fantastictax
Level 2
07-24-2024
08:18 AM
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i mistakenly filed an 1120 tax return for a client before i received his notice of acceptance for the same year as an scorp. how can i amend the return from 1120 into 1120s, i read online that i need to file an amended 1120x as zero then file a new form 1120s, but i am concerned that client will be hit with penalties for late filing 1120s which can be hefty. please advise on the best approach.
thank you,
Alex
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IRonMaN
Level 15
07-24-2024
09:49 AM
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You have to do as you read - amend the 1120 to zeroes and file an 1120S. As far as penalties go, wait and see what happens. You can always try telling your story to the IRS to try and waive any penalties that might pop up.
Slava Ukraini!
fantastictax
Level 2
07-28-2024
11:34 AM
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Great. Thank you
IRonMaN
Level 15
07-28-2024
01:10 PM
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You betcha!
Slava Ukraini!