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Old 03-05-2011, 03:51 PM
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Join Date: Mar 2011
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Do I Need To Amend My S-Corp Return?

For some odd reason, my CPA listed my shareholder distributions as loans and did not include the distributions on the k-1. Is this something I need to amend my 1120s for? When I asked her about it she said it was no big deal because money flows in and out of corporations regularly and can be "wiped away at any time".

I also noticed that she reported an excess of $500 in office expenses then what is shown on my income statement. I tried to figure out where she came up with this number but to no avail. When I asked her about it she said she didn't have time to teach me how to do a tax return and insisted it was correct.

I calculated that if I were to amend my return, the net result would be $7.50 owed to the state. Are these reasons enough to amend my return?

Could really use some advice! Thanks!



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