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Filing an Amended Business Tax Return

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Did you put your return in the mail or e-file and then realized that you had made an error in your business tax return? That's ok. It happens all the time. Here is the information on how/when to file an amended business tax return

  • If it was a calculation error, don't worry. The IRS will find and correct it.
  • If it was an error in your income, deductions, credits, or your filing status, you'll need to file an Amended Return.
  • If you filed as a sole proprietor or single-member LLC on your 1040, use a 1040X Amended Return
  • If you want to amend a corporate return, use the 1120X form.
  • To amend a partnership or multi-member LLC, get another Form 1065 and check box G(5) on page 1. The IRS says,
    Attach a statement that identifies the line number of each amended item, the corrected amount or treatment of the item, and an explanation of the reasons for each change.
  • If the Schedule K-1 on the partnership/LLC return is incorrect, or if the change to the 1065 causes a change in the information on the K-1, prepare an amended K-1. Check the "Amended K-1" box on the top of the Schedule K-1 to indicate that it has been amended. Then give the amended Schedule K-1 to the partner/member to file.

Finally, check with your state's income taxing authority to see how a change in your federal income tax might affect your state taxes, and how to file an amended state tax return.

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