Amended Return


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Related to Amended Return: Form 1040X

Amended Return

A tax return in the United States correcting one or more errors on a return from a previous year. One files an amended return if events have shown that a taxpayer likely has a greater or lesser tax liability than previously thought. The IRS uses File 1040X to file amended returns.

Amended Return

A tax return filed on Form 1040X after the original return has been filed. An amended return is used to correct errors or to claim more advantageous ways of filing the original return. An amended return can also be used to carry back certain unused credits or a net operating loss.
References in periodicals archive ?
The Chief Counsel extended this interpretation by questioning in another scenario whether the penalty would apply if the preparer provided an amended return that contained an understatement but (1) the taxpayer didn't file the return and (2) the IRS was unable to gather evidence to the effect that the preparer signed the return.
In the situation where a taxpayer mails the amended return and payment before the end of the limitation period, but the IRS actually receives the return and payment after the period has expired, the payment is treated as a statutory overpayment under Sec.
The ability to file an automatic Form 3115, either with an amended return under the limited relief provisions of Rev.
Both provisions are retroactive, so some qualifying taxpayers must file amended returns to claim these tax breaks.
If the amended return is determined to be complete and accurate and will result in a reduction of the taxpayer's liability, the FTB will modify existing actions to ensure only the correct amount of tax is collected.
Supreme Court said that a taxpayer is under no legal obligation or duty to file an amended return even after an error or omission is discovered.
27 to also allow practitioners to charge contingent fees in connection with the IRS's examination of, or challenge to, an original tax return or an amended return or claim for refund or credit before the taxpayer received a written notice of examination of, or a written challenge to, the original tax return, and in connection with whistleblower claims.
Taxpayers also may file amended returns to claim overlooked or forgotten deductions or credits they may be entitled to.
This gives a taxpayer the option of immediately concluding an audit by signing and returning the 540X Easy Reply Amended Return.
Section 6511(d)(2)(A) limits the time for filing these amended returns to within three years of the due date of the return that had the net operating loss.
On the same day, they also sent the IRS an amended return for 1993 that showed an additional deficiency for the year.
The higher interest rate applies to any amended return filed after April 15, 2004, and for taxable years beginning after December 31, 1998.