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 a return because they don't know the effects it may cause with the IRS or other interested parties regarding their tax return. However, it's not something you should really worry about because it's very appropriate to make changes when necessary. The two main causes of an amended return are either a mistake that you discover after filing or new information 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 filing separately to joint, or from single to head of household when you find that may be a better situation for you. There are several things to consider when doing an amended return. First of all, you generally need to 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 return is done on 1120X, and most pass-through entities are done by filing the original form again and checking the amended . In each case, it's fairly simple to accomplish. In each case, you should put a clear explanation of what the changes are so that when it's processed, it can move very quickly. For individuals, a very common change that you would consider is when you have a family situation and you may have multiple dependents who could qualify to be a dependent. Or, you may think you don't qualify for head of household status because of your dependent...
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1120 amended return statute of limitations Form: What You Should Know
A taxpayer can petition the taxpayer's local post office for an extension of the time period for the filing of their tax return as long as the tax return is postmarked within two months of the due date. If a petition is granted, the tax return is not due for payment until a period of 90 days has elapsed. If the return is filed on time, the 90-day period is extended by one more day. When a taxpayer files a Form 1120X, the IRS should mail a pre-printed form to the address shown in the instructions. The IRS will also provide a paper receipt for the tax return. A tax return filed after 5 p.m. (8 p.m. Monday-Friday) is considered filed on the due date. 25.6.2 Special Taxpayer Processing and Return-Filing Opportunities — IRS Additional procedures are available for taxpayers who cannot make their regular filing or payment deadlines because of religious or other reasons or who may not be able to make a paper return. This includes those taxpayers filing a Form 1120X, a Form 507, a Form 810, Form 830 or Form 945 and any other form that must be filed electronically.
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