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lucsuc83
Level 1
December 30, 2022
Question

Form 1065 item G - "Final return"

  • December 30, 2022
  • 2 replies
  • 14 views

I mistakenly selected the "Final return" box at item G in the first-year return filing in 2021. I should have selected the "Initial return" box. Our company did not cease to exist and has still operated since then. Should we do anything to correct this mistake?

 

If not, in the 2022 tax filing, should I select the "Initial return" box?

 

Thanks very much.

    2 replies

    A
    Anonymous_
    Level 15
    December 30, 2022

    I am not sure you would want to do that for 2022, but you can most likely simply check the Amended and Initial boxes for 2021 and mail that in along with a letter of explanation since nothing else needs to be changed.

     

    @Rick19744 ?

      Rick19744
      Level 13
      Rick19744Level 13
      Level 13
      December 30, 2022

      This may turn into a letter writing quagmire, but at this point I would just move forward with a normal return.

      I might attach an attachment to the 2022 return explaining that 2021 box was checked in error.

      This return may get pulled for review and this statement may provide some guidance.

       

      *A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.
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