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avatar"Gary Bode has just completed our tax returns for the first time and I am totally satisfied with his level of service. He has been very attentive, asked all the right questions, and not only fixed some problems from our previous accountant, but also set us up for future success through a thorough and professional analysis of our corporate structure in conjunction with several personal variables.

I have worked with quite a few CPA’s in my life, and Gary has proven himself to be one of the most thoughtful, insightful, and pleasant fellows I have ever worked with."—J. Louis Tabor

Tabor Foods, LLC

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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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