Amended Returns

[Duane Anderson]

Just Received a new client and need to amend their 1120S and 1040 for several years.....Is still 2012 forward open to amend? I assume 2011 is closed...Thanks,,,Duane Anderson

[Kram BergGold]

You are correct

14,13, and 12 are in play.

[ATSMAN]

Just Received a new client and need to amend their 1120S and 1040 for several years.....Is still 2012 forward open to amend? I assume 2011 is closed...Thanks,,,Duane Anderson

Correct. Is the taxpayer under audit? If yes any amendment may not mitigate the audit issue unless examiner is agreeable.

[taxea]

If amending years prior to 2012 would have a positive effect for the TP on the 2012 going forward, you should amend back 7 years.

[Lion]

Taxpayer can amend any years he wants. The IRS will issue refunds for only three open years. If taxpayer is trying to get straight with the IRS/OIC/IA, he may want to go back six years. Why does he want to amend? Why isn't the preparer of the original returns doing the amendments?

[ATSMAN]

Taxpayer can amend any years he wants. The IRS will issue refunds for only three open years. If taxpayer is trying to get straight with the IRS/OIC/IA, he may want to go back six years. Why does he want to amend? Why isn't the preparer of the original returns doing the amendments?

Correct. Unless the IRS is insisting that returns prior to the open years be amended, I would weigh the pros and cons before advising the client to open up prior years when I was not the tax preparer. I have seen some funky stuff with prior return preparers but that is not my issue unless IRS is requiring amendments.

[Lion]

If you're signing the amended returns, you risk preparer penalties so make sure you understand everything on those returns.