GET MORE OUT OF YOUR AMENDED TAX RETURNS!
It’s simple, just ask our highly qualified CPAs how.
Amended tax return can work to your advantage if you let them, but if you ignore them it could cost you money that you didn’t even know you were entitled to.
There are two primary situations where these types of amendments can be made. In situations where the information on the original filing wasn’t up-to-date and errors that were caused in miscalculations that weren’t fraudulent.
Returns that you can file an amendment for includes:
- Payroll Form 941, etc.
- Partnerships Form 1065
- C Corporation Form 1120
- S Corporation Form 1120-S
Do you need an accountant to file tax return amendments?
The truth is that you could do it yourself, but in all honesty an accountant will know the laws and regulations that must be followed during the process. They also know the loopholes (if that’s what you want to call them) that could produce you with the best outcome possible. Accountants live and breathe taxes. They know how to work with the IRS and do so day in and day out.
With that said, it’s really about how much you trust yourself to do them. We’re not here to tell you that you can’t when you actually can. That’s just not the way we do business.
Here are a few things you should keep in mind about amended tax return.
The truth is that the IRS does have regulations put into place to protect them from liabilities that will end up taking money out of their bank account. In order to prevent them from getting out of paying what’s owed to you, check out some of the basic requirements for amended tax returns below.
- You have 3 years from the date of the original filing to file your amended tax return. If you had to pay a tax that you’re amending this can be 2 years from the date that you filed the tax. The date that occurs later is what your deadline will end up being.
- If you file an amendment for additional funds owed to you, you can cash the original check that you got when you first file.
- If there are multiple amendments where multiple forms must be updated, you have to attach those amendments with your filing for this one.
- If you file tax return amendments to change the balance owed to the government, you need to file it ASAP as it will help prevent interest and penalties that might occur if you do so.
- This filing CAN NOT be completed online like the original tax filing. It has to be submitted directly to the Internal Revenue service with the written application.
These were just a few of the things that you should keep in mind regarding this particular tax matter, but since there are constantly changes and regulation updates it’s best for you to seek the help of a professional. They can help ensure you remain in compliance and file in a timely manner.
Ready to take control of your taxes and put the ball in your court?
If you’re ready to make sure the IRS takes as little money out of your pocket as possible, now is the time to speak with one of our beloved accountants here at GLG Accounting. We can help you understand the tax laws and any opportunities that may be waiting for you. It’s as simple as you can get, and you definitely won’t regret sending the government an amendment.