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Too Good To Be True? Yup!
Tip of the Month
December 2001
Too Good To Be True? Yup!
Watch out for things that sound like this: âNever pay taxes again!â âThe IRS doesnât want you to know about this!â âThis is so new, your CPA doesnât know about it yet.â Right.
Thinking of setting up a tax fraud scam? Watch your back. Any law-biding citizen can turn you in by calling the Tax Fraud Hotline: (800) 380-3495 Email: taxfraudhotline@otrtax.dcgov.org Better to go get a real job (Darn, I slipped onto that soapbox again).
What? Youâve Not Sent Enough Money To the IRS?
The traditional method of fixing this problem has been letting the IRS assess the proper amount of tax, then tack on penalties and fees and send you a bill. But wait! Donât look so glum! Help is here in Form 2210, "Underpayment of Estimated Tax by Individuals, Estates and Trusts" (PDF) and it even comes with instructions: IRS Instructions for Form 2210 (PDF) These remedies are more helpful for those whose income and expenses were not evenly distributed throughout the year, but take a look anyway.
OOPS!
Not a good word when used with IRS in the same sentence. But, if you have made an honest mistake on your return, you have up to three years to file an amended return. Be aware, though, that if you do file an amended return, it will get special scrutiny. The IRS employee goes and gets the original return and compares it yes, in detail with the amended return. Is it worth it? Thatâs for you to decide. To help you make a decision, you can get a copy of: IRS Form 1040X, "Amended U.S. Individual Income Tax Return." (PDF) It also comes with instructions: IRS Instructions for Form 1040X (PDF)
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact their CPA regarding the topics in these articles.
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