Amended Tax Return Service#5 .pdf
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How Financial Statement Preparation Compliments
Amended Tax Return
Before moving on to the amended tax return and financial statement preparation, it is better to revise a
few basics first. An individual tax return refers to the exercise of providing your tax regulatory body with all
financial transactions that you made during a particular fiscal year. It is mandatory for every taxpayer to
file his or his return within a pre-announced deadline. The respective authority then analyzes the
information provided by a taxpayer, which in case of the federal tax is IRS. The returns your file are used
to determining whether you have fully paid your tax liability or not. It is also a good thing for individuals
who are eligible to get a tax refund. Today the return filing procedure has become an easier one as there
is a lot of professional help available, and in addition to this the availability of automated software is also
mentionable here. Let us discuss financial statement preparation and amended tax return now
An Amended Tax Return
As its name confirms its all about making the necessary amendments in your already filed returns. There
are several reasons for which, an individual may think about altering his previously submitted information.
Here it's important to mention that you may not require the filing of an amended tax return just because
of simple mathematical errors. It deals with correction of complicated issues like a change in status or
change in the financial condition due to a previously owned investment instrument. In fact there are
several cases in which a taxpayer can seek some relief by filing such a return; however the IRS will check
and analyze your case before finally approving or rejecting it. Here it is also important to mention that try
to undergo the process of financial statement preparations before you file such a return.
Remember the Time Limit
When it comes about the amended tax return, there is a settled and predefined time limit to submit, and
you cannot go beyond that limit. It simply means that the possibility of getting your filed returns altered
depends on the time between their submission and the filing of amendments to them. The IRS, have this
limit set at three years. Thus, a taxpayer cannot file an amended return for the returns that he submitted
more than three years ago. Therefore, in case if you want to file an amendment than keep this limit in
your mind. Here it is also important to mention that an individual may also be able to file a return for the
tax that has already been paid more than two years ago. Therefore, plan your financial statement
How & Where to File
As far as the federal taxes are concerned, you have filed your amended tax return to the IRS. There is a
complete procedure available to provide you with the required support and guidance. What all you need is
to fill and fill your return on specifically designed Form-1040. This form can be used to amend your
previously filed returns on different individual specific forms like 1040, 1040A, 1040EZ, etc. However, it is
necessary to fill and file a separate form for each of the previously filed forms. There is a difference
between the normal and amended returns filing procedures. The amended tax return can only be filed by
mail. However, we all know about the excellent e-filing options available to get the job done for normal
returns. Keep in mind that you may find out several new points to raise during the financial statement
Need of a Professional
Filling of an amended tax return is not as simple as it sounds. In fact, there are a lot of technicalities
involved. The hiring of a professional to keep this procedure seamless and optimal is an important thing
to do. Luckily there are many professional services available today operating in this industry. What you all
need is to choose one who have IRS, recognizes and approved credential. In addition to this don't forget
to check the track record of your chosen professional or die in matters related to the amended tax return.
You should also choose one, with having a deep knowledge of financial statement preparation.
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/