker protection statute (law). 2012 amended tax return The SSA also has rules for reporting special wage payments made to employees after they retire. 2012 amended tax return These rules enable the SSA to correctly compute an employee's benefits under the social security earnings test. 2012 amended tax return These rules are for social security coverage and benefit purposes only. 2012 amended tax return This publication, written primarily for employers, discusses back pay under a statute and special wage payments. 2012 amended tax return It also explains how to report these payments to the SSA. 2012 amended tax return For more information, visit SSA's website at www. 2012 amended tax return socialsecurity. 2012 amended tax return gov/employer. 2012 amended tax return To get a copy of Form SSA-131, Employer Report of Special Wage Payments, visit SSA's website at www. 2012 amended tax return socialsecurity. 2012 amended tax return gov/online/ssa-131. 2012 amended tax return html. 2012 amended tax return Prev  Up  Next   Home   More Online Publications