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Add deductible expenses in case of audit? I've uncovered…

Add deductible expenses in case...
Add deductible expenses in case of audit?
I've uncovered some deductible business expenses in 2016 which my business overlooked and did not deduct on its tax return, which has already been filed. I don't feel like amending the tax return. Instead I want to make a note to myself, and in case that return is audited and they disallow some other deductions for whatever reason - then I will go ahead and add these overlooked expenses to counter the ones disallowed. I think this way I can avoid penalties and interest, because the tax amount won't change (or at least will change less than otherwise). Is that a good idea? Would that make an auditor mad?
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Answered in 44 minutes by:
9/3/2017
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,823
Experience: 35 years tax experience, including four years at a Big 4 firm.
Verified
That is a great idea. I'm PDtax. I'll assist.It's what tax pros do. If additional deductions are found after the returns are done, we tell the client and put a note in the file if we don't amend.Then, if needed, we present the new deductions if there is an audit.
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I did this in the last audit I defended. Client borrowed money, and never told me. We found the loan during the audit. I made the auditor reduce sales by the amount of the loan. She wasn't happy, but she did it. Saved the client many thousands of dollars.Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,823
Experience: 35 years tax experience, including four years at a Big 4 firm.
Verified
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PDtax
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,823
4,823 Satisfied Customers
Experience: 35 years tax experience, including four years at a Big 4 firm.

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