- quote -

The advice you received so far, comes from practitioners who
~get ~ a feel for the levels, trust their instincts.

The tolerances are protected information, and are
occasionally changed depending on the dynamics of what the
agency thinks will yield a reasonable return for efforts
made to pursue that issue.

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- quote -

I don't believe any "toIerances" are published but I have
encountered situations where additional interest on a
corrected 1099 was between $75 - $100 and the IRS matching
program did not catch it so I agree with the advice of doing
nothing for now.

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- quote -

What are these tolerances? Are they published by the IRS or
just informally known?

--
John D. Goulden

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- quote -

Wait until your current return has been fully processed,
then file a 1040X before April 17. You'll have to send them
a few bucks, but no penalty as long as the tax is paid by
the filing deadline.

--
John D. Goulden

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steve.tal...[at]ctcoftulsa.com wrote:

- quote -

It will cost the IRS far more to process an amended return
than the tax you will pay. Give the taxpayers a break and do
nothing. I do not think the matching program will catch it
because it is below the tolerances. If it, does, they will
bill you. If it is keeping you up at night (Monk) then send
in a corrected return.

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steve.tal...[at]ctcoftulsa.com wrote:

- quote -

You need to file an amended return, Form 1040X (and probably
a state amendment also). Wait until your first return has
been processed before filing 1040X. If you file the
amendment before April 17, 2007, there won't be any
penalties or interest due on the extra tax you owe.

Dennis

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steve.talley[at]ctcoftulsa.com posted:

- quote -

File a 1040-X, to amend your return. However, you should
wait until processing is complete. Depending on whether you
were due a refund or owed additional taxes, that can be
confirmed by either receipt of the actual refund via direct
deposit or check, or confirmation from your bank that your
payment has cleared your account (either cancelled check or
image of one). That should occur long before this year's
deadline, since you filed already.

Then just follow the directions on 1040-X, and submit
whatever additional payment would be required (probably no
more than $20 -- perhaps as little as $5).

Bill

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I recently e-filed my taxes and a week later a 1099-INT for
came to my house for interest paid on a Certificate of
Deposit I cashed in last year. The interest wasn't very
much, approximately $84.00, but I know I need to pay taxes
on this. Any recommendations on how to do this? I want to
avoid paying penalties if at all possible.

Thanks.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >