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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience:  Nearly 30 years of varied tax industry exp. Tax Biz owner
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I have a question on a amended federal tax return. As we transferred

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I have a question on a amended federal tax return. As we transferred to a new accounting system we discovered a error on our schedule C so we amended the schedule C and filed a amended return. We are coming up on the three year mark of when the original return was filed. We noticed one more mistake that a vendor was issuing credits to our vendor account for rebates rather than our bank account so our cost of goods is lower than it was reported on the amended return. We will owe about 10k in additional tax. Our dilemma is our accountant says we can file the re-amended return after the three year mark so there is not a hurry. Everything I read seems to say that there is a three year window on filing a amended return regardless if your are a amended or a original return. It is a simple one line fix and I want to get it right. My question is can we file a second amended return later than three years after the original return was filed or does it need to be done with that three year limit. If it matters the amended return was filed about 1 year ago.
Submitted: 2 years ago.
Category: Tax
Expert:  Tax.appeal.168 replied 2 years ago.
Hello, THANK YOU for choosing Just Answer. My goal is to help make your life...a little...LESS taxing.


Generally, you must file Form 1040X within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later.

You can refer to the following IRS webpage for more detailed information.

http://www.irs.gov/newsroom/article/0,,id=108657,00.html
Expert:  Tax.appeal.168 replied 2 years ago.
To answer your question, based on the information that I provided to you in my previous response, the answer is no you cannot file a 2nd amended return if it is beyond the 3 year time period.
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 2528
Experience: Nearly 30 years of varied tax industry exp. Tax Biz owner
Tax.appeal.168 and 5 other Tax Specialists are ready to help you
Customer: replied 2 years ago.
I'm not quite clear on your answer. Are you saying that the return must be filed within three years of the original or is that not the case? I don't want to file the return after the three year mark and have it rejected. My preparer is under the impression that the amended return extends the time to file another amendment.
Customer: replied 2 years ago.
Sorry I did not see the second part of your answer. You replied while I was typing my second question.Smile
Expert:  Tax.appeal.168 replied 2 years ago.
Thank you for accepting...no problem.

I have some other information that you may want to refer to as well:

3. Amended returns do not extend the original 3-year period. Zellerbach Paper Co. v. Helvering, 293 U.S. 172 (1934).

http://www.taxlawcenter.com/g0076000.htm
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 2528
Experience: Nearly 30 years of varied tax industry exp. Tax Biz owner
Tax.appeal.168 and 5 other Tax Specialists are ready to help you

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