1120 amendment

[ILLMAS]

Hello to all, just wondering if there is time left to amend a 2007 tax return? Client just recently filed 2007 and there was an inventory adjustment not recognized in 2007, I don,t want to make the adjustment in 2008 because it belongs in 2007 and I am currently working on 2008 right now. Anyone??

[TAXBILLY]

What is the fiscal year of your C corporation?

taxbilly

[ILLMAS]

What is the fiscal year of your C corporation?

taxbilly

12/31/07

[TAXBILLY]

Assuming no extensions, the file date for the return is March 15, 2008 and the three year deadline is March 15, 2011.

taxbilly

[ILLMAS]

Yes we filed extensions for every year, so we should have until 9-15-11?

[GeneInAlabama]

Am I missing something? Doesn't he have 3 years from the time it was filed if it was filed late? The original post says it was just filed. Sometimes I find that I am wrong even when I THINK I am sure that I am right.

[ILLMAS]

Client was behind on their accounting and finalize it until early 2011.

[jainen]

>>Doesn't he have 3 years from the time it was filed if it was filed late?<<

That's right, at least in terms of filing an amendment. Claiming additional refund is a diffferent matter. He can only get back payments made AFTER the original due date of March 15, 2008. See example 1 on page 15 at >>Pub 556<<.

[TAXBILLY]

>>Client just recently filed 2007<<

Could you define "recently"?

Since you mentioned that the bookkeeping was done in "early 2011" does that mean that the 2007 return was filed by March 15, 2011?

taxbilly