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Amended 1065 return

We filed form 1065 for our LLC last year (tax year 2005), and we recently discovered that we had missed some expenses that we should have claimed.

  1. How do we do an amendment for this form? Do we file the corrected 1065 form along with 1040X?
  2. Since we missed on some expenses in last year's return, the year- end values of our balance sheet (schedule L) and capital accounts (schedule M-2) in our 2005 tax return are now incorrect. If we file the 2006 return using the corrected 2005 year-end values, the 2006 and 2005 returns will be inconsistent. Is this an error in IRS' view? Do we have to file the amended 2005 return at the same time we file the 2006 return then? Many thanks in advance.

Uly

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privateuly
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File a new 2005 form 1065, but write "Amended Return" across the top, not "corrected return." And then, if any partners wish to file a 1040X for themselves, they may certainly do so independently of the partnership using a 1040 Do this amendment first, and the schedules will be correct. Then you do the 2006 form 1065. No errors atall. ChEAr$$, Harlan Lunsford, EA n LA

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Harlan Lunsford

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