Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Form 1120 Schedule G Shareholder Percentages Incorrect for Initial Return
Form 1120 Schedule G Shareholder Percentages Incorrect for Initial Return
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Chikittin
Level 2
08-08-2023
09:23 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
When the initial Form 1120 was filed with Schedule G, my client failed to state that he held 50% stock and another individual held the remaining 50% stock. Do I need to amend the return using Form 1120X? The initial filing had no income, no deductions, and no taxable income. There were no tax payments. Part I does not apply. Part II is used to explain Part I changes.
What would be the correct way to address so that both individuals are listed as stockholders with 50% stock?
Labels
4 Comments 4
IRonMaN
Level 15
08-09-2023
09:44 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Well, in his defense, sometimes it's really hard to remember if you own all of a business or only half.
But I will vote with Susan ---------- the IRS really doesn't want to mess with an amended return that doesn't change the bottom line.
Slava Ukraini!
