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    lfinch's Avatar
    lfinch Posts: 1, Reputation: 1
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    #1

    Oct 10, 2011, 12:54 PM
    I should have filed 1120S instead of 1120. What do I do now?
    I received a letter stating that I should have filed a 1120S instead of 1120. The IRS said I could do nothing if I had not made any changes and they would make the correction for me, what should I do. I am the only shareholder, I did not have any taxable income for 2010, but I did pay myself a salary which I included on my personal income tax return. Do I need to do anything or just allow the IRS to convert the tax return to an 1120S?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Oct 11, 2011, 02:35 PM
    Let the IRS make the correction, then review the corrected return by asking for a copy of the tax transcript. After evaluating it, you may want to amend it.
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