Often a large tax bill can be the result of a poorly done tax return. While many of those in the industry do an adequate job and are detailed with their work, the tax preparers, enrolled agents, and accountants are also human, and have the same faults and mistakes as the rest of us. Therefore, a review of your tax returns can result in a determination of whether an amended return is necessary.
Amending a tax return can bring a dramatic change in the tax liability done. If there was a mistake in the tax credits, the withholding amounts, or not putting all of the income on the tax returns, there can be a strong chance of an audit or notice of underreporting. If there is an audit or notice of underreporting, there is a strong chance of a larger debt incurring through penalties and interest.
Amending a return can be done by ordering your wage and income information from the IRS. Once this information is gathered, we can review your tax circumstances to recognize any potential tax benefits for those years, and assist you in preparing an amended return to best reflect the reality of that tax year.
If you need older years filed, we can order all wages and income information going back ten years at Platinum Tax Defenders and assist you in preparing older years of tax returns as well. While the statute of limitations for a refund is three years, to be compliant with the IRS, and therefore to be able to enter a resolution, the last six years of returns must be filed. By filing a 1040x for any amended return year, the IRS will review the amended return and make a determination as to whether or not the return should be accepted in lieu of the original return. To help persuade their determination, our professionals will draft a formal request to the IRS to provide assistance in seeing why the amended return should be accepted for its validity as compared to the original 1040 filed by the taxpayer.
Here at Platinum Tax Defenders we have created a strong form to assist you in filing taxes, we have proven to be accurate on preparing returns, and it is your eyes that do the final review of the tax returns to ensure that they are accurate before they go to the IRS or the state in which you worked and/or lived.
At Platinum Tax Defenders, our experts can also work on fixing mistakes on previously done tax returns and if they are done quickly and adequately to the due date, we may be successful in preventing further penalties and interest from accruing.