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Video instructions and help with filling out and completing 1120 amended return statute of limitations
Instructions and Help about 1120 amended return statute of limitations
Hi I'm Mark Patrick of Patrick and Robinson CPAs welcome to this edition of the CPA minute this time we would like to talk about the amended return many people are very apprehensive about amending return because they don't know the effect that that may cause from the IRS or from other interested parties about your tax return it's not something you should really worry about however because it's very appropriate to make the changes when they're necessary the two main causes of an amended return or either a mistake that you discover after the filing or new information that you discovered that you didn't previously know about in either case it's very appropriate to make the change often it's as simple as changing the filing status from a are you filing separate to joint or from single the head of household when you find that that may be a better situation for you there are several things to consider when you're doing an amended return first of all you need to generally file it within three years of the original filing date there are some exceptions to that but primarily the statute of limitations will pass at that time amending an individual return is done on a 1040x amending a corporate turn is done on 1120 X and most pass-through entities are done by filing the original form again and checking the amended box in each case it's fairly simple to accomplish in each case you should put a clear explanation about what the changes are so when it's processed it can move very quickly for individuals a very common change that you would would consider is when you have a family situation you may have multiple dependents who multiple people could qualify to have the dependent or you may think you don't qualify for a head of household status because of your dependent situation but you may in fact qualify and you may find that after the fact you may also decide that itemizing your deductions is better than standard deduction because you may discover some things you didn't previously know about generally it's not necessary to file an amended return due to a math error because that'll be discovered by the IRS in their own processing in addition if you've left out forms that perhaps you should have included the IRS will ask for those if they feel they're necessary be careful to note that you are amending a particular year on the form otherwise they don't know whether you're amending the current year or one of the two previous years if more than one year needs to be amending due to whatever the change may be do them on separate forms and mail them separately so that there's no confusion when they're received be sure to include all appropriate schedules and attachments that pertain to the change that you've made for example if you have changed your gross income your itemized deductions may also change.