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Old 04-04-2007, 09:19 PM
TaxGuru TaxGuru is offline
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Join Date: Jan 2007
Location: New Jersey, USA
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Dear Aron,

I understand your anxiety, but a lot of people tend to rush in filing their tax returns early, and very often after filing the tax returns they receive a 1099-Misc, a corrected 1099-Div or remember that they forget to include stock trades etc.

My advise to you is to go back to the CPA or your tax preparer, explain the mistake and ask him to file an amended tax return, FORM 1040X. This is the form that the CPA needs to file to the IRS. This form will report the corrected transactions which in your case report the additional income.

It is generally agreed by most CPA's that by filing a Corrected or Amended tax return, the IRS will not impose substantial underpayment penalties! And, this is the main reason to quickly file the amended return as soon as possible before the IRS imposes the penalties on you.
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