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Amended Tax Returns

Let us amend your taxes for you, promptly, efficiently, and correctly.

How does a tax return amendment work?

The IRS requires that a return is amended anytime an error or omission is discovered. In terms of timeframe, the IRS requires that the return be amended “as soon as possible.” 

Amended returns can be tricky as the original return must be reconstructed & a numerical and written reconciliation must be provided (line by line). 

Amended returns require quite a bit more than only form 1040-X. When many taxpayers call the IRS, the IRS mentions the 1040X form, causing many taxpayers to be confused thinking this is the only form that must be filed. This is not correct – the IRS requires that we resubmit the entire return + the 1040X form as a cover-page explaining the changes both numerically as well as verbally.

Filing return amendments for years 2019 and 2020 can be done electronically to save time. The IRS has allowed this since Covid to make things easier on everyone.

What are the most common reasons that you may need to amend your taxes?

You received a penalty letter or a tax assessment letter from the IRS or any state

The IRS and states often send letters if they find issues with your return. The most common letter is a CP2000, which means the IRS has found changes that must be made to your return. This happens when the information they have received does not match what you reported. The most common reasons for this are missing 1099-Ks from ecommerce, missing 1099Rs from a distribution from a retirement plan, or missing RSU/ESPP/NSO equity from an employer stock compensation plan. 

State letters normally arrive because an aggressive state, such as CA or NY, has determined that you possibly lived there & owe them tax. 

These can often easily be addressed – just shoot us a message below. 

Other common reasons are below:

  • You realized you accidentally forgot to report 1099-INT, 1099-DIV, K-1, 1099-MISC or any other type of income
  • You found out that you qualify for a tax credit or deduction and would like to get your refund. 
  • Included incorrect dependent information
  • Accidentally left out foreign income, FBAR, forms 8938
  • Returns were filed too aggressively or by unlicensed person & you would like to have them corrected  
  • Depreciation was missing from a rental property
  • State tax was allocated incorrectly
  • Forgot to report forms 3520, foreign gifts, foreign companies, or other required disclosures

    Note: tax refunds from the IRS are only allowed for three years after your filing due-date, so act fast if you feel that your amendment will produce a refund!

Need help with Amended Tax Returns?

Call us today at (866) 656-8036, email us at hello@dimovtax.com, or fill out the form and we’ll get in touch immediately.

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