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Amending Tax Returns: When, Why, and How to Fix IRS Filing Mistakes
Episode Summary:
In this informative episode of Resilience and Resolve, tax attorney Lance Drury discusses the complexities of amending tax returns. Lance explains the most common reasons taxpayers need to file amended returns, the strict timelines for claiming refunds, and how the process works amid IRS delays. He also highlights key red flags that trigger audits, the importance of documentation, and why hiring an experienced tax attorney can protect you from costly mistakes. Whether you’ve made an honest filing error or overlooked income, this episode offers practical guidance on addressing past tax issues the right way.
Key Timestamps:
00:01 – Show Introduction
00:44 – Common reasons taxpayers need to amend a return
01:20 – How long the IRS takes to process amended returns
02:05 – The role of the Taxpayer Advocate and recent service delays
02:34 – Does amending a return increase audit risks?
03:53 – Time limits for amending returns and claiming refunds
04:46 – Filing requirements and certified mail tracking
05:45 – The IRS 10-year collection window and how it works
06:27 – Potential penalties and interest on amended returns
07:09 – State vs. federal returns: how they interact
08:23 – What to do if you can’t pay additional tax from an amendment
09:20 – The importance of documentation and recordkeeping
10:25 – Why self-employed taxpayers face more challenges
11:16 – When to contact a tax attorney for help with amended returns
12:38 – How IRS understaffing impacts processing and collections
13:52 – Final advice for taxpayers dealing with filing mistakes
About the Show:
Resilience and Resolve with Lance Drury provides practical legal insights into IRS matters, tax law, and financial defense strategies. Each episode explores timely and complex tax issues with real-world examples and expert analysis from Lance Drury and his experienced legal team.
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By resilienceandresolveEpisode Summary:
In this informative episode of Resilience and Resolve, tax attorney Lance Drury discusses the complexities of amending tax returns. Lance explains the most common reasons taxpayers need to file amended returns, the strict timelines for claiming refunds, and how the process works amid IRS delays. He also highlights key red flags that trigger audits, the importance of documentation, and why hiring an experienced tax attorney can protect you from costly mistakes. Whether you’ve made an honest filing error or overlooked income, this episode offers practical guidance on addressing past tax issues the right way.
Key Timestamps:
00:01 – Show Introduction
00:44 – Common reasons taxpayers need to amend a return
01:20 – How long the IRS takes to process amended returns
02:05 – The role of the Taxpayer Advocate and recent service delays
02:34 – Does amending a return increase audit risks?
03:53 – Time limits for amending returns and claiming refunds
04:46 – Filing requirements and certified mail tracking
05:45 – The IRS 10-year collection window and how it works
06:27 – Potential penalties and interest on amended returns
07:09 – State vs. federal returns: how they interact
08:23 – What to do if you can’t pay additional tax from an amendment
09:20 – The importance of documentation and recordkeeping
10:25 – Why self-employed taxpayers face more challenges
11:16 – When to contact a tax attorney for help with amended returns
12:38 – How IRS understaffing impacts processing and collections
13:52 – Final advice for taxpayers dealing with filing mistakes
About the Show:
Resilience and Resolve with Lance Drury provides practical legal insights into IRS matters, tax law, and financial defense strategies. Each episode explores timely and complex tax issues with real-world examples and expert analysis from Lance Drury and his experienced legal team.