March 19th, 2016

TAX TIP OF THE DAY... fixing a mistake

Your instincts told you the refund wasn't quite right. How can you fix it??? File an AMENDED TAX RETURN within 3 years of the original due date.
What you need to know:
) The IRS is not in a hurry. Amended returns take months to process.
2) Send in explanatory documentation to support your correction.
3) Danger... certain amended returns can trigger audits.
4) Amended returns cause extra scrutiny of other items on the tax return.
5) Consult a professional to assess the risk of amending.

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If you need a tax appointment... www.baboiancpa.com