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amended tax returns
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It turns out that the returns were rejected because they attempted to amend
the original returns after the 5 year deadline. I think I am good to go but
I will be getting the IRS account history and go from there.
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Why was it rejected
In a message dated 11/19/2012 4:55:04 P.M. Pacific Standard Time,
havkinlaw@earthlink.net writes:
Just got additional information from the accountant. The amended tax
return was rejected by the IRS. Does that change anything?
Stella
Why was it rejected
In a message dated 11/19/2012 4:55:04 P.M. Pacific Standard Time,
havkinlaw@earthlink.net writes:
Just got
additional information from the accountant. The amended tax return was
rejected by the IRS. Does that change anything?
Stella
The post was migrated from Yahoo.
I'm unaware of any statute that prevents a taxpayer from amending an
already-filed tax returnat any time.
See, for instance, this section of the IRM, which posits an amended
return filed six years late:
http://www.irs.gov/irm/part25/irm_25-00 ... ont01.html
The complications usually arise from the date of payment. You can't
amend a tax return that's already five years old and get back your
original withholdings. But you can file that return and affect the
amount you owed on that return; if your five-year-old return says you
owed $20,000, you never paid it, and you amend to show that you actually
owe $10, your assessment will change and you'll owe $10 - assuming the
IRS doesn't use that as the opportunity to audit you and find out that
you really owed the $20,000 all along.
In Stella's case below: the amended return shows $70,000 owing. That's
what he owes; the date of assessment is the date that the IRS receives
his amended return. Count 240 days from that date, and it's
dischargeable under that rule. But that's not the only dischargeability
rule.
The amended return doesn't change the three-year statute all over again;
the return was originally due on either 4/15/2008 or 10/15/2008, dates
long since past.
But this amended return does implicate the two-year rule at
523(a)(1)(B)(ii). You'll have to wait another 17 months to discharge the
tax showing on it, even though it decreases the assessment.
- John D. Faucher
818/889-8080
On 11/17/12 1:07 PM, Dennis McGoldrick wrote:
> The three year statute runs from the date the return was first due.
> Filing a late return, no matter how late, cannot change the date the
> return was first due.
>
> Maybe John can comment, but when I'm working a tax case with tax
> attorneys, they will file late, late, late amended returns if they
> believe the first return was wrong and overstated the liability. The
> IRS can say, sorry, too late, but in appeals, it is my understanding,
> the IRS can actually consider them. John?
>
> d
>
> ------------------------------------------------------------------------
> *From:* "havkinlaw@earthlink.net"
> *To:* cdcbaa@yahoogroups.com
> *Sent:* Saturday, November 17, 2012 11:19 AM
> *Subject:* Re: [cdcbaa] amended tax returns
>
> I have no idea why the cpa amended the returns.
> Sent from my Verizon Wireless BlackBerry
> ------------------------------------------------------------------------
> *Sender: * cdcbaa@yahoogroups.com
> *Date: *Sat, 17 Nov 2012 18:36:42 +0000
> *To: *cdcbaa@yahoogroups.com
> *ReplyTo: * cdcbaa@yahoogroups.com
> *Subject: *Re: [cdcbaa] amended tax returns
>
> There is a three year limit on amending a federal tax return. Two
> years for california.
> Sent via BlackBerry by AT&T
> ------------------------------------------------------------------------
> *Sender: * cdcbaa@yahoogroups.com
> *Date: *Sat, 17 Nov 2012 17:58:46 -0000
> *To: *
> *ReplyTo: * cdcbaa@yahoogroups.com
> *Subject: *[cdcbaa] amended tax returns
>
> My PC filed his timely 2007 tax returns owing $200,000. The IRS had
> liened his underwater house. He was intending to file for bk but went
> to see his accountant and 7 months ago, they filed an amended return
> for 2007 clarifying that there were errors and that he actually owes
> only $70,000. Does the amendment which decreased his liability, after
> 5 years of the IRS having an opportunity to collect on the larger debt
> and after more than 240 days after the amendment which I guess would
> have allowed them to reassess, restart the three year statute of
> limitations for dischargeability?
>
> Stella
>
>
>
>
The post was migrated from Yahoo.
The three year statute runs from the date the return was first due. Filing a late return, no matter how late, cannot change the date the return was first due.
Maybe John can comment, but when I'm working a tax case with tax attorneys, they will file late, late, late amended returns if they believe the first return was wrong and overstated the liability. The IRS can say, sorry, too late, but in appeals, it is my understanding, the IRS can actually consider them. John?
d
________________________________
To: cdcbaa@yahoogroups.com
Sent: Saturday, November 17, 2012 11:19 AM
Subject: Re: [cdcbaa] amended tax returns
I have no idea why the cpa amended the returns.
Sent from my Verizon Wireless BlackBerry
________________________________
The post was migrated from Yahoo.
I'm almost certain it does not restart the 3 year period, and under
the facts you give, I don't think it would restart the 240-day post
assessment period either, but one of our tax experts may want to
chime in on that one.
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California
Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency (see what this
means at
The post was migrated from Yahoo.
There is a three year limit on amending a federal tax return. Two years for california.
Sent via BlackBerry by AT&T
Sender: cdcbaa@yahoogroups.com
Date: Sat, 17 Nov 2012 17:58:46
To:
Reply-To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] amended tax returns
My PC filed his timely 2007 tax returns owing $200,000. The IRS had liened his underwater house. He was intending to file for bk but went to see his accountant and 7 months ago, they filed an amended return for 2007 clarifying that there were errors and that he actually owes only $70,000. Does the amendment which decreased his liability, after 5 years of the IRS having an opportunity to collect on the larger debt and after more than 240 days after the amendment which I guess would have allowed them to reassess, restart the three year statute of limitations for dischargeability?
Stella
The post was migrated from Yahoo.
My PC filed his timely 2007 tax returns owing $200,000. The IRS had liened his underwater house. He was intending to file for bk but went to see his accountant and 7 months ago, they filed an amended return for 2007 clarifying that there were errors and that he actually owes only $70,000. Does the amendment which decreased his liability, after 5 years of the IRS having an opportunity to collect on the larger debt and after more than 240 days after the amendment which I guess would have allowed them to reassess, restart the three year statute of limitations for dischargeability?
Stella
The post was migrated from Yahoo.