Don’t Amend your 2020 Income Tax Return…..YET

Mar 15, 2021

With the changes in the tax code happening mid way through the 2020 tax filing season, there are millions of taxpayers who now need to amend their tax returns which were filed before the new rules came into play. Usually we would just issue an amended tax return however this year, the IRS is asking us not to file amended tax returns yet. They are looking for the quickest and easiest way to resolve the situation. There may be a new category of filing called “superceeded”.

Either way, if you have already filed and need to change your income tax return to account for the new tax law changes for 2020, please don’t amend. Rather, wait and the IRS will issue guidance on next steps.

Patience, hmnnn, not easy for us when it comes to money but in this case, we recommend patience.

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