[KJCPAwannabe]

So I’m a CPA, however I don’t deal much with taxes. Anyway, I filed my taxes earlier this week and I accidentally omitted a few forms (that for the life of me I can’t locate). I realized this after the fact and because I have my mail sent to my moms, I haven’t been able to visit and look for these forms which would’ve increased my tax liability so I would owe roughly 600 instead of receiving a 2000 refund.

I have every intention of amending this ASAP but I definitely won’t meet the April 18th deadline..which is today. I should hopefully get to them sometime next week.

My question is, can I get in trouble and risk my license being that I’m a CPA and filed incorrectly? I’m a little worried. Also, normally I wouldn’t wait until the last minute but it’s been a hectic few months.

AUD - 11/16/2011 - 86
REG - 1/12/2012 - 77
BEC - 2/29/2012 - 90
FAR - 11/29/2012 - 85

[Tncincy]

You have filed already, so YOU CAN NOT file an extension. when you find the forms simply amend the return. You cannot lose your license if you make an honest mistake, but no worries, make sure you amend the return.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[jm962011]

I don't think you're going to get in trouble but seriously, you should have EXTENDED rather than FILE then AMEND. You don't have to be a CPA who works with taxes to know you shouldn't file your taxes unless you have all your information together…

[Missy]

As long as you do all the right things as soon as you are aware you shouldn't be in jeopardy with your license but be aware there will likely be some sort of penalty and interest (even when someone is able to file an extension the payment is still due on tax day, there is no extension on payment).

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[Larry]

Wait until you receive your refund. File the amendment and mail it in. You can mail the payment or pay online through the IRS website.

REG - 82
FAR - 78
BEC - 76
AUD - 8/27/16

[Anonymous]

you could not have amended before April 18th anyways, so dont worry- one can only amend AFTER the deadline + 3 years.

you could have filed a superceding return before the 18th, but an amended is better IMHO anyways. (IRS process of dealing with superceded's is not as streamlined as with the amendeds)

no worries- file the amended return, include the payment-you will be on the hook for penalties and interest for underpayment (not much because the clock starts ticking on 4/18)

[Anonymous]

OP said he is receiving a $2000 refund and should be owing $600. Will he be owing interest on the $2000 refund as well as on the $600? Will he have underpayment penalty on the $2000 refund or just the $600? I'm curious how the interest and penalties work in a situation like this…

[Anonymous]

interest and penalties will be assessed on $2,600. the amount that would have been due had the original return been filed correctly.

it depends on last year a little bit though. if he 100% covered his 2014 tax liability then should be penalty free

[Thrawn]

Prep the amendment now and file soon, You only have legal risk if you don't amend. But yes you will owe interest because you haven't paid in a timely manner. You could send them the money now though and that would reduce the interest amount.

BEC 87 Feb 14
REG 84 Apr 14
FAR 82 Nov 14
AUD 86 Feb 15

[confusedcandidate]

If every CPA lost their license for making an honest mistake on their return or a client's return then there'd be precisely zero CPAs in the country lol. Just amend in a few weeks and you're fine.

Weekends are meaningless to a CPA candidate

[Author]

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