privateuly[at]gmail.com wrote:

- quote -

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

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

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

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >