| Should you amend a tax return knowing that there were some income omissions? Well, the fact of the matter is that failure to report income is considered Tax Fraud especially if the income represented a material amount. Clearly, the income that you received (especially in the light of the facts that you presented) were paid in the form of checks MUST be included in your tax returns. Period! There can be no argument in this matter!
I strongly recommend that you file an amended return as soon as possible and in this manner, you may be able avoid any possible penalties and interest. If unsure how to file an amended tax return, I strongly recommend that you seek the services of a professional CPA or a Tax Professional! |