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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
Customer started his business (DBA) in 2010 and had $10,000
Customer started his business (DBA) in 2010 and had $10,000 startup cost (purchasing furnitures, computers, renting office and so on). In 2012 IRS revised his 2010 return and disallowed his business (IRS asked him to proof that it is a business, but he was out of country, so he simply asked his wife to go ahead and pay the penalties (4K or so) - after he came to USA, he did not appeal the case and forgot about it.
2 questions here:
1. what is the statue of limitation for 2010, if he filed late (he filed his taxes on 2011 february).
2. he really has a business and we have all the proofs (dba filing, checking account, credit card under that business, business cards, computer, however NO INCOME for 2010 and/or 2011, but income in 2012).
IRS is auditing him again, but this time his 2011 tax returns, where he did not claimed his business (because he was worried that IRS will disallow again, so did not want a headache).
After reviewing all of his papers/records/receipts, we would like to amend the return (middle of an IRS audit where he already have 30 day notice) and not only we would like to show the business expenses in 2011, but be able to amortize the expenses that he had in 2010. Can this be done and if yes, can you please explain the steps.
On the first time around during IRS agent interview, IRS came back stating that there is no business (because the client went to see IRS agent himself and did not take any proofs with him) and gave him 30 day notice with his assessments.
I had recently checked my IRS conributions and noticed I had
I had recently checked my IRS conributions and noticed I had a major dip in 2008, I have multiple employeers and when I went to go check my filing for 2008 I was shocked to discover one of my largest employers were not listed on my filing. They paid the taxes on the money I earned. I am wondering what my course of action is at this point?
Hi, Christopher. I feel stupid even writing this, but my husband
Hi, Christopher. I feel stupid even writing this, but my husband and I made a mistake on our taxes last year, and we need to know how to fix it. This is kind of a long story.
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