▲ 1 r/tax
Already filed 1120 for 2025 - only reported credit card revenue, not cash revenue
A friend is the sole owner of a business in NYS, and the sole worker there. It is a domestic business corporation.
They had an accountant do their 2025 business return and filed it a few months ago. That accountant used their business bank account statements. However, that didn't reflect their cash revenue, only their credit card revenue. My friend usually deposited their cash revenue into their personal account.
Their revenue is about 50% from credit card payments and 50% from cash. There is about $25K of cash revenue that has not been reported for 2025.
Can an amended 2025 return be filed to fix this issue? How difficult is it to do that? What penalties could they incur?
Thanks
u/VossRG — 9 days ago