There are times when an individual or business has inadvertently omitted or failed to report an item of U.S. or foreign income and assets that requires an amended tax return or other forms to be filed with revised and correct information. Our professionals help you in amending your original tax return and forms in a timely fashion and educate you with the risks of an amended tax return. If a State tax return was associated with the Original tax return then it will also have to be amended and filed.

Penalties and Interest

The U.S. and State Tax laws require all persons obligated to file and pay taxes to timely file and pay their share of the taxes. There are penalties and interest levied on late filing and late payment of the taxes by an individual or business. The penalties and interest are dependent on an individual situation and requires a study of the tax return to advise the taxpayer client of the correct calculations. Penalties are never abated except for extreme situations in accordance with the guidance available from tax agencies. Interest is never abated as tax agencies argue that you have used the money owed to them which is like borrowing from the bank and paying them interest.

Tax Filing Dates

The tax agencies in the U.S. have provided dates for filing unless extended by them in special circumstances. Therefore, it is advisable for a taxpayer to promptly remedy any delinquency in filing obligations.

Amended Tax Returns – Paper or online

Generally, all individual amended tax returns are to be paper filed but later in 2020, IRS will accept amended tax returns electronically. Business amended tax returns can be electronically filed so long the year is not closed by tax agency. Our services included both individual and business amended tax returns along with any foreign income and assets forms amended filing.