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Assuming the client didn't elect out of installment sale reporting, please see IRS Pub 537 for installment sale reporting where price has been reduced. You will have a recalculation of the gross profit. There is also a section in the pub that deals with repossessions and recalculating those amounts and how to report that portion of the transaction going forward.2 points
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https://www.thetaxadviser.com/issues/2023/jun/single-member-llcs.html2 points
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It seems to me to be an amendment of the 2021 tax return.1 point
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Two screen shots:
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I agree. I did this with the foreign accounts reporting. I'll do the Form 8938 with the return but not the online FinCen reporting. I plan to look into the new FinCen reporting and let my clients know about it but it will up to them to do it.1 point
