amended return

An amended return is filed to make corrections, additions or omissions to returns already declared, provided they have not yet been issued letters of authority from the BIR.

The CCA holds that a strict reading of the tax code suggests that the penalty under IRC [section] 6694(b) could technically apply if the amended return is signed by the return preparer or if the unsigned amended return is filed.

When a taxpayer files an amended return reporting additional tax within 60 days before expiration of the assessment limitation period, Sec.

6501(c)(7), gives the IRS an additional 60 days to assess tax if the taxpayer files an amended return reporting additional tax within 60 days of the end of the limitation period.

Taxpayers who think filing amended returns will help them get money back from the IRS are welcome to do so, officials say.

With CPAs and a tax attorney on staff, this team specializes in all types of tax resolution and IRS assistance, including filing amended returns for past tax years.

8246 of the Act amended several provisions of the Code to extend the scope of the income tax return preparer penalties to preparers of all tax returns, amended returns and claims for refund, including estate and gift tax returns, generation-skipping transfer tax returns, employment tax returns, and excise tax returns.

(31) Eligible taxpayers are those who file amended returns for taxable years for which the taxpayer used a tax avoidance transaction, and those who make full payment of the additional tax and interest due for the taxable years that is attributable to the use of the tax avoidance transaction.

Recipients who already paid tax on benefits received for deaths after the effective date may file an amended return on Form 1040X, reducing their adjusted gross income by the $3,000 they had reported as taxable.

Taxpayers filing amended returns on a consolidated basis must file such returns on or before December 31, 1994.

In 2001, the company timely filed amended returns for 1994 and 1995 carrying back the losses but without specifically explaining that they stemmed from land reclamation costs.

In addition, the corporation and the trust that had made the QSST election were required to file amended returns consistent with treating the trust as a QSST.

The FTB has issued the following guidelines regarding refunds associated with amended returns:

Many good reasons were previously given as to why amended returns are not the favored choice.

The FTB has announced it will follow the federal rule for interest suspension on amended returns.