Have Tax Questions? Ask a Tax Expert for Answers ASAP
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
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I hate to tell you what you probably don't want to hear, but you need to amend your tax return before the IRS contacts you. It will go much smoother for you than dealing with IRS correspondence later on.
So, all you need to do is file the amended return, and pay any difference. It's not a big deal. It will take the IRS 6-12 weeks to process the amended return.
I would like the opinion of another expert. I believe we talked before.
No problem. I'll opt out. Someone else will assist shortly
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Hi, Everything the expert above said is true.
Getting to them, before they get to you, is ALWAYS more efficient.
Further, because you have not provided numbers, it's hard to say, but you do have one hope of not being contacted ...
and that is whether the IRS judges this to be what's called a a De minimis transaction, or amount. ...meaning, in THIS situation, that it would be more costly for them to pursue, than the revenue it would generate for them.
It will turn on that.