Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 05-09-2014, 02:44 PM
Junior Member
 
Join Date: May 2014
Posts: 1
Filing amended return AFTER Notice of Deficiency

Hi,


I have received the NOD, and am not in dispute of the changes proposed by the IRS examiner as shown in same NOD.

I do, however, have other significant business expenses (for Sched. C), that I originally neglected to report, and want to know if amending my return showing the new expenses would be a good idea, or even allowable by the IRS?


Kind Regards,
Mario



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 05-10-2014, 02:58 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,230
Quote:
Originally Posted by junealec View Post

I do, however, have other significant business expenses (for Sched. C), that I originally neglected to report, and want to know if amending my return showing the new expenses would be a good idea, or even allowable by the IRS?

Of course; Expenses for 2013 must be claimed on 2013 tax return. You may file an amended return Form 1040X to modify IRS assessments to reduce your taxable net earnings on Sch C/Sch SE to decrease your SECA tax liability or tax liability reported on 1040.(or a 1040 to modify a return that the IRS may have prepared on the taxpayers behalf).

An amended return cannot be filed electronically, thus you must file it by paper. If you are subject t o tax refund then, IRS will not offset a refund unless you have been billed for the deficiency. Note;If the information displayed in the “Changes to your tax return” section of the notice is correct, you don't need to amend your return unless you have additional income, credits or expenses to report. If you want them to consider additional information, you may send it to irs, along with a written explanation supporting your position. You may contact them with the phone number provided on the first page of the notice. You may want to contact whoever reported the information and ask them to correct it. You should send your response to them as soon as possible, since they can't extend the time you have to file a petition with the tax court.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How do I owe so much on my amended return?? gatorade81 For 2013 2 03-13-2014 07:02 AM
Amended Return Now or No? twopeaedpod For 2013 1 02-27-2014 01:56 PM
Forgiving deficiency? boxxed For 2013 3 08-27-2013 02:31 PM
Amended return kheld3 Miscellaneous 0 03-12-2010 06:17 PM
Amended return after notice of examination nycindhot Itemized Deductions 0 06-23-2009 07:49 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning