The Bureau of Internal Revenue (BIR) will impose a 20 percent interest and 25 percent penalty for taxpayers with amended returns
that contain additional taxes unaccounted for in their previous income tax declarations, according to Revenue Commissioner Caesar Dulay.
For three consecutive years, a return preparer prepared amended returns
that contained an understatement of liability due to willful or reckless conduct.
7502 applies only to returns "required to be filed," while "amended returns
that show additional tax due ...
For a detailed discussion of the issues in this area, see "Special Deadline: Filing Amended Returns
Reporting Tax Due Within 60 Days of Assessment Limitation," by Michael A.
The IRS announced it would not require those taxpayers to file amended returns
However, the ruling also means that these couples have the opportunity to file amended returns
for past tax years, as filing as married can modify exemptions, deductions, and tax treatment of employee benefits.
The transitional relief provided by Notice 2007-54 will apply to all returns, amended returns
and refund claims due on or before Dec.
(13) The California rules require taxpayers to (1) file amended returns
, and (2) pay the tax that would have been otherwise due had the taxpayer not participated in the reportable transaction.
Both provisions are retroactive, so some qualifying taxpayers must file amended returns
to claim these tax breaks.
Corporate taxpayers may also file amended returns
on a consolidated basis for all tax years beginning on or after December 31, 1985, through 1993.
This software was specially designed to prepare amended returns
for all tax years from 1985-1990.
Section 6511(d)(2)(A) limits the time for filing these amended returns
to within three years of the due date of the return that had the net operating loss.