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Small Business Tax CPA discusses Amending and Superseding Form 1120-S for LLCs

Small business tax CPA in Wilmington NC discusses superseding and amending Form 1120-S for LLCs

Gary Bode, CPA: we offer a free initial phone consult on any small business tax issue. Just call 399-2705.

Some LLCs elect S Corporation taxation and file Form 1120-S with the IRS. A business tax CPA sometimes amends or supersedes a LLC’s tax return for various reasons; carry back allowance, discovery of previously un-reported issues, IRS tax audit, etc. Since the IRS probably examines amended and superseded returns closely, both accuracy and appropriate documentation is prudent.

A superseding return is just a new return, filed before the deadline that merely replaces the original 1120-S.

File an amended return after the deadline to correct the original return. Prepare a corrected 1120-S with the H4 box checked to mark it as amended. Your small business tax CPA then prepares an Amended Return Change document that explains all corrections, line by line. If penalties are expected, and there exists a defense against them, we start building that defense through these explanations. Corrected Schedule K-1s are also passed along to the Members who must amend their personal tax returns by filing Form 1040-X. Superseding and amended returns have State implications too.

We’re a small business tax CPA firm practicing in Wilmington NC, but serve a larger geographical base through our virtual office. We help you keep more of what your company earns.  Reading a few of our posts should help you gauge our expertise and attitude. For a free initial phone consult on any LLC taxation issue, please call (910) 399-2705.

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