Some taxpayers may try to reduce the risk of accuracy-related tax penalties by filing a qualified amended return. These returns are filed after a regular return’s due date, but generally before the IRS contacts the taxpayer about conducting an audit. (Other rules apply for pass-through entities.) New regulations designed to ease the process for large and international companies that are audited annually took effect Nov. 16, 2022. Now, taxpayers must file Form 15307 no later than 30 days after the IRS asks them to submit it. The form should describe any items that would require a tax adjustment and the taxpayer’s calculation of the adjusted amount. (Revenue Procedure 2022-39) Call or visit our website for more information! www.mjscpa.com/
