Posts Tagged ‘Amended Tax Return’

3 Proven Steps for Taxpayers to Survive Tax Season


melting ice cubes

1)Be Prepared

Ah yes, the Boy Scout Motto, “Be Prepared”.  It is very applicable to surviving tax season. How can you get prepared?  Start with completing your tax organizer.  We send these out to our clients in early January.  This will contain all of the prior year information.  Some clients don’t like filling out the tax organizer.  That’s fine. … Continue reading »

How to File Your FBAR and Avoid Huge Penalties

The Report of Foreign Bank and Financial Accounts Form TD F 90-22.1 ("FBAR") is due June 30, 2011.  This form must be filed by a United States person with a financial interest in or signature authority over a foreign financial account if the total value of all of the accounts exceeded $10,000 at any time during the year.  This form is merely an information form.  There is no tax due with this return.

How Does the Statue of Limitations Affect Tax Obligations With the IRS?

The statute of limitations limits the time during which an action can be brought by the IRS for an audit and the time for IRS tax collection activities.  Generally, there is a 3-year period for the IRS to give you a refund, three years to audit your tax return, and ten years to collect any tax due.

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