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

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

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.

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.

Related FAQs in Corporate Income Tax

The ONE SPOT system will allow returns to be filed with ACH Debit and ACH Credit method payments only. The system will not allow an ACH Debit taxpayer to complete their return filing without completing the necessary information to authorize the ACH Debit payment. The ACH Credit payment is separate from the ONE SPOT system and must be initiated by the taxpayer through their banking institution. Returns successfully submitted for ACH Debit and ACH Credit taxpayers will be exported to the local government.

Upon the completion of the Third Party Designation Form, ALDOR can provide the returns, payments and payment data files to the authorized third party administrator.

When an electronic payment is received by ALDOR in error, the payment will post to the taxpayer’s ALDOR local tax account. ALDOR will not be able to automatically transfer these payments to the non-administered local government due to the possibility the taxpayer’s payment will reject after ALDOR has transferred the payment, causing complicated collection issues. ALDOR will need the taxpayer to advise the Department with what to do with that payment.

The only non-administered local government taxes to be processed through ALDOR will be payments received as the result of legal action, such as final assessment, garnishments, and liens, entered into when the local government was state administered. Payment data for these payments will be available during the first week (5-10 working days) of the month following the tax collection period through the ALDOR website.

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