Will Filing Amended Return Trigger IRS Audit?
September 3rd, 2009 by Unregistered User
I have a small restaurant business.
Some of my previous tax returns were totally off. Gross sales and COGS were off by 110%, and lots of tax deductions were not included in the returns. This is a family business and my brother did the tax returns and totally screwed up. The old tax return paid the IRS nothing. With the amended returns, I’m going to be paying them something. The amended return numbers are pretty similar to my past returns.
I’m really paranoid because I’m afraid this might trigger an IRS audit on my business.
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You will be paying them $950 more with the amendment and they may want some interest. That is likely the last you hear about it. If you can support the numbers on the amendment why worry about an audit. In most cases if you are not trying to do something wrong an audit is no big deal other than the time it take to prepare.