Have a Tax Question? Ask a Tax Expert
As you missed the tax court petition deadline - assessments proposed by tax authorities are in effect - and you will be in collection.You definitely may amend your tax return and provide additional information (deductions etc) - however - that will NOT stop the collection procedure.You may expect that your amended tax return will take longer time for processing - and the IRS might request additional supporting documents before your changes will be accepted or rejected.
Meanwhile - you still will need to deal with assessed liability.
Potentially - it might be resolved - but meanwhile you will have to deal with collection effort - and that might be costly.For instance - the IRS might start garnishment of your wages or other income, may put a tax lien on your property and that will be on your credit report for long time.Depending on your circumstances - such damages might be severe - and could cost more than $60.Regardless - there is No guarantee that the IRS will accept your arguments - but processing time for sure will be much longer than it normally would be.I woudl try to bring all your argument to the Tax Court - and there might be additional expenses as most likely - you will need representation.