Laredo Texas Form 1120 (Schedule D) 2024-2025

Laredo Texas Form 1120 (Schedule D): What You Should Know

Please keep in mind that tax time in 2025 is not the actual tax filing date as you will need to file your 2025 (or prior) income tax return. Sales of Assets on Sale of Property Tax Exempt. June 5th, 2017— Laredo Texas Corporation Income Tax Exemption (LACE) program This program was amended last October 5, 2017, to provide for a three-year tax amnesty period and expanded to provide an additional 18 months to file for LACE. Please use the link below to learn more about the program. This program was amended over the last 3 years to provide relief for business owners who did their tax returns to the same time as the last tax season ended. The amnesty period for this year is beginning June 5, 2017, and ending November 3, 2017. The tax amnesty period has several options to assist taxpayers by providing an extension for their previous year's taxes. Option 1 – 2025 Sales of Assets on Sale of Property This is a one-time grant that allows an individual to delay or avoid penalty, interest, and penalties for qualifying capital gains and losses in year-end 2017. Taxpayers must meet the following requirements: Be within the 10-year period during which the exemption period begins and ends.  File on or before March 31, 2017, Eligibility rules are based on the taxpayer's gross income in 2017. Note: A taxpayer cannot delay or avoid penalty and/or interest for sales of property made in prior years. Option 2 – 2025 Sales by S Corporation of Assets on Sale of Property This is a one-time grant that allows an S Corporation to delay or avoid penalty, interest, and penalties for qualifying capital gains and losses in year-end 2017. Taxpayers must meet the following requirements: Be an S Corporation in 2017. File on or before March 31, 2017, Eligibility rules are based on the taxpayer's gross income in 2017. Note: A taxpayer cannot delay or avoid penalty and/or interest for sales of property made in prior years. Option 3 – 2025 Sale of Business Assets on Sale of Property This is a one-time grant that allows for tax relief for qualifying capital gains and losses in year-end 2017. Taxpayers must meet the following requirements: Be an active taxpayer during 2017.

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