Preparing and Filing Amended Returns-Navigating IRS Corrections with Confidence
Date: December 17, 2024
Speaker: Nicholas Preusch
Description of This webinar provides a detailed guide for tax professionals on preparing and filing amended returns using Forms 1040-X, 1120-X, 1065-X, and other relevant forms. Participants will learn when and how to amend returns, handle corrections efficiently, and avoid common pitfalls. The session will also cover changes in IRS procedures, statutes of limitations, and the potential impact on refunds, audits, and penalties. This course provides tax professionals with a comprehensive guide to preparing and filing amended tax returns. Whether correcting errors, claiming missed deductions, or adjusting income, understanding the process of amending returns is essential for ensuring compliance and maximizing client refunds Participants will explore the key aspects of filing amended returns using IRS Form 1040-X. The course will cover common reasons for filing an amended return, the specific timelines for amendments, and how to handle changes that impact other tax forms and schedules. Additionally, participants will learn how to communicate with clients about the need for amendments, manage expectations regarding potential refunds or additional taxes due, and navigate potential audits triggered by amendments. Through detailed examples and case studies, the course will also address best practices for documenting changes and responding to IRS inquiries related to amended returns. By the end of this course, tax professionals will be equipped to confidently handle the complexities of amending returns, ensuring accuracy and compliance. Learning Objectives
- Identify situations that require amended returns and how to determine eligibility
- Explore IRS e-filing options and best practices for paper filing when required
- Learn the process of completing and filing Form 1040-X for individual taxpayers
- Master the completion of Form 1040-X for individual taxpayers and other amended forms (1120-X, 1065-X, etc.) for business entities
- Learn how to correct errors related to income, deductions, credits, and filing status
- Understand statutes of limitations for claiming refunds and addressing errors
- Analyze the impact of amendments on other tax forms and schedules
- Learn strategies for managing client expectations and minimizing penalties or interest from prior year corrections
- Develop strategies for communicating with clients and managing expectations related to amended returns
Key Topics Covered:
- Introduction to Amended Returns
- Filing IRS Form 1040-X
- Common Reasons for Amending Returns
- Interplay with Other Forms and Schedules
- Navigating Audits Related to Amendments
Who Should Attend This course is designed for tax professionals, including CPAs, enrolled agents, and tax preparers, looking to enhance their skills in handling amended returns and better serve their clients.
SPEAKER
Nicholas Preusch
Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation)
