Any board accountants have a moment?
by OTTER (click here to email the poster) (2024-04-18 13:20:35)

I normally have a very easy return that I can do in a few hours. However, I made an error and am wondering the best way to approach the IRS, and if hiring a CPA would help.

Email me with your phone number? I'll happily pay you for your time.


Another possible option
by socaltrojan  (2024-04-18 18:20:50)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

I'm a CPA in Southern California. Another possible option, if you extended your return, is to file what's known as a Superseded tax return. This actually takes the place of the first return if you file it before the due date. If you haven't extended your return, then you aren't able to go this route. The IRS and most states allow superseded returns, and it's why (among other reasons) we encourage our clients to file an extension, even if they intend on filing before 4/15. Many times certain elections need to be made on an originally filed return for example, and can't be made on an amended return.


If you know the error and how to fix it
by Jojo98  (2024-04-18 17:45:53)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

Just amend your return with the correct info.

If you take a CPA, for them, the amendment process will basically be the same as a full tax return completion. They won't just fix the one thing you're talking about and submit it.


Generally, an amended return is the way to go
by mjdomer  (2024-04-18 16:32:49)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

If you used TurboTax or similar software to prepare your return, there should be an option to prepare an amended return with the corrected information.

You would end up preparing a new return with the corrected data, and include Form 1040-X which explains the reason for the amendment.

Hope that helps.


How bad is the error?
by EricCartman  (2024-04-18 14:30:24)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

I'd check with the CPA about the best way to address the issue and have them review the filing. They will probably fix the filing and refile it. I'm sure that there will be some level of penalties and interest involved.

My guess is that being proactive about the issue is better than ignoring it and hoping that you don't get audited.


the IRS is incredibly reasonable and understanding
by thesixthgreatlake  (2024-04-18 22:04:16)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

In my experience. Like the DMV, they have a bad reputation that is both dated and/or exaggerated.

They understand people make mistakes. They want you to be honest and timely and follow the rules. As long as the rule are followed, they want you to avoid taxes.

If you make a mistake, hire a CPA to help you amend the return. If it's a first time thing, they'll likely abate any penalty and charge you the interest you owe.


Not exactly the words I would use, but whatever
by jt  (2024-04-19 11:10:00)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

I do agree that the idea that they're out to get people is incorrect.