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#2
04-06-2008, 04:28 PM
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 Re: penalties if you discover underpayment of taxes and file amendedreturn On Apr 5, 7:25 am, "Andrew" <and...[at]jkl.com> wrote: - quote - > I received a form from the IRS a few weeks later assessing me $1.30 in
So they write it off as a loss > interest and immediately on the same form they wiped the slate clean stating > they weren't going to charge me since it was "so low". Amazing! And who > said they were heartless?  .Anyway, I was also thinking about things like form 3520 to report distributions or gifts from foreign entities, where the penalty is up to 35% of the amount received. -- << ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#1
04-05-2008, 02:25 PM
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| Re: penalties if you discover underpayment of taxes and file amended return Condor wrote: - quote - > > Is there a law that says if you discover an underpayment in your
And even that interest due might not need be payable.> > prior year tax return and file an amended return, then there are no > > penalties because you've discovered the error and fixed it on good > > honor code? > No penalties normally will be assessed if you pay the tax due with the > amended return. By law, interest is due. > Condor Last year (Tax year 2006), I realized I had not deducted the 'rebate' I received from NY State for my STAR property rebate, thus on Sch "A" I entered too much property taxes paid. So I filed an amended return which added additional taxes I owed over 6 months later. I received a form from the IRS a few weeks later assessing me $1.30 in interest and immediately on the same form they wiped the slate clean stating they weren't going to charge me since it was "so low". Amazing! And who said they were heartless? -- ----------------------------- Regards - - Andrew -- << ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- > |
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04-05-2008, 11:17 AM
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| Re: penalties if you discover underpayment of taxes and file amended return - quote - > Is there a law that says if you discover an underpayment in your prior
No penalties normally will be assessed if you pay the tax due with the> year tax return and file an amended return, then there are no > penalties because you've discovered the error and fixed it on good > honor code? amended return. By law, interest is due. Condor -- << ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
04-05-2008, 05:10 AM
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| penalties if you discover underpayment of taxes and file amendedreturn Is there a law that says if you discover an underpayment in your prior year tax return and file an amended return, then there are no penalties because you've discovered the error and fixed it on good honor code? -- << ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| amendedreturn, discover, file, penalties, taxes, underpayment |
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