We all make mistakes, even when it comes to something as important as tax returns. One 2014 study found that between 2006 and 2009 alone, as many as half of all self-filed returns had some sort of error. That may be small comfort to those feeling the worry and dread of being audited by the I.R.S., but it also reveals that this is a common enough problem for there to be an available solution. If you realize there’s a problem with your Personal Income Tax return after it’s filed, here’s what to do.
First, wait until you receive a written notice from the I.R.S., which will not only confirm that you did indeed made a mistake, but will also explain the nature of the error in detail and how you can fix it. (It is important to note that you will never receive an unsolicited call or email from the I.R.S. about a tax issue – these are committed by scammers.) In most instances, the solution will be to simply submit to the I.R.S. the requested correct or missing information.
Sometimes, the I.R.S. will go ahead and fix the error with your tax return on its own. This is usually done in cases where the I.R.S. either believes you made a simple miscalculation or if you failed to claim a tax credit for which you qualify. If you disagree with the corrections, gather evidence for your position and can contact the I.R.S. by mail or phone to make your case. Always have a copy of the notice and tax return on hand for when you call.
If you have yet to receive any notice from the I.R.S. but still believe you have made a mistake on your tax return, you can complete and submit an amended tax return via Form 1040X (for individuals) and/or Form 1120X (for businesses), which will have section in which you can explain the changes. Note that you will not be able to e-file your amended return, which can only be sent to the I.R.S. by mail, plus it may take up to three months to be processed once receive. Therefore, don’t be alarmed if you don’t hear anything right away.
These tax issues and more can be avoided if you turn to Quilca CPA Group for all your tax compliance needs. As certified public accountants, we’re specially trained and licensed to handle a broad range of financial and accounting issues, including Personal Income Tax, business and sales tax, and much more. Discover the peace of mind and savings that come with hiring our tax and finance professionals when you contact [email protected] or (786) 310-5582.
