Amending corporation tax returns 1120 or 1120S business to 1120X or 1120SX

Amending and or correcting a US corporate 1120 or 1120S business tax return (1120X), there are many reasons to do so: Corporate business returns often require amendments to correct errors or to claim overlooked income, deductions or tax credits after the filing of the returns, if located in Los Angeles, CA or other city.

The process of correcting business corporate returns 1120 or 1120S requires different types of amended forms and an understanding of the refund procedures as well as possible additional tax obligations. Business taxpayers should timely correct and amend their corporate business tax returns to assure inaccuracy of penalties being assessed, and of course to avoid a possible audit and its significant impact on you the taxpayer.

Other reasons to amend your business / corporate 1120 or 1120S to 1120X or 1120SX include:

Amendments to corporate tax returns become necessary when discovering mistakes made by the corporation owners or accountants, finding misplaced financial information that can change the corporation’s tax liability or replying to an IRS audit.

Form 1120X must be filed within 3 years after the original filed of a return or within 2 years after the corporation paid the tax (if filing a claim for a refund) whichever is later.

The process is to begin with the original return, include all the forms and schedules that will support the changes claimed on the amended form and describe the amended items on the form 1120X with a written explanation that identifies the line item of every amended item.

Also include all the forms required to attach a payment of corporate taxes, if applicable, or to request a refund or arrangement to carry over to another year as an estimated tax payment.

Amendments may be made to either tax forms 1120 or 1120S. If an amendment is made to a subchapter S tax return, attend to amend the K-1’s and provide the corrected copies to all the shareholders. if located in Los Angeles, CA or other city.

Carryback Claims:

If form 1120X is required because a request for carryback was overlooked upon the original filing of the return, attach copies of Form 1120, page 1 and the computation page, for both the year of loss or credit originated and for the carryback year. Also include any forms, schedules or statements supporting the claim including a detail of all the adjustments required to compute the NOL carryback.

Taxpayers wanting to amend their tax returns should consult with our Los Angeles, CA based firm at 1-877-78-TAXES [1-877-788-2937] as soon as possible as there are time limits, certain exceptions and statute of limitation rules. We serve US business taxpayers worldwide. Contact us HERE.

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