ILLMAS Posted July 27, 2011 Report Share Posted July 27, 2011 Hello to all, just wondering if there is time left to amend a 2007 tax return? Client just recently filed 2007 and there was an inventory adjustment not recognized in 2007, I don,t want to make the adjustment in 2008 because it belongs in 2007 and I am currently working on 2008 right now. Anyone?? Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted July 27, 2011 Report Share Posted July 27, 2011 What is the fiscal year of your C corporation? taxbilly Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted July 27, 2011 Author Report Share Posted July 27, 2011 What is the fiscal year of your C corporation? taxbilly 12/31/07 Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted July 27, 2011 Report Share Posted July 27, 2011 Assuming no extensions, the file date for the return is March 15, 2008 and the three year deadline is March 15, 2011. taxbilly Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted July 27, 2011 Author Report Share Posted July 27, 2011 Yes we filed extensions for every year, so we should have until 9-15-11? Quote Link to comment Share on other sites More sharing options...
GeneInAlabama Posted July 27, 2011 Report Share Posted July 27, 2011 Am I missing something? Doesn't he have 3 years from the time it was filed if it was filed late? The original post says it was just filed. Sometimes I find that I am wrong even when I THINK I am sure that I am right. Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted July 27, 2011 Author Report Share Posted July 27, 2011 Client was behind on their accounting and finalize it until early 2011. Quote Link to comment Share on other sites More sharing options...
jainen Posted July 27, 2011 Report Share Posted July 27, 2011 >>Doesn't he have 3 years from the time it was filed if it was filed late?<< That's right, at least in terms of filing an amendment. Claiming additional refund is a diffferent matter. He can only get back payments made AFTER the original due date of March 15, 2008. See example 1 on page 15 at >>Pub 556<<. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted July 28, 2011 Report Share Posted July 28, 2011 >>Client just recently filed 2007<< Could you define "recently"? Since you mentioned that the bookkeeping was done in "early 2011" does that mean that the 2007 return was filed by March 15, 2011? taxbilly Quote Link to comment Share on other sites More sharing options...
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