Queskr Inc. -- 2025 Tax Filing Guide (TurboTax Business)

Prepared: February 19, 2026 For: Yohay Etsion (self-filing via TurboTax Business) Entity: Queskr Inc. (Delaware C-Corp) | EIN: 30-0959251 Tax Year: January 1 -- December 31, 2025

Important caveat: This guide is a practical walkthrough based on the known facts. It is not tax advice. For any item marked with a PAUSE icon, confirm with Mike Pine before finalizing.

Table of Contents

1. What to File

Required Federal Forms

State Filings

Other Federal Obligations

2. Documents to Have Ready

Before opening TurboTax, gather these:

Must Have

• ☐ 2024 Form 1120 filing (prior year return, for reference and carryover data)
• ☐ 2024 Form 5472 (prior year, for consistency on related party reporting)
• ☐ 12 monthly BofA bank statements (Jan-Dec 2025): eStmt_2025-01-31.pdf through eStmt_2025-12-31.pdf
• ☐ EIN confirmation: 30-0959251 (IRS Name Control: QUES)
• ☐ NOL carryforward schedule from 2024 return: $170,505 total entering 2025

New for 2025

• ☐ Loan Assignment Deed (June 21, 2025) -- needed for Form 5472
• ☐ Agency and Collection Agreement (June 21, 2025) -- needed for Form 5472
• ☐ Addendum 2 (June 24, 2025) -- fee structure reference
• ☐ Board Resolutions (June 21 + June 24, 2025) -- supporting documentation
• ☐ Etsion Brands Ltd details: Company name, Israeli company number (517176301), address, country of incorporation (Israel)

Reference

• ☐ Tax summary: G:\My Drive\Claude\Queskr\Product\queskr-2025-tax-summary.md
• ☐ Corporate reference: G:\My Drive\Claude\Queskr\Product\queskr-complete-reference.md
• ☐ Tax review: G:\My Drive\Claude\Queskr\Product\queskr-2025-tax-review.md
• ☐ Prior year filings: Inside G:\My Drive\Business\Businesses\Queskr\Taxes.zip

3. TurboTax Business Walkthrough

3.1 Initial Setup / Entity Information

When TurboTax asks for entity details, enter:

Note on address: The Bank of America mailing address changed from DE to Israel during 2025, but the corporate registered address (which goes on the 1120) remains 16192 Coastal Highway, Lewes, DE 19958. Use the Delaware address on the return, consistent with prior years. If you want to update the IRS mailing address to Israel, you would file Form 8822-B separately. For 2025, keep it consistent.

3.2 Income Section

Gross receipts / sales (Line 1a): Enter $0

The two Shopify deposits ($19.27 + $4.47 = $23.74) are owner test transactions, not revenue. The Wise deposit ($31.00) is a refund of a Wise payment, netting to $0.

Do not enter $23.74 or $54.74 as income. These are not business receipts. If TurboTax requires an explanation for bank deposits that don't match reported income, keep a memo in your records (see Section 4.5 below).

All other income lines (Lines 2-10): $0

Total income (Line 11): $0

3.3 Deductions Section

Other Deductions Worksheet (Line 19 detail):

Note: The Wise $31.00 debit (June 23) was fully refunded (June 30). Net $0. Do not include it as a deduction.

PAUSE -- Ask Mike: In 2024, you reported $192 under "Bank charges" and $180 under "Accounting" and $12 under "Advertising" and $2 under "Office expense" for a total of $386. For 2025, the only expenses are bank fees ($192) and Google Cloud ($1.56). Confirm what category to put the $1.56 under -- "Office expense" is likely fine for consistency. In prior years (2022), you used these categories: Bank charges, Office expense, Contractors, Taxes & licenses, Advertising. Keep the categorization consistent with what Mike expects.

3.4 Tax Computation

No tax is owed. The loss increases the NOL carryforward.

3.5 NOL Carryforward Section

TurboTax has a dedicated NOL carryover worksheet. This is where you track the accumulated losses.

Enter the carryforward from 2024:

2025 NOL addition: $193.56 (the current year loss)

NOL used in 2025: $0 (no taxable income to offset)

Total NOL carryforward to 2026: $170,699 (= $170,505 + $193.56, rounded -- confirm exact cents with TurboTax calculation)

Important NOL mechanics for future years: When Queskr eventually has income, the 80% limitation applies to post-2017 NOLs. Meaning if Queskr earns $10,000, it can only offset $8,000 with post-2017 NOLs. The $9,840 in pre-TCJA NOLs (2016 + 2017) are NOT subject to the 80% limit but DO have expiration dates. Use the pre-TCJA NOLs first when the time comes.

3.6 Schedule L -- Balance Sheet

TurboTax will ask whether to complete Schedule L. Even though Queskr is below the $250K total-assets threshold (which exempts you from Schedules L, M-1, and M-2), check how you handled this in 2024. The 2022 return showed $2,405 in total assets; 2023 showed $1,111; 2024 showed $725. If you filed Schedule L in prior years, continue for consistency.

If completing Schedule L:

Explanation of the math:

- Cash: $725.46 rounds to $725 at beginning; $555.64 rounds to $556 at end

- Shareholder loan: $171,900 (unchanged principal -- same creditor change does not change the amount on the balance sheet)

- Retained earnings: Total Assets minus Total Liabilities = $725 - $171,900 = ($171,175) beginning; $556 - $171,900 = ($171,344) end

- The change in retained earnings ($171,344 - $171,175 = $169 deficit increase) should approximately match the net loss ($193.56) adjusted for the non-deductible test deposits. The difference of ~$24 reflects the Shopify test deposits sitting in cash but not recorded as income. This is fine -- Schedule L is "per books" and the cash balance is what it is.

PAUSE -- Ask Mike: The shareholder loan creditor changed mid-year from Yohay Etsion to Etsion Brands Ltd. On Schedule L, the Line 19 "Loans from shareholders" amount stays $171,900 -- the amount didn't change, just the holder. But technically, Etsion Brands Ltd is not a shareholder. It's a related party via common ownership. You may need to reclassify this to Line 20 "Other liabilities" or add a disclosure. Ask Mike which line he used in prior years and whether the creditor change affects placement.

3.7 Schedule K -- Other Information (Page 4 of 1120)

TurboTax will walk through these questions. Key answers:

3.8 Form 5472 -- Foreign-Owned Corporation Information Return

This is the most complex part of the 2025 filing. The June 2025 agreements mean you have two related parties to report this year.

How Many Form 5472s?

You need one Form 5472 for each 25% foreign owner or related party with whom reportable transactions occurred.

• Form 5472 #1: Yohay Etsion (25% foreign owner, sole shareholder/officer)
• Form 5472 #2: Etsion Brands Ltd (related party via common ownership with Yohay)

PAUSE -- Ask Mike: In prior years, you filed one 5472 for Yohay. For 2025, you likely need two: one for Yohay (continuing shareholder relationship + loan balance transition) and one for Etsion Brands (new related party, loan assignee, agency agreement principal). Confirm this with Mike. If he advises combining them or handling differently, follow his guidance.

Form 5472 #1: Yohay Etsion

Part I -- Reporting Corporation (Queskr)

Part II -- 25% Foreign Shareholder

Part IV -- Monetary Transactions Between Reporting Corp and Foreign Related Party

For Yohay Etsion in 2025:

PAUSE -- Ask Mike: The loan balance shifted from Yohay to Etsion Brands mid-year. On Yohay's 5472, the beginning balance is $171,900 and ending is $0 (from Yohay's perspective). The assignment is a reportable transaction. Ask Mike how to properly categorize the assignment on Part IV -- it may go in "Other transactions" with a description, or there may be a specific line for debt transfers.

Part VI -- Additional Information

• Describe the loan assignment: "On June 21, 2025, the outstanding shareholder loan ($171,900, consisting of 56 Secured Promissory Notes) was assigned by Yohay Etsion to Etsion Brands Ltd (Israel, co. 517176301) pursuant to a Loan Assignment Deed."

Form 5472 #2: Etsion Brands Ltd

Part I -- Reporting Corporation: Same as above (Queskr Inc.)

Part II -- Related Party Information

Part IV -- Monetary Transactions

Part VI -- Additional Information

• Describe both the loan assignment and the agency agreement:

PAUSE -- Ask Mike: Confirm: (a) whether the agency agreement needs to be reported as a "reportable transaction" even though $0 flowed, (b) whether the existence of the agreement alone requires disclosure, and (c) whether any additional description or attachment is needed.

3.9 Schedule M-1 and M-2

If TurboTax includes these (they may auto-generate even below threshold):

Schedule M-1 (Reconciliation):

• Net income per books: ($193.56)
• Net income per return: ($193.56)
• No adjustments needed (cash basis, no book-tax differences)

• Balance at beginning of year: ($171,175) [approximate -- match to prior year's ending M-2]
• Net loss per books: ($193.56)
• Balance at end of year: ($171,369) [approximate]

Note: The M-2 ending balance should reconcile to Schedule L Line 25 (Retained earnings). If there's a small discrepancy from rounding (the test deposits in cash vs. not in income), it's immaterial but note it.

3.10 Officer Compensation (Schedule E of 1120)

No officer compensation was paid in 2025. Same as prior years.

4. The Tricky Parts

4.1 Mid-Year Loan Creditor Change

What happened: Yohay Etsion personally held $171,900 in loans to Queskr. On June 21, 2025, he assigned all 56 promissory notes to Etsion Brands Ltd.

Why it's tricky:

• The amount didn't change ($171,900 at start and end of year)
• But the holder changed
• This is a reportable related-party transaction on Form 5472
• On Schedule L, the liability stays the same amount but the creditor label changes
• TurboTax may not have a clean way to show a mid-year creditor change on the balance sheet

• Schedule L: Keep $171,900 on the same liability line. Add a statement/note if TurboTax allows.
• Form 5472: Report on BOTH forms (see Section 3.8 above). Yohay's form shows beginning $171,900, ending $0. Etsion Brands' form shows beginning $0, ending $171,900.
• Keep the Loan Assignment Deed in your files as supporting documentation.

4.2 One or Two Form 5472s?

Answer: Almost certainly two. Here's the logic:

Prior year pattern: 2016-2019 filings included two 5472s (one for Yohay, one for Roie Mandler). From 2020 onward, only one (Yohay). For 2025, you're going back to two -- but the second is Etsion Brands, not Mandler.

PAUSE -- Ask Mike: Confirm two 5472s are needed. Also ask: Does Roie Mandler still need a 5472? If he's still a 25% foreign shareholder with $0 in transactions, the requirement may still technically apply (though prior years dropped him -- clarify whether that was intentional).

4.3 The 98.5% vs 75% Ownership Discrepancy

The facts: Share records from October 2016 show Yohay at 75% (4,185,000 of 5,580,000 shares). But tax filings from 2016 onward report 98.5% voting stock.

What this means for the 2025 filing: Use the same percentage as prior filings (98.5%) for consistency. Do NOT change it to 75% without understanding what happened.

Possible explanations:

• Roie Mandler's shares may have been repurchased or returned (but no record of this in available docs)
• There may be a voting agreement giving Yohay additional voting power
• The restricted stock agreements may have vesting provisions that lapsed
• The 98.5% may have been an error that persisted across filings

PAUSE -- Ask Mike: This should be resolved, but it's not a 2025-filing blocker. Ask Mike what the 98.5% was based on in prior year filings. If he's been using it since 2016 and the IRS hasn't objected, maintain consistency for now. But document the discrepancy for future clean-up.

4.4 NOL Carryforward Mechanics

For 2025: No income means no NOL is used. The 2025 loss simply adds to the carryforward.

Key rules for future reference (when income arrives):

Ordering: Pre-TCJA NOLs are used before post-TCJA NOLs (FIFO within each category). This matters because the pre-TCJA NOLs have expiration dates but no 80% limit, while post-TCJA have no expiration but the 80% limit applies.

4.5 Documenting the Test Transactions

The two Shopify deposits ($19.27 on Sep 9 and $4.47 on Dec 17) are classified as owner test transactions. Create a brief memo to keep with your tax records:

Suggested memo (keep as a note in your files, not filed with the return):

MEMO TO FILE -- Queskr Inc. 2025

Re: Shopify Deposits -- Non-Revenue Classification

Two deposits appeared in the BofA checking account from Shopify payouts:

- September 9, 2025: $19.27 (Payout ID: ST-G0O6D6D6N0A1)

- December 17, 2025: $4.47 (Payout ID: ST-R0Z8S8N1P8L4)

These were owner test transactions conducted by Yohay Etsion (sole officer) to verify the Shopify/Stripe payment integration in preparation for launching the Agency and Collection Agreement operations. No actual customers placed orders. The Shopify store was in test/development mode.

These amounts are not reported as gross receipts on Form 1120 Line 1a. They are reflected in the year-end cash balance on Schedule L.

Supporting records: Shopify admin dashboard showing test order status, bank statements.

4.6 The Google Cloud Payment Method

The $0.13/month Google Cloud charge is billed to card ending 8265. If this is your personal credit card (not a Queskr corporate card):

• It's still a legitimate business expense of Queskr
• Technically, it's as if you personally paid and Queskr owes you $1.56
• On cash basis, you're deducting it when the vendor was paid (monthly), which is correct
• The amount is immaterial, but for clean books: this is either a micro shareholder advance or an expense reimbursement
• No action needed for the filing, but note it

5. Pre-Submission Checklist

Before You File

Form 1120

• ☐ Company name, EIN, address all correct (match prior year)
• ☐ Fiscal year: January 1 -- December 31, 2025
• ☐ Accounting method: Cash
• ☐ Gross receipts: $0
• ☐ Total deductions: $193.56 (or $194 if TurboTax rounds)
• ☐ Net loss: ($193.56)
• ☐ Tax due: $0
• ☐ NOL carryforward entering: $170,505
• ☐ NOL addition for 2025: $193.56
• ☐ NOL carryforward exiting: $170,699
• ☐ Schedule K: Foreign ownership = Yes, 5472 required = Yes
• ☐ Officer compensation: $0 for Yohay Etsion

Schedule L (if filing)

• ☐ Beginning cash: $725 (matches 2024 ending)
• ☐ Ending cash: $556
• ☐ Shareholder/related party loan: $171,900 (beginning and end)
• ☐ Retained earnings deficit: approximately ($171,344) at end
• ☐ Assets = Liabilities + Equity (balanced)

Form 5472 #1 (Yohay Etsion)

• ☐ Part I: Queskr info correct
• ☐ Part II: Yohay's name, Israeli address, citizenship, 98.5% voting
• ☐ Part IV: Loan beginning $171,900, ending $0 (assigned to Etsion Brands)
• ☐ Part VI: Description of loan assignment included
• ☐ All amounts consistent with prior year's ending balances

Form 5472 #2 (Etsion Brands Ltd)

• ☐ Part I: Queskr info (same as #1)
• ☐ Part II: Etsion Brands Ltd, Israel, company number 517176301
• ☐ Part II: Relationship described (commonly controlled via Yohay Etsion)
• ☐ Part IV: Loan beginning $0, ending $171,900
• ☐ Part IV: Agency agreement -- $0 in all monetary transaction lines
• ☐ Part VI: Description of both loan assignment and agency agreement

Signature & Filing

• ☐ Signature: The return must be signed by an officer. Since you're self-filing, sign as President/CEO.
• ☐ E-filing: TurboTax Business supports e-filing Form 1120. Confirm 5472 is included in the e-file package (some years TurboTax has issues with 5472 e-filing -- if it won't include it, you may need to paper-file the 5472 separately).
• ☐ Lesson from 2023: The IRS rejected the 2023 return for missing signature (Letter LTR3463C). If paper-filing, double-check the declaration page is signed. If e-filing, ensure the e-signature step is completed.
• ☐ Copies: Save PDF copies of the complete filed return (all pages, including 5472s).

Other Filings

• ☐ Delaware franchise tax: Confirmed paid by March 1, 2026 (via HBS)
• ☐ FinCEN BOI: Confirmed initial filing done; check if update needed
• ☐ FBAR: Determine if Wise account triggers filing requirement

6. Timeline and Deadlines

Extension Option

If you're not comfortable filing without Mike's input on the 5472 questions, file Form 7004 (Application for Automatic Extension) by April 15. This gives you until October 15, 2026 to file the 1120. There is no tax due, so no penalty for extending. The extension is automatic once Form 7004 is filed.

TurboTax Business can file Form 7004 electronically.

Summary of "Ask Mike" Items

This guide is a practical walkthrough, not tax advice. Work through the "Ask Mike" items before finalizing. Keep this document and the supporting tax summary and review in your records alongside the filed return.