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- Amend C Corp Tax Return (1120) to S Corp Tax Return (1120S)
Amend C Corp Tax Return (1120) to S Corp Tax Return (1120S)
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2405218
Level 2
05-16-2022
09:30 PM
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A client filed 2020 tax return with Form 1120 and was notified by IRS that the company's S Corp election was accepted and should use form 1120S. Since he made tax payment for his 2020 tax already and would like to get the extra payment back. How can I amended Form 1120 to Form 1120S? Can I file 1120X to reverse everything, and prepare 1120S? Thanks.
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2 Comments 2
Just-Lisa-Now-
Level 15
05-17-2022
07:51 AM
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I 'think' youd need to amend the 1120 to all zeros, then file an original 1120S.
Theyre 2 different types of entities, Id be very surprised if you could amend from one to another.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Theyre 2 different types of entities, Id be very surprised if you could amend from one to another.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
2405218
Level 2
05-17-2022
09:38 PM
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Noted. Thank you Lisa.
