Level 2

1065 Error

Forum|Forum|4 years ago
January 27, 2022
3 replies
0 views

Hello

I need some advice, I have a LLC (1 owner) last year a new accountant filed my taxes using a 1065 form and the irs sent me a paperwork that something was wrong and when I called they said that I need to file a 1120s .

my company is an LLC ( 1 owner) I was always filing using an schedule C however when I asked my accountant he said that everyone was getting the form because the irs made some changes but I think he is wrong….

My company have 1 owner only and I should file a schedule C , when explained to the irs they told me to file a 1120 I don’t understand neither 😕😕 Maybe I didn’t explain it correctly.

now the letter I attached say to contact them and let them know but I never did because like I mentioned above the accountant told me is ok… what should I do for this year ? Because the bank for a house loan told me that I should file 1120 to save some money instead of schedule C but the accountant is telling me that He can’t do 1120 until the irs give me an authorization:/ so confused

also if I filed the 1065 form for and was incorrect did I pay less or more taxes ? Should I admend do or just leave it ?

This topic has been closed for replies.

sjrcpa

Level 15

You need a new, better accountant.

The more I know the more I don’t know.

George4Tacks

Level 15

https://www.irs.gov/tax-professionals/choosing-a-tax-professional

https://irs.treasury.gov/rpo/rpo.jsf

"new accountant" - tells me they lied about their credentials or you assumed. Go back to them as they should as a minimum return you every penny they charged you and if they do have proper credentials should correct the issues for no charge (and give you refund for their gross incompetence.)

Answers are easy. Questions are hard!

C

Carolina1900Author

Level 2

Ok thank you for the advice about the accountant but still looking for assistance if LLC should file schedule C or 1120 and if I can do 1120 how ? Together with my new income taxes or separate form and what about the wrong from 1065 doesn’t matter now ? I paid like over $11k last year back in taxes and I got like $1k back I don’t know why I got money back … not sure if it’s because the wrong form was file and I over pay or I was suppose to pay more and now I’m going to own $$

forget about the accountant for now

sjrcpa

Level 15

You need a competent accountant/tax professional.

Strangers on the internet cannot fix this for you.

The more I know the more I don’t know.

abctax55

Level 15

Because the bank for a house loan told me that I should file 1120 to save some money instead of schedule C

OMG...SMH... That's worse tax advice the barber/mechanic/friend's brother's sister-in-law give.

HumanKind... Be Both

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