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Q&A: How do I file an amended tax return for my business?

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An amended tax return offers the opportunity to make changes to an e-filed tax return that has been accepted by the IRS, OR to make changes to a paper return that has already been mailed. Making changes to a return that has not yet been mailed or accepted by the IRS is not considered an “amended tax return.” An amended tax return can be submitted for several reasons including the addition of more information, change in filing status, or change in any information included on an original tax return.

There are several types of IRS amendment tax forms for varying types of business structures. They include:

  • Form 1040X if you’re filing as a Sole Proprietor or single member LLC
  • Form 1120X if you’re filing as a Corporation
  • Form 1065 for a partnership or LLC with multiple members. You’ll need to check box G5 on the first page and then submit a statement that identifies the line number of each amended item, along with the correction for that line. You’ll also need to provide a brief explanation of the reason for changing each line.
  • If the Schedule K-1 for your partnership or LLC needs amended, you’ll need to fill out a new Schedule K-1 and check the “Amended K-1” box at the top of the page.
  • Check with your state to see how to file an amended state tax return in your area. Since tax laws vary from state to state, amended business tax returns are often filed differently and have specific instructions.

The IRS requires that an amended tax return is filed within three years of filing the return, or two years of when the tax was paid–whichever date is later. An amended tax return cannot be e-filed, but have to be sent to the IRS by mail.
Have more questions about your amended business tax returns? Mazuma can help.

 

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Ben Sutton

Ben Sutton

Ben Sutton is the founder of Mazuma USA, an accounting firm providing tax, bookkeeping and payroll services to small businesses. Since founding Mazuma, Ben has established himself as an expert in the small business world. He’s still driven by that same desire to provide accounting help to all small businesses – from photographers, bloggers and creatives to lawyers, doctors, and dentists, everyone needs affordable accounting help. Ben is a Certified Public Accountant, and a member of the American Institute of Certified Public Accountants. But Ben considers his greatest achievement and credential to be his happy wife and four children.

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