'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.