To report changes made by the IRS, a corporation must file an amended Form 20C for the specific tax period. The following information MUST be included with the amended return (see Regulation 810-3-40-.01(4)):
If the corporation files as a separate entity:
- A complete copy of the 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 20C as originally filed, and
- Federal Form 1120 as originally filed and/or amended.
If the corporation 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.