Hey! I know everyone is super busy. But first time with a corporate client who made large charitable donations and needs to carry forward. I have recorded on S2, but do I need to remove from the income statement? Thanks for your assistance.
Fellow TaxCycle user, Niina
I’m a little rusty on the rules re: corporate charitable donations, but I thought they couldn’t be carried forward - you have to claim them all in the same fiscal year they were paid. I thought it was just for personal taxes that you could claim up to 5 years worth at once. Let me know if I am missing something?
There is a 5 year carry forward for corporate donations.
Paragraph 110.1(1)(a) does not discriminate between individual and corporate taxpayers.
