TAX ARTS: Prior tax years for newly acquired business?
 

Can you buy a business and then refile the taxes to get a refund if the business overpaid?

If not,

Can you buy an entity which owns a business, and then as that entity, refile the tax returns to get a refund if the entity overpaid?

This is a good question for a CPA. I know that a business can re-file taxes, and claim over payments.

What you need to focus on, does the change of ownership effect the business's legal rights, and how many years back can you go (SOL).

Good luck!

That's a red flag for an audit so contact a quality VPA firm before proceeding.

It can't hurt to try (famous last words ;)

When in doubt, right it off. If you get audited and you made a mistake, then just pay up :)

Congratulations on your 13th post in 12 years :thumbsup

Are bots allowed on GFY? Just wondering...

Just from a purely logical perspective, there's an expectation of payment to the business from the taxation office, which I don't think should go away if the business is owned by a new entity. Some governments might see it differently, but it's just an outstanding payment due with some constraints.