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View All Amended Returns and IRS Audits, Financial Institution Excise Tax FAQs

What are the reporting requirements as the result of an IRS audit?

To report changes made by the IRS, a corporation shall file an amended Form ET-1 for the specific tax period. The following information MUST be included with the amended return (see above and Regulation 810-3-40-.01(4)):

A complete copy of the finalized revenue agent’s report (RAR) provided by the IRS to include, but not limited to, Form 4549-A, 4549-B and Form 870,
A copy of the Form ET-1 as originally filed, and
Federal form as originally filed and/or amended.
If the financial institution is part of a consolidated group, the following information is required along with the above information:
A listing of the IRS adjustments made to each company in the consolidated group,
A copy of the Federal Form 851, Affiliations Schedule,
A copy of the income statement spread for every company, and
A copy of the consolidated Federal 1120 as originally filed and/or amended.
If the IRS audit results in a refund, the request for refund must be made within one year from the date of final determination of the IRS audit. If the audit results in additional tax due, the department can assess the additional tax within one year after the Department has been notified.

To report changes made by the IRS, a corporation shall file an amended Form ET-1 for the specific tax period. The following information MUST be included with the amended return (see above and Regulation 810-3-40-.01(4)):

  • A complete copy of the finalized revenue agent’s report (RAR) provided by the IRS to include, but not limited to, Form 4549-A, 4549-B and Form 870,
  • A copy of the Form ET-1/ET-1C as originally filed, and
  • Federal form as originally filed and/or amended.
  • If the financial institution is part of a consolidated group, the following information is required along with the above information:
  • A listing of the IRS adjustments made to each company in the consolidated group,
  • A copy of the Federal Form 851, Affiliations Schedule,
  • A copy of the income statement spread for every company, and
  • A copy of the consolidated Federal 1120 as originally filed and/or amended.

If the IRS audit results in a refund, the request for refund must be made within one year from the date of final determination of the IRS audit. If the audit results in additional tax due, the department can assess the additional tax within one year after the department has been notified.

Related FAQs in Amended Returns and IRS Audits, Financial Institution Excise Tax

To report changes made by the IRS, a corporation shall file an amended Form ET-1 for the specific tax period. The following information MUST be included with the amended return (see above and Regulation 810-3-40-.01(4)):

  • A complete copy of the finalized revenue agent’s report (RAR) provided by the IRS to include, but not limited to, Form 4549-A, 4549-B and Form 870,
  • A copy of the Form ET-1/ET-1C as originally filed, and
  • Federal form as originally filed and/or amended.
  • If the financial institution is part of a consolidated group, the following information is required along with the above information:
  • A listing of the IRS adjustments made to each company in the consolidated group,
  • A copy of the Federal Form 851, Affiliations Schedule,
  • A copy of the income statement spread for every company, and
  • A copy of the consolidated Federal 1120 as originally filed and/or amended.

If the IRS audit results in a refund, the request for refund must be made within one year from the date of final determination of the IRS audit. If the audit results in additional tax due, the department can assess the additional tax within one year after the department has been notified.

Amended returns should be completed in full and accurately. Amended returns should include a detailed explanation for filing the amended return, supporting documentation to validate amended changes, and computation of the additional amount due or refund due. Blank or partially completed revenue forms require special handling that delays processing and cause unnecessary expenses.