Tag Archive for amended tax return

Filing an Amended Tax Return

What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an amended tax return.

Taxpayers should use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended (corrected) tax return. You must file the corrected tax return on paper. An amended return cannot be e-filed. Please call if you need assistance or have any questions about Form 1040X.

If you need to file another schedule or form, don’t forget to attach it to the amended return. Read More

Written by | Posted in Income Tax • Individual • IRS

Filing An Amended Tax Return

If subsequent to filing your tax return, you discover that errors were made, you should file an amended tax return to correct these errors. Naturally, this corrective information will alter your tax calculations. The following are some of the typical errors you can make on your tax return:

• You did not report all of your income. For example, you received a W-2 with additional income, which arrived after you filed your original return.
• You claimed deductions or credits on your original tax return that you were not eligible for, and need to remove them.
• Conversely, you subsequently discovered that you did not claim all the deductions or credits you should have claimed, and need to include them. Read More

Written by | Posted in Income Tax • Individual

A Practical Guide To The Department of Treasury’s Amendment To Utilize The Alternative Simplified Credit Methodology On Amended Tax Returns

Introduction

On June 2, 2014, The Department of Treasury released for publication in the Federal Register both Temporary Treasury Regulations (T.D. 9666) and Proposed Treasury Regulations (REG-133495-13) in connection to the Alternative Simplified Credit (hereinafter “ASC”) methodology for purposes of the Research and Experimentation Tax Credit (hereinafter “RTC”). These revised Treasury Regulations represent a true paradigm shift from the previously issued set of Final Treasury Regulations which only allowed companies to take the RTC utilizing the ASC on originally filed tax returns.

Synopsis

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Written by | Posted in Treasury Regulations

Little Known Facts About Amending Tax Returns With The IRS

What happens when you realize you made an error on your tax return? Most people think they should file an amended tax return, and in most cases that would be correct; however, sometimes it is unnecessary. According to the Internal Revenue Service, if you made a math error, the IRS will correct it for you; an amended return is not normally required. Or, if you forgot to attach a tax form such as a W-2, you do not need to amend your tax return; the IRS will contact you and request missing forms if necessary. If you are due a refund based on your return as originally filed, the IRS recommends waiting to receive the refund before filing an amended return to claim an additional refund. If you are amending multiple years, you should mail them in separate envelopes, and finally, you should always amend your return if you made an error regarding your filing status, income, deductions or credits on your Read More

Written by | Posted in Individual • IRS • Tax Provision/Tax Reporting • Tax Tips