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N
NGR
Level 2
January 31, 2024
Question

S-Corp - Theft Loss - Form 4864

  • January 31, 2024
  • 1 reply
  • 7 views

Hi,

I have a client, who files an 1120S.  I was told in 2014 there was a theft of $100,000.  The client is asking if form 4864 can be filed even though this occurred 9 years ago.  No losses were claimed in 2014-2022.  Is there a statute of limitations on this?  High audit risk?  

Thanks,

Nick

    This topic has been closed for replies.

    1 reply

    qbteachmt
    qbteachmt
    Level 15
    January 31, 2024

    Someone stole cash? Insolvent bank? Ponzi scheme? Why the delay; was there a potential recovery that has proven impossible?

    Don't yell at us; we're volunteers
    N
    NGRAuthor
    Level 2
    January 31, 2024

    Hi

    thanks for the reply. It was theft of cash and violation of a non compete. This occurred before I accepted the client. Client stated he forgot he could file. Legal action was not pursued beyond a police report which I have for my records. 
    Thanks

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