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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
My Mother took out a home equity loan shortly before she died.
My Mother took out a home equity loan shortly before she died. The loan is in her name only. She deeded the home to me. Ever since then, I have been paying the interest each month (approx. $425) for the last six years. My bank will not put my name on the loan...said I would have to refinance the loan and my interest would go way up. The women who does my taxes said that I cannot take this interest off my income tax since I am not on the loan.
This has always frustrated me because I am paying this out of my little social security check every month. I am legally disabled and could really use the write off.
A lawyer I know said to me that if I was deeded the house, I AM entitled to the tax write off and further, that I should go back to the IRS and ask them to reimburse me for the years it was not taken off. I have been told to hire a lawyer, but I could never afford one. Can you give me some insight or direction in this? I would be forever grateful!!!
This question is , tax advisor. This year I will be
this question is for Lev, tax advisor. This year I will be over AMT limit by about 15k. I also have a major loss (lost a part of house and contents due to disaster). My policy replacement value LIMIT for the structure say is roughly 200k. My insurance
company estimated replacement cost for the structure at 180k, a person I hired estimated replacement cost for the structure at 280k. Let's say I negotiate with insurance company that they agree to pay full policy limit of 200k. I go ahead and buy another house
to replace this one for 280k next year (not this year). Would I be able to claim a loss of 80k (280-200), even though the loss is based on my adjuster estimate and not on the insurance company adjuster estimate. Also, very roughly, how is the loss will be
affected by my AMT. Am I correct to say that even though I purchased the new replacement house next year -- I still need to declare the loss as of last year. The house was not located in the federally declared disaster area.
I went to the tax office yesterday trying to understand what
I went to the tax office yesterday trying to understand what had happened in 2013 that
would make us owe over 10.000 in taxes . I worked at H&R Block for 6 years and have
done taxes for the family for 68 years. I can not find any of my 2013 tax info. that is
unusual too. My husband is 92 and I am 90 years of age and living on social security
and small RR retirement . Being in the notch years do not help. I have racked my
brain trying to think of what was going on in our lives in 2013. I am at my wits end.
I do know that I was getting out of the stock market about that time. I feel that I have
better sense than to hold anything back from the IRS. Is there any hope for this
situation.? Elsie Grounds
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