by George Dimov | Dec 19, 2024 | NYC Accounting
Introduction Submitting an amended tax return is a useful way to correct errors or make updates to a previously filed return. However, what happens if you realize there’s an error on the amended return itself? Understanding your options is crucial. Is It Possible to...
by George Dimov | Dec 19, 2024 | NYC Accounting
Introduction Filing an amended tax return allows you to correct errors or make adjustments to a previously submitted return. However, understanding the processing timeline is important for managing expectations and planning. Federal Processing Times The IRS typically...
by George Dimov | Dec 19, 2024 | NYC Accounting
Introduction Amending a tax return allows you to correct errors or update information from a previously filed return. While this can provide financial benefits, it’s essential to understand the potential outcomes and how they might impact you. Potential Outcomes of...
by George Dimov | Dec 19, 2024 | NYC Accounting
Introduction This was a slow and painful process for taxpayers, who needed to file a paper Form 1040-X and wait months for the IRS to process the form. That said, the IRS has set up electronic filing for some amended returns, which might make the filing not just...
by George Dimov | Dec 19, 2024 | NYC Accounting
Introduction Compliance with the tax law is significant to prepare correct tax returns, avoid penalties, and be entitled to receive the correct refund or tax liability. But mistakes happen, and life changes, and sometimes you have to adapt. This is where to correct...
by George Dimov | Nov 10, 2024 | NYC Accounting
Your Guide to the FBAR Deadline 2024 and Compliance U.S. citizens with financial interests in foreign accounts must also file an FBAR—the Foreign Bank Account Report. Here’s everything you need to know about the FBAR Deadline for 2024, staying compliant, and how Dimov...
