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Form 1040-X Rialto California: What You Should Know

Form 1040A to Report the Change of Ownership in a Small Business or a Foreign Business If you own a business or foreign corporation, or both, you must file Form 1040A by January 31 of the year that you file your federal income tax return for the prior year (or a subsequent year, if required by law) and you must include a statement if you received a change in ownership of a partnership, S corporation, trust, or small business from another taxpayer within the prior 12 months. To determine whether your business is a small business, review your federal Individual Income Tax Return; Schedule C of Form 1040; Form 1045; Form 1041; and Form 8965 (SUBPART F) for the taxable year that you owned the business in your own name at the close of the first 30 days you owned the business in your own name at the close of the preceding taxable year. If the income from the business exceeds 100% of the taxpayer's adjusted gross income for that year or there is a significant change within the previous 12 months in the total income from the business, file Form 1040A. For a description of the tax and reporting requirements for determining whether your business is a small business, see Publication 970, Taxable Partnership Activity of Small Businesses and Publication 943, Taxable Entity Activity of S Corporation Entities. In addition, the taxpayer's failure to file Form 1040A was significant because you could have avoided the penalty and interest due by using Form 8829 instead of Form 1040A for most taxpayers. If the taxpayer was able to use Form 8829, or an amended return, in any prior year, the penalty and interest due should not be imposed on Form 1040A for the current year, unless the taxpayer has filed Form 8829 for the current year or filed another return that is substantially similar to Form 1040A. Form 1040 or Form 1040-A to Report Changes in Ownership You don't file Form 1040, Form 1040X, or Form 1040-A by February 15 of each year. You must file the most up-to-date return for the previous year even if your tax return includes a separate entry stating that some of your property was transferred to a different owner during the previous year. If you transfer all or part of your business to a different person during the year, your tax return still must be filed on the same date as your preceding return.

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