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Posted by Harlan Lunsford on April 9, 2007, 2:12 am
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privateuly@gmail.com wrote:
> We filed form 1065 for our LLC last year (tax year 2005),
> and we recently discovered that we had missed some expenses
> that we should have claimed.
>
> 1. How do we do an amendment for this form? Do we file the
> corrected 1065 form along with 1040X?
>
> 2. Since we missed on some expenses in last year's return,
> the year- end values of our balance sheet (schedule L) and
> capital accounts (schedule M-2) in our 2005 tax return are
> now incorrect. If we file the 2006 return using the
> corrected 2005 year-end values, the 2006 and 2005 returns
> will be inconsistent. Is this an error in IRS' view? Do we
> have to file the amended 2005 return at the same time we
> file the 2006 return then?
File a new 2005 form 1065, but write "Amended Return" across
the top, not "corrected return." And then, if any partners
wish to file a 1040X for themselves, they may certainly do
so independently of the partnership using a 1040
Do this amendment first, and the schedules will be correct.
Then you do the 2006 form 1065. No errors atall.
ChEAr$$,
Harlan Lunsford, EA n LA
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