What are the consequences of not filing an amended corporate tax return?
What are the consequences of not filing an amended corporate tax return?
Instead can the adjustments be made in the current year... In other words, have the net effect appear in 2009 for an error in 2007 / 2008?
Answers:
Chosen Answer
tro: you can't apply previous year's adjustments to the current return if the corp would be audited and these previous years' expenses showed up, they would be disallowed
2010-08-16 09:40:29
tro: you can't apply previous year's adjustments to the current return if the corp would be audited and these previous years' expenses showed up, they would be disallowed
2010-08-16 09:40:29
Judy: No you can't just show the adjustment in another year, you have to amend the year it was for.
2010-08-16 09:43:12
2010-08-16 09:43:12
Mathew: To correct an error for 2007/2008 you would need to amend those returns. If you are now filing the 2009 return and the error affects the information for the 2009 return you can make an adjustment even though you have not yet amended the earlier return. For example if you purchased an asset in 2008 and could have depreciated it by $500 and the remainder of the depreciation of $1000 in 2009. You take the $1000 in 2009 and would need to go back and amend the earlier returns to get any of the earlier depreciation.
2010-08-16 09:59:33
2010-08-16 09:59:33
Andy: Not legally.....but......if the effect are somewhat immaterial, adjusting in 2009 is better than not adjusting at all.
2010-08-17 08:05:12
2010-08-17 08:05:12