The tax filing deadline has passed for those who did not request an extension, meaning many individuals and those who filed otherwise have likely already either submitted the required payment owed or received their refund. However, there are a number of different circumstances which may require an amended return. These situations result when a correction or change is needed from the previous submission and can warrant either an additional refund or amount owed depending on the impending results.

If you made a mistake on your taxes the Internal Revenue Service (IRS) will likely flag the account and delay any processing, provided the error is either mathematical or a failed form submission. However, there are other certain instances which may not be as noticeable and must be amended by the taxpayer. These and a few other reasons make up some of the top instances when an amended tax return needs to be filed.

Additional Income Not Reported (W-2, 1099)

The IRS may not initially catch any extra income which was not first reported, but once the appropriate forms are received from the payer this will be remedied. However, in the interim, if you receive a non-reported or corrected W-2, 1099, or other form showing income, then an amended return is warranted. 

Incorrect Filing Status

In the event you filed with an incorrect status, then an amended tax return will be necessary. While it may seem inconceivable someone would submit a return under the wrong status, remember marriage and Head of Household rules can both make things a bit tricky. In addition, it could be that two individuals realized a Married Filing Jointly (or Separately) return may have a positive impact on the end result of their return.

Incorrect Dependent Claim

Incorrectly claiming a dependent could also be the cause of an amended return. Especially in scenarios where parental units are separated but share custody of a child, then who claims the dependent can become a gray area. While a court order may exist to help clear the air, there are still plenty of times when a child or elderly adult may be incorrectly reported on a tax return. If this happens, an amended return becomes necessary.

Internal Revenue Service (IRS) Rule Change

The IRS is constantly changing rules, regulations, and requirements for different credits, deductions, or other associated tax return features. Especially after a change in leadership, this reform seems to always be a next step for political parties. Given an amended return may be filed up to three years after the initial submission, any resulting modifications may impact a previously filed return. 

Once you think an amended return may be needed, let the accounting and tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions and handling all accounting services, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a top quality tax service, our group can also complete all types of returns and get answers to any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!