Amending Pass-Through Entities: Form 1065 & 1120S Returns (Currently Unavailable)

Author: Eva Rosenberg

Have you been having a hard time finding a course that provides filled in forms for amended tax returns? Well, here it is. We tell you what to enter on the various lines of the 1120X, what forms, schedules and worksheets to attach – and best of all, what to communicate to the live IRS person who will reviewing your amendment request. The goal is to reduce the back-and-forth correspondence, to save time, to help you express your changes in the clearest way possible.

Publication Date: October 2016

Designed For
Enrolled Agents, CPAs, Tax Attorneys, AFSPs or taxpayers who want an in-depth explanation of the process to amend tax returns for pass-through entities, like partnerships an S Corporations - and the related K-1s.

Topics Covered

• Using the Form 1065 or 1065X
• Using the Form 1120S
• Common reasons for filing an amended return
• Amending due to missed S Corp election
• Statutes of limitations on filing amended returns
• When you should not file an amended return
• Partnership elections you could have made
• Can you amend after an audit, Appeal, or Tax Court decision?
• How to support your amended return — documentation
• When to include legal citations with your amended return
• How to learn the status of your amended return
• Sample 1065X
• Sample 1120S

Learning Objectives

• Identify how to prepare a Form 1120X correctly
• Identify how to prepare a Form 1139 correctly
• Recognize how to to search the Tax Court database for similar cases
• Describe TEFRA
• Identify the amount when a penalty for failure to timely notify the partnership about a Sec. 751(a) exchange be assessed
• Differentiate statements regarding superseded returns
• Recognize instructions to amend a partnership return
• Identify how to amend after an appeals settlement
• Differentiate statements regarding TMP
• Describe the due date of a partner notifying the partnership of an exchange of the partner's interest to another party
• Recognize the correct way to find if an original return was processed prior to sending in the superseded return
• Distinguish between instructions for an Amended 1120S
• Identify best strategies to use when unsure of a position
• Recognize when an amended entity return should not be filed
• Describe possible delays when amending a return

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Taxes (3 hours)

Program Prerequisites
A basic understanding of tax preparation.

Advance Preparation
None