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Error on your Tax Return, What You Can do

Karen Johnson • Aug 25, 2021

 

If you made an error on your tax return, don’t worry—there are two easy ways to fix it:

  1.  A superseding return
  2. A qualified amended return

A superseding return is an amended or corrected return filed on or before the original or extended due date. The IRS considers the changes on a superseding return to be part of your original return.

A qualified amended return is an amended return that you file after the due date of the return (including extensions) and before the earliest of several events, but most likely when the IRS contacts you with respect to an examination of the return. If you file a qualified amended return, you avoid the 20 percent accuracy-related penalty on that mistake.

When it comes to the IRS, an ounce of prevention is worth a pound of cure. If you made a mistake, fix it as soon as you know about it, which will save you penalties, increased interest accruals, and the headache of an IRS review of your return.

If you have an error in your return, please message me at accuratetaxes616@gmail.com so that we can get busy making the correction.

A superseding return is an amended or corrected return filed on or before the original or extended due date. The IRS considers the changes on a superseding return to be part of your original return.

A qualified amended return is an amended return that you file after the due date of the return (including extensions) and before the earliest of several events, but most likely when the IRS contacts you with respect to an examination of the return. If you file a qualified amended return, you avoid the 20 percent accuracy-related penalty on that mistake.

When it comes to the IRS, an ounce of prevention is worth a pound of cure. If you made a mistake, fix it as soon as you know about it, which will save you penalties, increased interest accruals, and the headache of an IRS review of your return.

If you have an error in your return, please message me at accuratetaxes616@gmail.com so that we can get busy making the correction.

Internal Controls – Why Important

By Karen Johnson • 25 Aug, 2021
What Is Internal Control?  In accounting, a key term to know is “internal control.” Internal control is the series of processes and procedures that are performed within the organization to ensure the integrity and accuracy of the financial information and reporting of that organization.  Internal control is very important to consider in order to protect ... Read more The post Internal Controls – Why Important appeared first on ProAct Bookkeeping.

The Work Opportunity Tax Credit Rewards Your Good Deeds

By Karen Johnson • 25 Aug, 2021
The Work Opportunity Tax Credit rewards your good deeds.  And now, because of new legislation, the rules are in place for longer than usual.  If you need to hire workers in your business, this dollar-for-dollar reducer of your taxes is one to know about. Suppose your business hires a member of a targeted group. In ... Read more The post The Work Opportunity Tax Credit Rewards Your Good Deeds appeared first on ProAct Bookkeeping.
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