Leaderboard

He can file an amended return at any time. He can receive a refund if he files within 3 years, by 10/13/2025.

"In 1867, William M. Springer refused to pay the federal taxes he owed, resulting in one of the first tax cases heard by the U.S. Supreme Court. Before the matter went to the Supreme Court in 1874, how did the government collect the tax due?" In January 1867, after Springer refused to pay the $5,279.78 owed (including tax and penalty), the tax collector levied property in Springfield, Illinois, that Springer owned. The property was advertised and sold at public auction on March 15, 1867. The matter eventually landed in the U.S. Supreme Court (Springer v. U.S.), with Springer claiming that the tax was a direct tax and therefore unconstitutional, and that the seizure and sale of his property deprived him of his property without due process of law. The Supreme Court rejected both arguments and affirmed the federal government's power to levy and collect income taxes, including through the seizure and sale of property. "

Thank you, Abby, for the great reminder. The IRS must RECEIVE the amendment by 10/13/2025. I've been forgetting that lately with e-filing. If you have to paper file, between the USPS and the IRS brokenness, who knows when the IRS will receive any given piece of mail !!!

There is no mailbox rule for amended returns. The return must be received by the IRS by 10/13/2025. Fortunately, efiling makes that easier.

I was looking for clarification on this same subject. Had a client come in with all years from 2020 forward. She wants to clean up her act. Unfortunately, she would have had refunds in the early years. Makes me sad as she has good intentions and truly wants to get "right" with the IRS.

These PTPs are notorious for showing losses year after year yet making nice distributions so investors think they are making money. It's return of capital, lowering basis and adding to the surprise gains when they eventually sell. At least they can take those suspended losses at the end, mitigating the tax bite a bit. Always check that the K-1 is in the taxpayer's Soc Sec number and not in an IRA, in which case you don't have to do anything except alert the client that the custodian may have some UBI reporting.