Amend Corporate Income Tax Return?

Question

Can you ammend a previously filed corporate income tax return? if yes how?

Answer 1

certainly.

Amended and Superseding Corporate Returns - Revised 07-26-07

As of February 14, 2007, the MeF system processes both superseding and amended returns. Amended and superseding returns for Form 1120 and 1120S will be accepted for the 2005 tax year and forward. Beginning with 2006 returns - both amended and superseding returns will be required to be e-filed if the taxpayer is required to file electronically based on the temporary regulation unless a taxpayer has received an approved waiver to file that particular return in paper. All of the business rules for e-filing original returns will also be enforced for both superseding returns and amended returns.

*Note: Carryback Claims, situations in which the change is due to a net operating loss carryback, a capital loss carryback, or a general business credit carryback, are exempt from the e-file requirement and should be filed using the existing paper process.

Software developers who intend to support the new superseding and amended return functionality for 2005 must update their products to use the Form 1120 version 2.5 schemas. Taxpayers and preparers needing to file a 2005 superseding or amended return should discuss the availability of this functionality with their software developer.

Superseding Returns

A subsequent return filed within the filing period (including extensions) is considered a superseding return. A superseding return is considered the original filing because it takes the place of any other return previously filed during the filing period, with extensions.

A superseding return must be a complete XML filing of the entire return, with all required forms, schedules and attachments (XML or PDF, if applicable). A taxpayer filing a superseding return must indicate the return is such by selecting the Superseded Return checkbox (designation) in the software or the return will reject as a duplicate filing. All of the business rules for e-filing original returns will be enforced for superseding returns.

Amended Returns

A subsequent return filed after the expiration of the filing period (including valid extensions) is considered an amended return. A taxpayer filing an amended return must indicate the return is such by selecting the Amended Return checkbox (designation) in the software or the return will reject as a duplicate filing.

The IRS Amended Return process requires that any e-filed return designated as an Amended Return pass all of the same business rules as an original e-filed business return. Most taxpayers e-filing amended returns will have already e-filed their underlying tax return, therefore the easiest process for e-filing the Amended Return will be to update the underlying original for the changed items. Once the return has been updated with the changes, attach the required PDF Form 1120X or Changes In Amended Return document (see below) and any other supporting explanations and e-file the amended return package, ensuring that the Amended Return checkbox is selected.

Taxpayers who e-filed their tax year 2005 or fiscal year 2006 (200601 – 200611) returns with voluminous PDF and/or who filed hybrid returns that used the paper or PDF option, some of the PDF/Paper information may not need to be included with the Amended return if the changes do not affect the information contained in those files (e.g. PDF elections, PDF Forms 1120-L or 1120-PC subsidiary returns, paper/PDF Forms 5471, 8858, 8865, etc.)

If any of the following situations are applicable, you should follow the instructions for“Amended Returns - Exception to General Rule.” All other amended returns should follow the instructions for “Amended Returns – General Rule.”

Where the software that was used to prepare the original e-file submission is not available
Original electronic return data is not available
Detail information is not available at the subsidiary level
Amended returns – General Rule, require at a minimum

The corrected Form 1120 or 1120S completed in its entirety with the Amended Return checkbox selected.
All forms, schedules and attachments that changed or that support changes on the amended Form 1120/Form 1120S, including any subsidiary returns (if changed) and the information to support those changes.
Placeholder forms to pass any applicable business rules (i.e. 5471, 8858, 8865, etc.) where there is no change to the underlying data on that form. If the underlying data has changed, the corrected form must be attached
One of the Following:
For Form 1120 - A PDF Form 1120X completed through Part I, line 10 or 11, as applicable, and Part II with the line number of each amended item, the corrected amount or treatment of the item, and an explanation of the reasons for each change. The PDF Form 1120X must be named Form1120X.PDF and described as Form 1120X. It must be attached to the top level 1120 return or the consolidated return, if applicable. Additional PDF explanations should be named Form1120XExplanationN.PDF – where N is the number of the file, if more than one is required. Each additional PDF attached filed should be described as 1120X Explanation Z, again where Z is the number of the file.
OR
For Form 1120/Form 1120S – A PDF statement that identifies the line number of each amended item, the corrected amount or treatment of the item, and an explanation of the reasons for each change. The PDF should be attached to the top level returns (if this is a consolidated 1120, then it must be attached to the consolidated return). The PDF file must be named ChangesInAmendedReturn.PDF and described as Changes in Amended Return.
A signed signature document (Form 8453-C/S), as applicable or use of a Practitioner’s Pin.
Appropriate forms to make a payment, request a refund or request a credit carryover to another year.
Amended returns - Exception to General Rule, require at a minimum,

The corrected Form 1120 or 1120S completed in its entirety with the Amended Return checkbox selected.
All forms, schedules and attachments that changed or that support changes on the amended Form 1120/Form 1120S. If you are not submitting subsidiary return(s) as part of an amended Form 1120 return, you should NOT check the “Consolidated Return” checkbox at the top of the return.
Placeholder forms to pass any applicable business rules (i.e. 5471, 8858, 8865, etc.) where there is no change to the underlying data on that form. If the underlying data has changed, the corrected form must be attached
One of the Following:
For Form 1120 - A PDF Form 1120X completed through Part I, line 10 or 11, as applicable, and Part II with the line number of each amended item, the corrected amount or treatment of the item, and an explanation of the reasons for each change. The PDF Form 1120X must be named Form1120X.PDF and described as Form 1120X. It must be attached to the top level 1120 return or the consolidated return, if applicable. Additional PDF explanations should be named Form1120XExplanationN.PDF – where N is the number of the file, if more than one is required. Each additional PDF attached filed should be described as 1120X Explanation Z, again where Z is the number of the file.
OR
For Form 1120/Form 1120S – A PDF statement that identifies the line number of each amended item, the corrected amount or treatment of the item, and an explanation of the reasons for each change. The PDF should be attached to the top level returns (if this is a consolidated 1120, then it must be attached to the consolidated return). The PDF file must be named ChangesInAmendedReturn.PDF and described as Changes in Amended Return.
A signed signature document (Form 8453-C/S), as applicable or use of a Practitioner’s Pin.
Appropriate forms to make a payment, request a refund or request a credit carryover to another year.

Answer 2

1

Answer 3

This Site Might Help You.

RE:
Amend Corporate Income Tax Return?
Can you ammend a previously filed corporate income tax return? if yes how?

Answer 4

Amended 1120s

Answer 5

Yes. File Form 1120-X.http://www.irs.gov/pub/irs-pdf/f1120x.pdf

Answer 6

Yes. You file 1120-X

Go to the IRS website and you can download the form and the instructions.

I hope that this helps.

Answer 7

Complete the income tax form, write "AMENDED" in big letters across the top, and mail it to the IRS. You've got three years to amend your return, I believe.

Answer 8

1120x Instructions

Answer 9

yes

http://www.irs.gov/pub/irs-pdf/f1120x.pdf