Amending U.S. partnership and S corporation returns.
The Tax Adviser › Vol. 23 Nbr. 11, November 1992
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Summary
The procedures for amending tax returns for subchapter S corporations and partnerships under the Tax Equity and Fiscal Responsibility Act of 1982 are exacting and improperly completed returns can result in loss of benefits. The amended return should be submitted as a substitute return using form 8082 and must be filed within three years by the tax matters partner (TMP). After filing, the partnership has two years in which to file a petition if the IRS does not act. Minor variations of this procedure are presented for S corporations, small partnerships and filing by non-TMP partners.
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Extract
Amending U.S. partnership and S corporation returns.
Failure to follow the proper procedures in amending a U.S. partnership or S corporation return can result in the amendment being ineffective and eliminating the possibility of securing the desired adjustments. What follows is a discussion of procedures for filing amended returns for partnerships and S corporations subject to the...
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