Discussion:File amended return afte statute of limits?
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Discussion Forum Index --> Advanced Tax Questions --> File amended return afte statute of limits?
Discussion Forum Index --> Tax Questions --> File amended return afte statute of limits?
| 12 August 2008 | |
| Client admits to taking a deduction in error from 2004-2006 through ignorance (no fraud). I am filing amended returns for 2005/2006 within the SOL. If deduction taken for 2004 and statute of limits has passed (filing deadline for 3/15/05 plus 3 years), does that tax return need amending? Client says no to amendment for 2004. | |
| 12 August 2008 | |
| Were the returns filed timely? If so, I certainly would not file amended returns past the SOL. | |
| 12 August 2008 | |
| yes, filed timely....the issue is the same "incorrect deduction" applies for all years....can the IRS go back beyond the SOL? | |
| 12 August 2008 | |
| 1. A taxpayer can voluntarily file an amended return to report additional tax owed even though the audit statute has expired.
2. The general rule is that, where gross income on the original return was understated by more than 25%, the audit statute be 6 years from the due date or filing date if the return was filed late. -- Larry Hess, CPA | Albuquerque, NM | |
| 12 August 2008 | |
| An erroneous deduction, even it if has the same mathematical effect as understated income, does not trigger the six year statute. The only other thing that could extend it is fraud. | |
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