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Amended 1120S Tax Return Form

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Amended 1120S Tax Return Form

IDENTIFICATION

Employer Identification Number (EIN):     If applicable, Social Security Number:

Date of incorporation (MM/DD/YYYY):     Accounting period ending:

ENTITY TYPE

Indicate entity type (check all that apply):







AMENDMENT DETAILS

Tax year beginning:     Tax year ending:

SUMMARY OF TAX ACCOUNT (AMENDED FIGURES)

Gross receipts or sales:

Cost of goods sold:

Gross profit:

Total deductions:

Ordinary business income (loss):

Other taxes (specify):    Amount:

Payments, credits, and estimated tax paid:

Overpayment claimed as refund:     Amount owed:

SCHEDULE K CHANGES / SHAREHOLDER ITEMS

TAXPAYER IDENTIFICATION AND DECLARATION

Taxpayer Identification Number used on this return (enter EIN or SSN):

Under penalties of perjury, the undersigned declares that the information contained in this Amended 1120S return and all attachments is true, correct, and complete to the best of his or her knowledge and belief.

The undersigned further certifies the following statements (check each box to acknowledge):




Taxpayer / Officer Printed Name:

Title:

Signature:

Date Signed:

Telephone Number:

Email (optional):

Enter text✕
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What the Amended 1120S Tax Return Form Is

The Amended 1120S Tax Return Form is a corrected S corporation return filed to revise information previously reported on Form 1120S. Corporations use it to correct income, deductions, credits, shareholder allocations on Schedule K-1, or to report changes in accounting method. The filing should include a clear explanation of each correction and any revised Schedules K-1 for affected shareholders so each owner can accurately report taxable income to the IRS.

Why You Might Need to File an Amended 1120S

An amended 1120S safeguards shareholder tax reporting, corrects IRS records, and preserves rights to refunds or credits. Filing promptly reduces exposure to penalties and ensures shareholder Schedule K-1s match individual returns.

Why You Might Need to File an Amended 1120S

Who Prepares and Receives an Amended 1120S

Typical preparers, reviewers, and recipients involved with an amended 1120S are described below.

  • Corporate tax professionals and CPAs who prepare and file federal and state returns for S corporations.
  • Company officers (CFO, treasurer) who approve adjustments and sign certification statements as required.
  • Shareholders and personal tax preparers who must receive corrected Schedule K-1s for individual returns.

Tailor who prepares or reviews the amendment to your organization size and complexity.

Step-by-Step: Completing an Amended 1120S

Follow these core steps when preparing and submitting an amended 1120S to ensure corrections are documented and communicated.

  • 01
    Assemble Records: Collect original return, supporting schedules, and source documents.
  • 02
    Prepare Corrections: Adjust affected lines and prepare explanation statements.
  • 03
    Revise Schedules K-1: Create corrected K-1s for each affected shareholder.
  • 04
    File & Notify: Submit amended return, then send corrected K-1s to shareholders.

How to Configure an Online Amendment Workflow

Set up an e-filing or e-signing workflow that secures data, assigns reviewers, and records an audit trail.

Field Configuration
Authentication Method Email link with optional access code
Document Format PDF/A or PDF with fillable fields
Signer Order Sequential or parallel routing
Retention Policy Automated archival and audit log capture

Routing and Filing Overview

An amended 1120S workflow typically moves from internal revision to shareholder notification and then to IRS filing.

  • Prepare Amendment: Draft corrected return and explanation statement.
  • Review Internally: Tax team and officers verify changes and sign.
  • File with IRS: Submit amended return by mail or e-file if permitted.
  • Distribute K-1s: Send corrected Schedule K-1s to shareholders.

Key Deadlines and Timing Expectations

Timing affects statute of limitations for refunds and the IRS review window; file amendments promptly after discovering errors.

Original Return Due Date:

Form 1120S generally due March 15 for calendar-year S corporations.

Amend as Soon As Possible:

File the amended return immediately after detecting an error to reduce penalty risk.

Refund Claim Period:

Generally within 3 years of original filing or 2 years of tax payment (see IRC §6511).

Shareholder Reporting:

Provide corrected K-1s to shareholders before they file individual returns.

IRS Processing Time:

Processing can take several weeks to months depending on complexity and IRS workload.

Penalties and Risks from Incorrect Amendments

Late Filing Penalty: IRS may assess late filing penalties.
Incorrect K-1: Leads to shareholder underreporting penalties.
Accuracy Penalty: Accuracy-related penalties may apply.
Statute Limits: Delay can forfeit refund claim rights.
Intentional Disregard: Higher penalties under IRC rules.
Information Return Fines: Penalties under IRC §6721 for incorrect returns.

Common Mistakes to Avoid

  • Failing to provide a clear explanation of each change, which slows IRS review and may lead to follow-up correspondence.
  • Not issuing corrected Schedule K-1s to shareholders, causing mismatches on individual tax returns and potential penalties.
  • Entering mismatched EIN, tax year, or shareholder names, which prevents automated matching and can trigger rejection.
  • Assuming all states accept the same amendment; many states require a separate amended state return or specific attachments.

Key Components of a Professional Amended 1120S Filing

A complete amended filing contains clearly labeled corrections, reconciliations, and updated shareholder information to support accurate downstream reporting.

Cover Letter

A concise explanation of the reason for amendment and a summary of lines changed helps IRS examiners understand the correction quickly.

Corrected Form 1120S

Complete the current Form 1120S with amended figures and mark or indicate that the filing is amended for clarity.

Reconciliation Schedule

Attach a reconciliation that compares original amounts to amended figures, showing calculations and sources for each adjustment.

Revised Schedule K-1s

Provide corrected K-1s to all affected shareholders and retain proof of distribution for your records.

Supporting Documents

Include invoices, corrected statements, or accounting memos that substantiate changes to income, deductions, or credits.

Authorized Signature

An officer’s signature and date verifying accuracy and authorization are required to certify the amended return.

Essential Data Fields and Identifiers

EIN: Employer Identification Number
Tax Year: Filing period being amended
Shareholder Names: Full legal names as on K-1
Corrected Amounts: Revised dollar values
Explanation: Reason for each correction
Authorized Officer: Name and title of signer

Digital Signing and File Format Considerations

Use secure PDF or PDF/A formats and an e-signature solution that preserves an audit trail and a tamper-evident file.

  • File Formats: PDF, PDF/A, DOCX supported
  • Authentication: Email links, access codes, or stronger MFA
  • Integrations: CRM and cloud storage connectivity

eSignature Vendor Pricing Comparison for Filing an Amended 1120S

Compare baseline costs and feature differences for common eSignature providers; signNow is listed first per comparison conventions.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies by vendor Varies by vendor Varies by vendor Varies by vendor
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No
Envelope Cap No envelope cap 100 envelopes/user/year Varies by plan Varies by plan Varies by plan

Frequently Asked Questions About Amended 1120S Filings

Answers to common questions about when to file, signature authority, e-signature acceptance, and refund time limits.


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