It would seem that flowthrough entities like S corporations and LLCs would require amended returns
Now, Revenue Ruling 2005-4 extends the scope of the existing regulation to include additional taxes voluntarily reported by taxpayers on amended returns
or in IRS correspondence.
This statement applies when members recommend tax return positions and prepare or sign tax returns (including amended returns
, claims for refund and information returns) filed with any taxing authority.
We agree with others that any time an interest calculation must be performed, global netting should be employed, even if subsequent events, such as a loss carryback, loss carryback adjustment, amended returns
, and audit adjustments may alter those computations.
The new law includes off-the-shelf computer software as qualifying property, and taxpayers may revoke expensing elections on amended returns
for tax years beginning before 2008.
Presumably, amended returns
would need to be filed for the corporation and all of its individual shareholders.
CPAs should advise their clients to file amended returns
for any open years in which they failed to offset passive "self-charged" nonloan deductions against any related nonpassive income.
In the wake of the Guardian decision, many Michigan taxpayers have filed amended returns
claiming SBT refunds under the new nexus standards applicable to the SBT, i.
Notice 2004-54 allows return preparers to sign original returns, amended returns
or extension requests by the following alternative methods: (1) rubber stamp, (2) mechanical device or (3) computer software program.
However, in amended returns
, the estate claimed the value of the payments was zero.
the requirement for filing amended returns
at least back to 1980 and possibly before) are substantial.
In several recent cases, however, taxpayers who were able to obtain a better result by treating the depreciation change as the correction of an error, rather than as an accounting method change, challenged the latter approach by filing amended returns