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Correction should be done by filing amended tax returns
- that is the only way to make corrections.
However - if there were NO additional tax liability
because of these corrections - corrections are not required. In this case - for instance - if there is additional gift tax return in 2014 - it may be corrected with all missing information - and you may attach a note with explanation of facts.
If missed information resulted additional gift tax
liability - then amendments are required.
Regarding the statute of limitations - there is NO statute of limitations to audit
- but the statute of limitations affects the IRS
ability to assess additional tax liability.
In general, the filing of an amended return
by a taxpayer does not extend the statute of limitations on assessment
. If an amended return is received within 60 days from when the Assessment Statute Expiration Date would otherwise expire, a period of 60 days from the received date is allowed for the assessment of the additional amount of tax
on that return imposed by Subtitle A (income
tax). IRC Section 6501(c)(7). For example, if an amended income tax return for the 2003 tax year was received on April 9, 2007, you would have 60 days from that date to assess the additional amount of tax on that income tax return.
The tax may be assessed within 6 years after the original return was filed (IRC Section 6501(e)(1)), if the taxpayer omits:
•Gifts in excess of 25% of the total gifts on original Form
709 (IRC Section 6501(e)(2))
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you will all tax related issues.