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Title: Financial Statement Preparation for an
Amended Tax Return
A failure in financial statement preparation prior to filing your tax return may end up with some
potentially damaging errors in your filed returns. There are several countries where a provision
of amending already filed tax returns in available. In this article, we will be talking about this
subject with having the IRS and United States of America as a reference.
Ways to Prevent an Erratic Filing
There are several precautionary measures that you can take to make it damn sure that you are
going to submit a perfectly filled return.
Involving a professional can dramatically cut down the profanities of filing a bad return
Going through the process of financial statement preparation with the help of an expert
will prevent errors
Try to proceed with the filing process as early as possible and don’t wait for deadlines
If you are not willing to hire a professional and have got a good understanding of taxation
than choosing one of the several programs can be helpful
Always try to keep a track of your big transactions at least. Don’t forget to collect
Where does the Amended Tax Return Comes?
The amended tax return, as it name confirms is a special kind of return with an effective and
usefulness for a few specific kind of cases only. In fact, most of the Americans use this option
when they discover sort of a blunder in any of their previously filed return. Here it’s important to
remember that, an amended tax return can provide you with a limited coverage only. Speaking in
the context of the IRS, “limited coverage” includes last three consecutive years only and nothing
What is the procedure?
When it comes to the procedure of filing an amended tax return, it is quite a straightforward
one. Indeed, we suggest the hiring of an expert to start with the financial statement preparation
first. Perhaps, it was be a bad financial statement you had in front of you that time! Because of
which you are going to repeat this painful activity once again.
Download the fillable form 1040A from the IRS website. (Note: you cannot file an
amended return through any one of the internet-based options).
Make sure that you already have done with the financial statement preparation process.
This will provide you great assistance in the filing of an amended tax return.
An individual can use that form, mentioned above as an addendum to these previously
(aka the long form)
(aka the short form)
Fill the form 1040X by following the guidelines provided by IRS in the file Form
1040X instructions. (Note: You can download it from their official website)
Remember, it’s necessary to fill a separate form to amend the details of each
previously filed forms
After filling the form 1040X, read guidelines regarding their forwarding and
submission, which you can locate in the same instruction file about which we
have just talked.
In most cases, an individual is entitled to submit an amended return for all or any
one of the previous three years
After going through the procedure, you have to wait the IRS for their decisions. It
should not take more than 16 weeks. However, you can access some useful
information about your request`s processing by using the IRS live tool. This tool
is called, Where`s my amended return? And available on their official website
The Amended Tax Return Benefits
When it comes to the amended tax return benefits, it heavily differs on the case-to-case basis.
However, for those who are seeking a correction only, this is going to do the job. In case if, you
have done all this effort to gain more than yes! An amended tax return serves better in the
context of gains as well. However, remember to seek a professional for financial statement
preparation right after taking the decision.
Please Contact GLG Accounting at any time for your professional accounting solution.
GLG Accounting is located at
Address: 400 Central Ave, Suite 340B, Northfield, IL 60093, USA
Sourch : https://www.glgaccounting.com/amended-tax-returns/