We Prepare Tax Returns!

We prepare most type of tax returns:

Individual. 

S Corporation.

C Corporation.

Partnership.

Payroll.

Amended.

Gary Bode, CPA is a Master's Degreed, nation wide accountant offering tax and business services. Member of AICPA and NCACPA. Our virtual office provides excellent service to long distance and international clients. Call (910) 399-2705 for a free phone consult.

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I have been using TurboTax for years but encountered an investment situation that TurboTax is not designed to handle. After searching the web for local CPAs/Accountants and chatting with a couple on the phone I was unable to find someone locally with sufficient experience in my particular situation with whom I felt comfortable. Deciding to broaden my search beyond my local area I discovered Gary's website and a detailed discussion with options pertinent to my situation. During a brief phone conversation, Gary answered all of my questions, explained how we would exchange information online and gave me an estimate for preparing my current tax return and an amended return. It was a pleasure working with Gary. He delivered everything he promised with no surprises.

Hank Varno, Purcellville, VA

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Even though Gary enjoys helping colleagues, we no longer provide free consults to other tax preparers. He's happy to consult on an hourly billing basis if our schedule allows.

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What is an S Corporation Amended Tax Return? | Form 1120-S CPA

Form 1120-S CPA S Corporation CPA

Your S Corporation’s CPA can amend Form 1120-S when appropriate.

The amended tax return for an S Corporation is simply another Form 1120-S. There’s distinction between amended tax returns and superseding tax returns based on Form 1120-S’s due date:

  • Supersede Form 1120-S by filing a new Form 1120-S before the original or extension due date.
  • Later, you can amend the Form 1120-S tax return by filing another version with box H4 checked. Usually, you have three years to do so.

The number one reason I’ve seen as a Form 1120-S CPA to amend the corporate return for new clients? Missed tax credits. Despite excellent communication with management, there are things that don’t show up in the QuickBooks file, One example is a Work Opportunity Tax Credit (WOTC), say for the Wounded Warrior Program of 2012. The S Corporation files the correct forms, expecting a payroll tax ongoing reduction. But the WOTC is a general business credit that doesn’t show up in the payroll records. Of course, there are lots of other reason to amend Form 1120-S tax returns too.

“The IRS probably scrutinizes amended tax returns so make the new Form 1120-S bulletproof.”
– Gary Bode, Form 1120-S CPA

Things to consider when your CPA amends Form 1120-S:

  • Remember most States need a separate amended S Corporation tax return.
  • Amended returns probably get audited more often.
  • Each change requires a reasonable explanation.
  • The reasonable explanation should be air tight, complete with all pertinent documentation and references to the proper IRS regulations.
  • There’s a three-year limit to amend Form 1120-S.
  • If the amended Form 1120-S isn’t required by the IRS, consider the cost effectiveness of filing it.
  • Schedule K-1 changes, so the shareholders need to file an amended tax return too.

I’m a Form 1120-S CPA that operates as an S-Corporation. So you know I keep up with the ongoing issues. Read some of the hundreds of posting on this website to get a feel for my abilities and proactive philosophy.  For a free consult, please call (910) 399-2705.

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