Realize You Made an Error or Omitted Something After You Filed Your Return? Here’s What to Do:

stressed man rubbing neck and looking at taxes Everyone makes mistakes, but making an error on your tax return can be particularly upsetting. Once you become aware of the error, worry and dread often sets in. Fortunately, most errors can be corrected easily. If you have realized that there was an error on your small business or individual tax return, follow the instructions below to take care of the problem.

Correcting Errors When You Have Received a Notice

If the Internal Revenue Service suspects that there is an error on your tax return, you will receive a written notice from the IRS that explains the situation in detail. This notice will also tell you how to proceed in order to correct the error. In most cases, you will need to supply the IRS with the corrected or missing information to resolve the problem.

Correcting Errors When You Haven't Received a Notice

If you haven't received any notices from the IRS but you believe you have made a mistake on your tax return, you can correct the error by filing an amended return by completing and submitting Form 1040X. For some businesses an amended Corporation and Partnership returns may need to be filed in addition to the individual tax return. However, you won't be able to e-file. Instead, you will need to send the amended return to the IRS in the mail. Keep in mind that it may take up to three months for the IRS to process an amended return.

Correcting Errors Made by the IRS

In some cases, the IRS will make changes to your tax return on its own. This may occur because the IRS suspects that you have made a miscalculation or that you qualify for a credit you didn't claim. If you disagree with the changes made by the IRS, gather documentation to support your position and contact the IRS by mail or by phone. A representative will tell you how to submit the documentation you have gathered.

Getting Professional Help

Regardless of the nature of your problem with the IRS, you should always seek professional assistance if you don't know how to proceed. PADGETT BUSINESS SERVICES® can help you resolve virtually any tax return problem, from an undiscovered error to a serious discrepancy. Contact us today to discuss your situation and learn more about the options available.

Do you have the support you need to manage your small business bookkeeping? Contact us to schedule an appointment to speak with a local small business advisor.