Question
Amend C Corp Tax Return (1120) to S Corp Tax Return (1120S)
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.
