Rev. August 2023
Form 1065-X is used to amend a partnership or S corporation return that has already been filed.
Form 1065-X is used by partnerships and their partners to file an amended return as part of a modification under section 6225(c)(2) of the Internal Revenue Code.
Form 1065-X must be filed by the partnership within 30 days after the partnership receives notice of any adjustment from the Internal Revenue Service.
Partnerships and their partners file Form 1065-X to report adjustments made during examination that result in changes to previously reported items, such as income, deductions, credits, or partnership allocations.
A net positive adjustment to creditable expenditures and credit groupings is an increase in the product of the taxable income of the partnership and the highest tax rate under section 1 or 11 of the Internal Revenue Code.
A partner payment for BBA modification refers to the amount a partner pays as part of an amended return submitted for purposes of modification under section 6225(c)(2) of the Internal Revenue Code. This payment includes any IU, interest, and penalties due.
A partnership files Form 1065-X to report adjustments made during examination that affect the partnership as a whole, while a partner files Form 1065-X to report adjustments made to their share of income, deductions, credits, or other items reported on Schedule K-1.
The penalty for failing to file Form 1065-X on time is equal to the late filing fee under Regulations section 30.06(b). The IRS may also assess a penalty equal to 25% of the amount of tax due, or the portion of tax related to items reported incorrectly.
A BBA modification refers to an adjustment made during an examination of a partnership return under section 6225(c)(2) of the Internal Revenue Code. This modification may result in changes to previously reported items, such as income, deductions, credits, or partnership allocations.
Form 1065-X requires the partnership and its partners to report adjustments made during examination, including the nature and reasons for the changes and any necessary computations to support the amended items.
Form 1065-X is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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