It now seems that my Monday client allowed a professional to leave her Social Security Disability Income completely off the return in 2003. Also left off were the expenses of collecting. Not surprisingly the IRS is asking for back taxes. But isn't it too late to Amend O3? Or is it merely too late to Amend 03 and get a refund? I know how to get the Amended return done, but will doing so benefit my client? I have this kinda funny notion that if I am going to take money from someone I should give them a valuable service in return. An Amended Return that gets laughed at by the IRS is not a valuable service.
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Time Limits
If 2003 tax return, return due date 4/15/04, so 3 year limitation for claiming refunds which would be 4/15/07 on original file date, extensions are not included, so claim for refund has expired.
So it is not to late to amend the 2003 return, but it is too late to amend the return and receive any refunds.
Statue of limitations on collection of tax on the 2003 return is 10 years from time tax liability has been finalized.
I have included a link that might explain better than I can http://taxes.about.com/od/backtaxes/...ute_limits.htm
If the amended return saves the t/p tax dollars I would probably still file, but if there is a claim for refund, obviously that expired, but on the bright side, the t/p might not owe any additional tax dollars.
Sandy
Sandy -
Thank You
ST. That explains things nicely for me. I hope to amend in order to reduce the tax and therefore the interest and penalties due.Comment
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