Q: I would like to file an amended return. Can I go back 8 years?
A: Generally a claim for a refund must be made within 3 years of its due date. However, we have amended returns 6 years ago, which did not call for a refund.
Q: What happens if I filed an extension three years ago?
A: Then the three year statute of limitations is potentially expanded to September 15 for the year in question. On the other hand if the return was filed July 1, that makes the amended tax return for refund due July 1 of the corresponding year.
Q: If I suffer someone has stolen from me, how long can I amend my return?
A: It’s not an issue of how long back you can amend. It then becomes whether you can prove the loss and you would take the loss in the year it was discovered as well.
By: Basi & Basi at the Center for Financial, Legal and Tax Planning for Transworld M&A Advisors