Worried about mistakes on tax returns? Don't! There are simple ways to correct it:
A superseding return has been updated or revised after the initial or extended due date. The revisions on a superseding return are considered part of your original return by the IRS.
A qualified amended return is one that you file after the return's due date (including extensions) and before one of many occurrences. The most common of which is when the IRS notifies you about an examination of the return. You can avoid the 20 percent accuracy-related penalty if you file a qualified amended return.
It's essential to have the ability to recognize errors before the IRS recognizing them. Then, when it comes to the IRS, if you make a mistake, correct it as soon as you realize it to avoid fines, penalties, interest, and the hassle of an IRS review of your return.
If you see a problem with your return, please get in touch with us to start working on fixing it.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.