Correcting a Misfiled Corporate Income Tax Return

A corporation income tax return can sometimes be tricky. The IRS has thousands of misfiled corporate taxes each year. It can be for as something as easy as a missing signature or a column missing a decimal point. Use the form 1120 to calculate the corporate income tax required.   Some corporations turn in returns with inaccurate information. The corporations can chose to amend the return if it indeed accepted and processed by the IRS.

My Corporate Return Was Sent Back

If the return is returned to the corporation for errors then the errors must be fixed before the return is sent back for reprocessing. It is a good idea to go over the whole return and not just the areas indicated to ensure that it does not get sent back again. Having multiple problems with a return can lead to a red flag with the IRS and you might subject yourself to an audit.

What Form Do I Need?

Form 1120-X will be needed if you are amending the misfiled return. You will need to have the misfiled return handy so that you can enter the incorrect information as well as the correct information. It is not uncommon for things to come up after a return has been filed. It is a good idea if you have not already done so to have a corporate income tax accountant do the re-file.

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