In the district court, the Baldwins offered the testimony of two of their employees who deposited the amended return
in a mailbox at the Hartford, Conn., post office on June 21,2011.
The Bureau of Internal Revenue (BIR) will impose a 20 percent interest and 25 percent penalty for taxpayers with amended returns
that contain additional taxes unaccounted for in their previous income tax declarations, according to Revenue Commissioner Caesar Dulay.
When a taxpayer properly files a qualified amended return
, the IRS will not assert the accuracy penalty with respect to any additional liability.
It notes that there is no requirement that the IRS allow the amounts claimed on an amended return
before the penalty may be assessed.
6501(c)(7) to apply, the IRS must actually receive the amended return
before the normal assessment limitation period expires.
Both provisions are retroactive, so some qualifying taxpayers must file amended returns
to claim these tax breaks.
What Are Some Considerations for Advising a Client on Filing an Amended 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.
A superseding return is filed on an original return form, not an amended return
form, and must be a complete filing of the entire return, with all required forms, schedules, and attachments.
* If the amended return
is based on an audit, FTB collection staff will work with audit staff to determine the accuracy of the return.
To ensure that you get the credit you deserve, determine whether you paid the special tax during your 2004 tax year and file an amended return
if necessary to claim the credit.
* An amended return
correcting an error may ameliorate the consequences of the error.