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  • Wrong Business Return Filed

    From Stuart O. Bronstein@21:1/5 to All on Mon Feb 5 13:21:45 2024
    I was consulted by a member of an LLC that is taxed as a partnership. Form 2022 they mistakenly filed Form 1120-S rather than Form 1065. They now
    want to fix it.

    Do they file a 1065-X? Or do they file a 1065 with a letter explaining
    their mistake? It's not really an amended 1065, but it is supposed to
    replace the 1120-S.

    Thanks for any thoughts.

    --
    Stu
    http://DownToEarthLawyer.com

    --
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  • From Adam H. Kerman@21:1/5 to Stuart O. Bronstein on Mon Feb 5 14:32:02 2024
    Stuart O. Bronstein <spamtrap@lexregia.com> wrote:

    I was consulted by a member of an LLC that is taxed as a partnership. Form >2022 they mistakenly filed Form 1120-S rather than Form 1065. They now
    want to fix it.

    Do they file a 1065-X? Or do they file a 1065 with a letter explaining
    their mistake? It's not really an amended 1065, but it is supposed to >replace the 1120-S.

    Thanks for any thoughts.

    You're not going to like the answer. I asked a retired accountant. She's
    quite cynical that IRS will have any interest in being helpful.

    There is no amended return to file, not for the 1120-S. Can't file
    1065-X given that no 1065 was filed to begin with.

    1) Write a lengthy letter of explanation. Beg IRS to ignore the 1120-S
    filed in error. They won't, but put it in the letter anyway.

    2) As 1065 was the required form, file this. There is no choice. Attach
    the letter withdrawing the 1120-S.

    3) Pray to the Greek god of bureaucracy.

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Stuart O. Bronstein@21:1/5 to Adam H. Kerman on Mon Feb 5 14:44:41 2024
    "Adam H. Kerman" <ahk@chinet.com> wrote:
    Stuart O. Bronstein <spamtrap@lexregia.com> wrote:

    I was consulted by a member of an LLC that is taxed as a partnership.
    Form 2022 they mistakenly filed Form 1120-S rather than Form 1065.
    They now want to fix it.

    Do they file a 1065-X? Or do they file a 1065 with a letter
    explaining their mistake? It's not really an amended 1065, but it is >>supposed to replace the 1120-S.

    Thanks for any thoughts.

    You're not going to like the answer. I asked a retired accountant.
    She's quite cynical that IRS will have any interest in being helpful.

    There is no amended return to file, not for the 1120-S. Can't file
    1065-X given that no 1065 was filed to begin with.

    1) Write a lengthy letter of explanation. Beg IRS to ignore the 1120-S
    filed in error. They won't, but put it in the letter anyway.

    2) As 1065 was the required form, file this. There is no choice.
    Attach the letter withdrawing the 1120-S.

    3) Pray to the Greek god of bureaucracy.

    Thanks Adam. That makes sense. The other thing I'm suggesting to them
    is (since they're planning on switching to being taxed as an S-
    corporation at some point) to ask for retroactive approval of S-
    corporation status. And to talk to a tax professional to help determine
    which is best, and then to present their case to the IRS.

    --
    Stu
    http://DownToEarthLawyer.com

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)