Who Should File a Tax Amendment?
What do you do if you discover an error on your tax return after you have already filed? Whether you rushed to finish your taxes, which caused you to make a mistake, or were unaware of exemptions you could have claimed, filing an amended tax return is your option. Don’t feel too bad. You are not alone. In fact, millions of Americans have to file to amend their tax return every year. *Small errors like simple math miscalculations are usually caught and corrected by the IRS, so there is usually no need to file an amendment in this case. If this is your situation, call us at 407-382-6658 and we will assess whether or not you should file an amended return.
Amendments Should be Filed ASAP
The IRS is pretty generous in this area, allowing up to three years from the date an original return is filed, to file an amended version. But they are not so generous if you owe them money from a previous return that you made mistakes on. It is in your best interest to correct the return and pay your debt as soon as possible. To minimize penalties, it’s always better to face this head-on BEFORE the IRS discovers the error and has to come to you.
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The IRS Scrutinizes Amendments
If you need to file an amended return, consulting a CPA is advised, because the IRS scrutinizes amended tax returns more carefully than original tax returns. So extra caution and attention to details will be essential. The process of filing an amended return will involve side-by-side transferring of information from your original return to the corrected form. You will also provide an explanation of why you need to file an amendment. They are not looking for a sob story, just specific details of what was missing, unknown, or incorrect. *Separate forms must be completed for each tax year that you need to amend.
Your numbers will need to be checked very carefully this time. If you are owed a refund as a result of this amended return, you can either accept the refund, paid via check, now or choose to apply it to the estimated taxes you owe for the current period. Conversely, if you owe money as a result of this amended return, you must remit payment immediately.
It’s Best to have a CPA File Your Amendment
Depending who you ask, filing an amendment can be easy or difficult. For an individual with numerous errors or missing documents, especially if a business is involved, this can be harrowing. In contrast, for a Certified Public Accountant, the process is very simple. At CPA Accounting and Tax Services, we frequently file amended returns for our clients, so we know the exact requirements and documents needed and can make the process easy for you.
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