Amended Return

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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 ?
'Thus, in an amendment of return where an additional tax is due per amended return, 20 percent interest and 25 percent penalty will be imposed based on the additional tax to be paid per amended return,' the BIR said.
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.
6501(c) (7) states that the extension is intended solely to allow the IRS to process the amended return and to assess and collect the additional tax due as reported by the taxpayer.
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.
Exchange plan users who have already filed 2014 taxes without 1095-As must file amended returns once they have 1095-As, officials say.
For income tax returns, amended returns and refund claims, the standards set forth under the previous law and current regulations under Sec.
Although an amended return must usually be filed within three years of the original return's due date, the law gives qualifying taxpayers who sold a home before 2001 until Nov.
In addition, all amended returns filed under this provision will be subject to audit without restriction for four years from the date that the consolidated election is filed or within the regular statute of limitations, whichever is later.
The courts also rejected Barrick's contention that its designation of a "reclamation and closure" line item under "other costs" on its Schedule A of Form 1120X in that initial set of amended returns constituted sufficient notice of a specified liability loss for land reclamation.
The Service decided that the termination was inadvertent and allowed the company to retain S status if, within 60 days, it filed an amended return for the third year, with an election under Regs.
Many states will access penalties for the failure to file amended returns, while others will deny refunds because the failure to file amended returns causes statutes to expire for refund claims.
6404(g) applies to deficiency notices and to self-assessed amounts shown on amended returns filed by the taxpayer.