Amend Prior Year Tax Returns | Missed Tax Return Extension

Antioch CA | Brentwood CA | Oakley CA | Pittsburg CA

At GAMARRA, CPA we prepare and filed amended tax returns. Below are a list of frequently asked questions by our clients:

Question: I received a letter from the IRS specifying that I filed the wrong tax return? What do I do now? 

Answer: In most cases, registering an LLC or S Corporation will complicate your tax filing. If you accidentally filed a partnership tax return or corporate tax return in where you should have filed as a sole proprietorship, the IRS will mail you notice of the error and penalize you. In most cases, this can be corrected by amending your original tax filings. Bear in mind that an LLC has the flexibility to be taxed as a sole proprietorship, S corporation, partnership, or C-Corporation. However, opting f

Question: If I amend my tax return, will this result in an audit? 

Answer: If you amend your taxes, this does not automatically generate an audit. In all cases, the facts and circumstances of the changes made to your original tax return will be the main driver to justify an audit or review. If you plan on modifying your original tax return and it can be justified with supporting evidence, then you should not be concerned with an audit. Worst case, they will audit and you mail the IRS the supporting evidence and all gets resolved. 

Question: I am amending a tax return and was due a refund after amending the tax return. Will I get a refund?

Answer: If amending your tax returns and it has been three years from the time of amendment, then you will get a refund. If three years has exceeded from the time of amending, you will not get a refund nor a credit for the tax due.

Question: Can I electronically file an amended tax return?

Answer: No, an amended tax return cannot be efiled. Filing the 1040X Amended tax return requires that you disclose the changes made to the original tax return. 

Question: Can I amend my taxes if should have itemized versus using the standard deduction? 

Answer: If you failed to itemize and itemizing would have resulted in a larger refund, then you should exercise your right to amend. Although it may trigger a review of supporting evidence, why not maximize your tax refund - it is your money to begin with.