As another newcomer to this community, I wanted to add my perspective after reading through this incredibly detailed discussion. I'm currently dealing with unfiled returns from both 2021 and 2022, and this thread has been more helpful than hours of trying to navigate the IRS website directly. What really resonates with me is how many people mentioned feeling "embarrassed" or confused about these rules - even tax professionals! It's reassuring to know that the IRS documentation really is as unclear as it seems, and it's not just me struggling to understand which deadlines apply. The key insight I'm taking away is that for unfiled returns where you're owed a refund, it's simply 3 years from the original due date. No complex calculations or exceptions - just that straightforward rule. For my 2021 taxes, that means I have until April 2025, and for 2022, until April 2026. @Glen Riddle - your experience with the callback system and getting direct help from an IRS agent is really encouraging. I've been dreading the thought of spending hours on hold, but it sounds like their system has improved significantly. The unanimous recommendation for certified mail also makes perfect sense - that proof of timely filing seems to be crucial for peace of mind. I'm definitely planning to use that approach for both of my unfiled returns. Thank you to everyone who shared their experiences here. This community discussion has provided more clarity than any official IRS publication I've read!

As a newcomer to this community, I have to say this thread has been absolutely invaluable! I've been procrastinating on filing my 2020 taxes for years now, and reading through everyone's experiences has finally given me the clarity and motivation I needed. The way this community has broken down the difference between unfiled returns (3 years from original due date) versus amended returns (3yr/2yr rule) is so much clearer than anything I found on the IRS website. It's honestly embarrassing how long I've been putting this off because I was confused about the deadlines. Unfortunately, I think I may have missed the May 17, 2024 deadline for my 2020 taxes by just a few days. I was traveling for work and didn't realize how close the deadline was until it was too late. Does anyone know if there are any exceptions or if I'm completely out of luck for claiming that refund? @Glen Riddle - your multi-year strategy is fascinating, and the success you had with the IRS callback system gives me hope that they're more helpful than their reputation suggests. @Javier Cruz - I'm so glad you got your 2020 return in on time via certified mail! The certified mail advice throughout this thread is definitely something I'll remember for future filings. Better late than never for learning these lessons, I suppose. Has anyone dealt with missing the 3-year deadline by just a few days, or is that a hard cutoff with no flexibility? Thanks to everyone for sharing such detailed experiences - this community is an amazing resource!

Is there a time limit on these corporate write-offs? Like could Warner Bros claim the loss now for the tax benefit, but then release the movie in a few years? Or once they claim it as a loss, are they permanently prevented from ever making money from it?

This is such a fascinating example of how corporate tax strategy works at scale! As someone who's dealt with business losses on a much smaller level, I can see the logic even though the numbers are mind-boggling. What really strikes me is how this illustrates the difference between accounting loss and economic loss. Warner Bros already spent the $90 million - that money is gone regardless. The question becomes: can they minimize the total financial impact through tax strategy? If the write-off saves them $19+ million in taxes, and they genuinely believe the movie won't generate more than that in net revenue (after marketing costs, potential brand damage, etc.), then mathematically it makes sense. It's the same principle that applies to any business loss deduction, just with way more zeros. When I had to write off some equipment that didn't work out for my consulting business, I was essentially doing the same thing - reducing my taxable income by the amount of the loss to minimize the overall financial impact. The part that's hardest to wrap my head around is the permanence of it. Once they claim that loss, they're essentially burning the bridge to ever monetizing that content. That's a level of financial commitment that shows how confident they are in their analysis.

3 Quick question - does anyone know what software handles this situation best? I'm trying to figure out if TurboTax Business can handle a hedge fund partnership return or if I need something more specialized like ProSeries?

One thing I haven't seen mentioned yet is the importance of getting your investor agreements reviewed before filing. Make sure your operating agreement clearly defines how profits, losses, and distributions will be allocated among investors. The IRS scrutinizes hedge fund partnerships closely, especially around special allocations and carried interest arrangements. You'll also want to establish proper books and records from day one. Keep detailed records of all investments, transactions, and investor communications. This becomes crucial when preparing K-1s and defending your allocations if questioned. Consider setting up quarterly estimated tax payment procedures for your investors too. Many don't realize they'll owe taxes on their K-1 income even if you don't distribute cash. Having a system to help them calculate and make estimated payments can save everyone headaches. And definitely get familiar with the Section 704(b) regulations around partnership allocations - they're complex but essential for proper compliance.

This happens to a lot of people, and it's usually not as concerning as it first appears. If you compare this to online banking, they often mask account numbers too, showing only the last few digits. In your case, TurboTax is likely doing the same thing for security. Most people in your situation discover that the actual transmitted information is correct, even if the display looks wrong. The system is designed to protect your information while still ensuring accurate processing.

I understand your concern about the account number discrepancy! This is actually a common issue that many taxpayers encounter with TurboTax. From what I've seen in similar cases, TurboTax often masks account numbers in their user interface for security purposes - you might be seeing asterisks or only the last 4 digits displayed, while the complete correct information was actually transmitted to the IRS. Before panicking, I'd recommend checking your TurboTax confirmation email first, as it typically contains the full banking details that were submitted. If you're still concerned, you can call TurboTax support directly or even contact the IRS to verify what banking information they have on file for your return. The good news is that in most cases like yours, the refund processes correctly despite the confusing display in the software.

Just to add something - we deduct our state corporate income taxes, property taxes, sales taxes, payroll taxes, and a few others. Our accountant said it saved us about $8,300 last year. Make sure whoever is doing your taxes knows to look for ALL possible tax deductions even if federal income tax isn't one of them.

Great thread everyone! As someone who's been running a C corp for about 5 years now, I can confirm what others have said - federal income tax is definitely NOT deductible. I learned this the hard way my first year when I tried to claim it and got flagged during an audit. What I've found helpful is keeping a detailed spreadsheet of all tax payments throughout the year, categorizing them as either deductible or non-deductible. This makes tax prep much smoother. The deductible ones for us include state franchise taxes, local business license fees, property taxes on our facility, and the employer portion of payroll taxes. One thing I didn't see mentioned - if you're in a state with gross receipts taxes or other business-specific taxes, those are typically deductible too. We pay a gross receipts tax in our state that amounts to about $3,400 annually, and that's been a legitimate deduction for us. Also, don't forget about any business personal property taxes you might be paying on equipment, vehicles, etc. Those add up and are definitely deductible business expenses.