Once you sign your tax return, it is considered final, but what if you made a mistake or discovered something after filing that requires correction? In such a situation Form 1040X will need to be filed. If you have questions about income tax return amendments, please feel free to contact our tax attorneys at Enterprise Consultants Group.
It is important to remember that amended returns are not considered to be mandatory. You cannot be prosecuted if you failed to file an amended return. That is, if you thought that the initial tax return you filed was accurate when you signed it. However, if you learn that your return was not properly filed you must amend it and make it accurate. The IRS rarely brings up a criminal prosecution when the taxpayer comes forward and attempts to correct it by processing an amended return. For that reason, it is vital to be proactive. You should fix your initial tax return before the IRS finds your error.
Income tax return amendments should be final and accurate. Thus, if you filed an amended return, make sure that everything in it is correct. For that reason, you cannot cherry-pick and make corrections only to items that will get your money back or that will decrease your tax liability.
How Soon Should You Amend It?
You must amend it the soonest possible time. However, if you want to file to get a refund, you must not wait as there is statute of limitations on when a taxpayer can claim a refund.
The Tricky Road of Tax Amendments
If you go and ask other people who amended their tax returns, they would say that the overall process is tricky. It is particularly the case if they did not hire a professional. Filing a return of income must not be taken lightly. It must always be accurate. If you discovered that there are amendments needed, make sure that you go through it, or you can hire a professional to review the return for you.
The professionals at Enterprise Consultants Group have decades of experience in amending our clients’ income tax return. By seeking our expertise, you can insulate yourself from getting unnecessary penalties.
In this era where the government uses federal and state laws as a sword, it is vital that you file your income tax accurately or amend it ASAP to be safe today than to be sorry later.
Call our tax lawyers today for an initial consultation at 800-950-2237.