Danielle L. McMahon

Danielle L. McMahon, Staff Accountant

– The Internal Revenue Service (IRS) has announced that beginning this summer, taxpayers will be able to file Form 1040-X, Amended U.S. Individual Income Tax Return, electronically.

Currently, taxpayers are required to mail-in paper amended returns to the IRS. This procedure typically takes six to eight weeks to be processed. The IRS receives about 3 million amended returns each year.  However, given the Covid-19 pandemic, this number is expected to increase.  This increase will likely impact the processing time. According to the IRS, e-filing speeds up process time and minimizes input errors compared to manual filing.

“This new process is a major milestone for the IRS, and it follows hard work by people across the agency,” said IRS Commissioner Chuck Rettig.  “E-filing has been one of the great success stories of the IRS, and more than 90 percent of taxpayers use it routinely.  But the big hurdle that’s been remaining for years is to convert amended returns into this electronic process.  Our teams have worked diligently to overcome the unique challenges related to the 1040-X, and we look forward to offering this new service this summer.”

Though the IRS has yet to give a release date for the option to e-file, they have reported that when it is implemented, only 2019 Forms 1040, U.S. Individual Income Tax Returns and 1040-SR, U.S. Tax Return for Seniors can be amended. Taxpayers still have the option to file paper returns relating to previous years. The IRS plans to make additional forms available to e-file  in the future.

For guidance on tax preparation and filing amended tax returns, contact our tax professionals at 315.424.1120 or info@gsacpas.com.

Grossman St. Amour CPAs PLLC virtual doors are open and we are assisting our clients with audit, accounting, and tax issues as well as matters relating to COVID-19.  As a certified public accounting firm located in central New York, Grossman St. Amour CPAs has been in business for over 60 years.  The firm provides businesses and individuals with accounting, audit, taxation, business planning and valuation, financial planning, investment consulting, and fraud examination and deterrence services.  For more information about how Grossman St. Amour CPAs PLLC can be of service to you, contact our professionals.

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