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Form 1120-X North Carolina: What You Should Know

Any item on Form 1120 that is in the form of a payment, including the following information: Amount of payment. Amount of any deduction allowed. Name and address of person making payment (except that if an installment was made to an individual for income tax purposes, the name and address of the individual to whom payment was delivered, unless exempt, shall also be disclosed). The return shall be filed with the state government as required under the provisions of section 665 of the Internal Revenue Code (IRC) unless the State has adopted a provision for filing such return of records with its appropriate governing regulatory agency, in which event the return shall be filed with that governing agency for the assessment of state taxes. The filing is due within 15 days from the due date of the return, unless extended for not more than 30 calendar days. The amended return must be filed with the state if the taxpayer's tax liability was determined by the tax authority in another state or if the application is filed after the expiration of the 30-day extensions. In such case, the new State tax determination date(s) shall be the date that is 5 years after the earliest of: The time when the amount of the federal tax liability was determined The time when the IRS made the return on behalf of the taxpayer under section 6432, which should be determined by reference to the IRS Form 1040 and line 21 of Schedule Form 1040(a), and the tax return would have been filed with the IRS had the state provided for filing in the return. The provisions of the IRC are not applicable to taxpayers filing Form 1120X to amend their original return. It is not necessary to file an amended return for which the taxpayer did not file Form 1120. The state tax authority is responsible for processing these forms, which must be filed on or before the due date specified in section 612(d) of the IRC, whichever happens later. If the amended return is approved, the federal tax liability for the tax year that includes the earliest of the dates specified above will be adjusted, without adjustment to the original return, in the manner provided in section 6329(a)(7) of the IRC.

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