I closed a business in 2020; I put July 20, 2020 in the ending date. Now I learn that I get a late filing fee. There was no activity in the business for the remainder of the year, can I file an amended return that changes the end date to Dec. 31, 2020 to avoid the penalty? (Its over $2400).
Also, If this is the best action, how do I do this in Turbo Tax? It seems to not allow my to edit this item.
Are you saying you made an error about the date, and the corporation was still 'open' for tax purposes until the end of the year?
Or are you asking if you can commit perjury and tax fraud by falsely entering an incorrect date to avoid a penalty?
This is one of MANY reasons anybody with a corporation or partnership should be going to a tax professional.
Yes, can I change my dates because we were available to do business but did not have any transactions between July and December.
What type of business are your filing? You should not occur a penalty of closing the business in July. Are you using TurboTax Business edition or TurboTax Home and Business?
Mary - I'm using Turbotax Business. I think the problem is I made a mistake when I put the business data in; the form reads "For Calendar or Tax Year", and I put 01/01/2020 ending 07/20/2020. I'm thinking this was interpreted by the IRS as an attempt to go to a different fiscal year, which is not the case, being the last return for a business that is now closed. We were a Partnership, using form 1065.
When I go into Turbotax and try to edit the tax year setting, it just resets to the top of the screen without letting me edit.