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When the Warrant of Garnishment is Issued; Errant Makati CPA

0 Views· 11/26/23
Aryel Narvasa
Aryel Narvasa
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I MADE A MISTAKE ON MY TAXES (BIR)
What should I do?
How to fix a mistake depends mainly on a few factors – if you filed a return or not, if you got a notice, and the kind of mistake you made.

But no matter what — take action. The longer you wait, the harder and more time-consuming it is to get a mistake fixed. In addition, if the correction means you owe more taxes, the IRS charges interest and penalties from the due date of that tax return until the account is fully paid. So the longer you wait to fix a mistake, the more expensive it can be.

After filing your tax return, you realize there was a mistake, but you haven’t received any type of notice from the IRS yet
If the due date for filing has passed, you can submit an amended tax return to correct most mistakes. Be aware that you can’t e-file an amended return — it has to be on paper. If you realize you made a mistake but the due date for filing hasn’t passed, do not file an amended return. Instead, file another original return with the correct information.

After filing, you got a notice from the IRS saying there was incorrect information on your return
This often happens before the return is fully processed – the IRS is giving you a chance to correct the return. The notice should explain what that issue is and how to respond. See Incorrect Returns for more information.

Note: if the change described in the IRS notice is different from what you think is incorrect, make sure you address both changes in your response.

After filing, you got a notice from the IRS saying your return is being audited
The audit can be either by mail, or in person. The notice will have specific information on how to proceed.

After filing, the IRS made changes to your return, but now you have new information
If the IRS made changes to your return during processing, you can submit an amended tax return.

If the IRS made changes to the return because of an audit or an IRS assessment under the Substitute for Return program, you may need to request an audit reconsideration.

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