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Amended Return Questions
What is an amended return?
return may allow one to file a correction to a
, income or add
or credits missed on one’s original tax return within a time frame set by the IRS. After filing a tax return one may realize they have overlooked a large tax
or income that could require them to file an amended tax return. An Expert may have insight in knowing when and how to file an amended tax return that could save you money in penalties that may be assessed by the IRS.
How long does the IRS have to pay a refund on an amended return?
that may be filing a claim for a
on an amended return must file an amendment within three years of the original refund or within two years if it was an overpayment of tax paid.
When filing an amended return, IRS
state that they have 12 weeks upon receipt, to process the return. A Taxpayer Advocate Service may be of assistance in processing the return if the return has not been processed within the 12 week period. This may add an additional 4 to 6 weeks in processing a return. Although the IRS may have procedures implemented that allow them to process returns in a timely manner, there is no statutory language that limits the IRS in the processing of an amended return.
Can one file an amended tax return for employee related dining and entertainment expenses that are not filed with the original return?
Internal Revenue Code
section 274 has specific requirements regarding deductions related to business meals. All meal expenses are an acceptable deduction when travel requires one to be away from home. Some requirements have been put in place and need to be documented to justify the deduction. Notes made directly to your receipt could allow easy reference. Entertainment within your home area would require that business matters were discussed, who attended in addition to the amount of the receipt. One would need to make reference to any reimbursement received towards these traveling expenses on the amended returns as well.
When filing an amended return does one need to send all forms filed on the original return or just those that have changes?
Understanding how to file an amended return may result in less confusion for the IRS. The IRS may notify one if additional information is required to process their claim. The submission of additional documents may cause a delay in any refund one may be expecting.
Documentation that has no bearing on a refund or underpayment may or may not be required. Notations on the Forms “Attach to your tax return" or "Check this box if this is an original, amended, or supplemental form or attachment to a previously filed return" may help in clarifying your filing status.
How do I get the IRS to remove any penalty and interest due to failure to file an amended tax return in a timely manner?
You may have the right to appeal penalties assessed for failure to file an amended tax return. They often waive penalties and interest associated with small error or oversight. However in the event of a large error; the IRS may need to be convinced that it was a simple oversight. Depending on the penalties assessed and tax owed, one may want to hire a tax attorney. An attorney’s ability to craft a letter with appropriate language and tone, along with his representation may provide a credible influence.
The IRS is making an effort to convert all processing to electronic returns, and to reduce processing times for paper returns. This does not guarantee or set a statute of limitations for a response to an amended return. In the event of large sum is owed they may take a position of tax avoidance and therefor apply a penalty. It may be best to let the Experts handle the IRS when it comes to filing an amended tax return.
Recent Amended Return Questions
Again Robin. My question is about this: Latest News
Hello again Robin. My question is about this: Latest News IRS working to implement new law; Reminds taxpayers to continue existing health coverage during interim period. The Trade Preferences Extension Act of 2015 (Public Law 114-27), enacted June 29,
2015, extended and modified the expired Health Coverage Tax Credit. Previously, those eligible for HCTC could claim the credit against the premiums they paid for certain health insurance coverage through 2013. The HCTC can now be claimed for coverage through
2019. The IRS is currently reviewing the legislation and is working with its partners, the Pension Benefit Guaranty Corporation and the Department of Labor State Workforce Agencies, to determine the best way for taxpayers to receive this important credit.
The law is similar to the version of the credit that expired in 2013 but includes modifications that affect how the credit is administered. The IRS will provide guidance on the credit in the near future, including guidance for taxpayers who also qualify for
the Premium Tax Credit under the Affordable Care Act. Can I apply for this credit retroactive to 2014 and then forward up to 2019? I am over 55 and so is wife. I do get money from the PBGC due to the bankruptcy of Delta Air Lines. I had a Medicare Advantage
plan in 2014 ($38 per month) and my wife had a health plan through Humana ($206 per month in 2014 and now $507 per month in 2015). I use Turbo Tax--if I can do this, how do I go about doing this? My Adjusted Gross income for 2014 was $143,000 and my taxable
income was $99,000. Perhaps this matters.
My problem has to do with reporting of heath care premium payments.
My problem has to do with reporting of heath care premium payments. I received a letter from the IRS telling me that the amounts reported on Form 8962 do not match with the 1095-A they received.
In response, I mailed them a copy of my 1095-A, but I know that the amounts reported on the 8962 I filed is incorrect. (The software I used had a bug that prevented it from handling months without premium payments correctly.)
My question is: Should I file an amended return with a corrected 8962 now, or should I just wait for further contact from the IRS?
I "sold" my business to my business partner
I "sold" my business to my business partner almost 1 yr. ago.. We each owned the business 50 /50. It was a medical office. He has not even provided me with a K-1 so that I could properly file my personal taxes for 2014. What should I do?
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