A provision of the President's 1993 Budget would amend section 6611(e) of the Internal Revenue Code to extend the 45-day grace period to all types of taxes and to amended returns
as well as claims for refunds.
In the example, X's mechanism for recovering the accelerated depreciation it was supposed to take in prior years would be to file amended returns
for those years.
A letter to the IRS advising it that the taxpayer is in the process of preparing amended returns
or unfiled returns.
also should be filed by taxpayers who received educational assistance through their employers' qualified plans during the last six months of 1992.
6664-2(c)(4), the rules on qualified amended returns
may be modified by revenue procedure for "particular classes of taxpayers.
Although the incentives expired in 1997, taxpayers who qualified for LARZ tax credits but failed to claim them may still file amended returns
Note: These elections, which may be revoked only with the Internal Revenue Service's consent, may be made on amended returns
, if no election had been made and the period for filing a claim for refund or credit has not yet expired.
for any intervening years also may be required.
In its ongoing efforts to crack down on promoters and taxpayers participating in tax shelters, the IRS has suggested that taxpayers should file amended returns
to eliminate the shelter transaction's tax benefits.
Although TEI has not surveyed its members on this issue specifically, the Institute generally believes that the revenue procedure has worked well: it has vindicated the policy underlying the statute's adequate disclosure requirement without imposing any unnecessary burden on taxpayers to prepare and the IRS to process amended returns
B subsequently filed amended returns
for those three tax years, reclassifying the gas stations as 15-year property under an IRS Industry Specialization Program Coordinated Issue Paper, and recalculating depreciation under the MACRS 150% declining balance (DB) method over a 15-year recovery period.
Even if the period between the filing of the original and amended returns
is only 39 days (the longest such interregnum sanctioned by Announcement 90-144A), the responsibility is not one the taxpayer can lightly shirk.