Businesses can use either the calendar year (Jan. 1 to Dec. 31) or thefiscal year (FY)for their tax year reporting. However, once a tax year is adopted, the business must continue using it unless it receives permission from the IRS to change. If it changes to a tax year that differs...
Not all errors need amending by the form. The IRS will spot and correct a mathematical error, for example, when the initial tax return is sent in for processing. When this happens, any refund owed will be adjusted and any extratax liabilitydue will be billed to the taxpayer.1In the even...