|
|
Oops! You’ve discovered an error after your tax return has been filed. What should you do? You may need to amend your tax return. Our office can help. We can amend your tax return with information that you provide so that you have everything correct with the IRS and receive all of the refund that you are entitled to or have you pay additional taxes as quickly as possible to avoid large penalties and interest. The IRS usually corrects math errors or requests missing forms -- such as W-2s or schedules. In these instances, do not amend your tax return. However, do file an amended tax return if any of the following were reported incorrectly: • Your filing status • Your total income • Your deductions or credits If you are filing to claim an additional refund, wait until you have received your original refund before filing an amended tax return (Form 1040X). You may cash that check while waiting for any additional refund. If you owe additional tax and you have not filed or paid the tax by the April due date, there will be penalty and interest. Generally, to claim a refund, you must file Form 1040X within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later. What to do if you receive an IRS notice It’s a moment many taxpayers dread. A letter arrives from the IRS — and it’s not a refund check. Don’t panic; many of these letters can be dealt with simply and painlessly. Each year, the IRS sends millions of letters and notices to taxpayers to request payment of taxes, notify them of a change to their account or request additional information. The notice you receive normally covers a very specific issue about your account or tax return. Each letter and notice offers specific instructions on what you are asked to do to satisfy the inquiry. You should review the correspondence and compare it with the information on your return. • Agree? If you agree with the correction to your account, no reply is necessary unless a payment is due. • Disagree? If you do not agree with the correction the IRS made, it is important that you respond as requested. Write a letter to the IRS to explain why you disagree. Include any documents and information you wish the IRS to consider, along with the bottom tear-off portion of the notice. Mail the information to the IRS address shown in the upper left-hand corner of the notice. Allow at least 30 days for a response. Sometimes, the IRS sends a second letter or notice requesting additional information or providing additional information to you. Be sure to keep all copies of any correspondence with your records. |