How bad is the error?
by EricCartman (2024-04-18 14:30:24)

In reply to: Any board accountants have a moment?  posted by OTTER

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I'd check with the CPA about the best way to address the issue and have them review the filing. They will probably fix the filing and refile it. I'm sure that there will be some level of penalties and interest involved.

My guess is that being proactive about the issue is better than ignoring it and hoping that you don't get audited.

the IRS is incredibly reasonable and understanding
by thesixthgreatlake  (2024-04-18 22:04:16)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

In my experience. Like the DMV, they have a bad reputation that is both dated and/or exaggerated.

They understand people make mistakes. They want you to be honest and timely and follow the rules. As long as the rule are followed, they want you to avoid taxes.

If you make a mistake, hire a CPA to help you amend the return. If it's a first time thing, they'll likely abate any penalty and charge you the interest you owe.
Not exactly the words I would use, but whatever
by jt  (2024-04-19 11:10:00)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

I do agree that the idea that they're out to get people is incorrect.