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Subject Author Date
Submit 2007 before amending 2004 & 2006? Ralph 06-17-2008
Posted by Ralph on June 17, 2008, 12:12 am
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 I noticed that HR Block had a deal to review 3 previous tax return for
only $49. So, I brought in 2006, 2005, and 2004 (my 07 is not done
yet). I’ve used 2 CPA’s for taxes for the last 3 tax years.

I met with the HR Block tax advisor today. She found that deductible
expenses had not been included by my CPA in two tax years. She found
that deductible expenses were missing from both the 2004 and 2006
return. So she recommended an amended tax return for 2004 and 2006.
I agreed .

She also has offered to prepare my 2007 return, (for which I filed an
extension back in April). I suggested that we *first* amend the 2004
and 2006 returns, so that we’ll know how it may affect the 2007 tax
liability. (I don’t expect I’ll owe anything for 2007. In fact, my
06 return resulted in a refund of approx 11K, which I elected to carry
forward to 2007. I expect I’ll have a refund in 2007).

She strongly recommended that we do the prepare the 2007 return first,
then amend the 04 and 06 returns.

That seemed odd to me. Both of these amended returns for 2004 and
2006 will result in a lower tax liability. It seemed odd to me. I
got the feeling that she simply wanted to get her hands on the 2007
tax return, and that the 2004 and 2006 were not as important to her.

Does it make sense to prepare and submit the 2007 tax return before
amending the 04 and 06 returns, or is it really better to complete the
2007 tax return first?

Thanks.

--
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Posted by Dick Adams on June 17, 2008, 12:35 am
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> ...

> Does it make sense to prepare and submit the 2007 tax
> return before amending the 04 and 06 returns, or is it
> really better to complete the 2007 tax return first?

Not to me.

Dick

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by Arthur Kamlet on June 17, 2008, 12:40 am
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>I noticed that HR Block had a deal to review 3 previous tax return for
>only $49. So, I brought in 2006, 2005, and 2004 (my 07 is not done
>yet). I’ve used 2 CPA’s for taxes for the last 3 tax years.
>
>I met with the HR Block tax advisor today. She found that deductible
>expenses had not been included by my CPA in two tax years. She found
>that deductible expenses were missing from both the 2004 and 2006
>return. So she recommended an amended tax return for 2004 and 2006.
>I agreed .
>
>She also has offered to prepare my 2007 return, (for which I filed an
>extension back in April). I suggested that we *first* amend the 2004
>and 2006 returns, so that we’ll know how it may affect the 2007 tax
>liability. (I don’t expect I’ll owe anything for 2007. In fact, my
>06 return resulted in a refund of approx 11K, which I elected to carry
>forward to 2007. I expect I’ll have a refund in 2007).
>
>She strongly recommended that we do the prepare the 2007 return first,
>then amend the 04 and 06 returns.
>
>That seemed odd to me. Both of these amended returns for 2004 and
>2006 will result in a lower tax liability. It seemed odd to me. I
>got the feeling that she simply wanted to get her hands on the 2007
>tax return, and that the 2004 and 2006 were not as important to her.
>
>Does it make sense to prepare and submit the 2007 tax return before
>amending the 04 and 06 returns, or is it really better to complete the
>2007 tax return first?


Is Block tellng you that you can receive a refund by amending
your 2004 return?


If so, did you get an extension to file your 2004 return? When was it filed?
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by removeps-groups@yahoo.com on June 17, 2008, 1:18 am
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> Does it make sense to prepare and submit the 2007 tax return before
> amending the 04 and 06 returns, or is it really better to complete the
> 2007 tax return first?

Maybe. In order to receive the stimulus check sooner, one should file
the 2007 return as early as possible. If only deductible expenses
were missing in the prior year return, then the order in which they do
the returns does not matter. By contrast, if the capital loss
carryover changed in 2004, then 2005 and all later years would have to
be amended so it makes sense to do the 2004 amended return first.
They might want to do the 2007 return first simply to bill you for it,
as $49 probably won't cover their labor for the amended returns.
There's a possibility you may just do the amended returns for $49 and
do the 2007 return on your own.

But a 2004 return is typically due on April 15 2005, and the statute
of limitations to amend it is (usually) 3 years, so until April 15
2008 you can amend it. But today is June 2008.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Ralph on June 17, 2008, 10:03 am
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On Jun 17, 12:18 am, "removeps-gro...@yahoo.com" <removeps-
gro...@yahoo.com> wrote:
>
> > Does it make sense to prepare and submit the 2007 tax return before
> > amending the 04 and 06 returns, or is it really better to complete the
> > 2007 tax return first?
>
> Maybe.  In order to receive the stimulus check sooner, one should file
> the 2007 return as early as possible.  If only deductible expenses
> were missing in the prior year return, then the order in which they do
> the returns does not matter.  By contrast, if the capital loss
> carryover changed in 2004, then 2005 and all later years would have to
> be amended so it makes sense to do the 2004 amended return first.
> They might want to do the 2007 return first simply to bill you for it,
> as $49 probably won't cover their labor for the amended returns.
> There's a possibility you may just do the amended returns for $49 and
> do the 2007 return on your own.
>
> But a 2004 return is typically due on April 15 2005, and the statute
> of limitations to amend it is (usually) 3 years, so until April 15
> 2008 you can amend it.  But today is June 2008.

Thank you all for your replies. I don't have time for anything but a
very short reply at the moment.

The $49 fee only applies to the review of the 3 previous tax returns.
The amended returns are quite a bit more.

But, regarding filing an amendment for 2004: I was a bit surprised
that a return that old could be amended, but I thought, "surely the HR
Block tax preparer knows the rules about filing amended tax rerturns.
Finding errors and amending returns is the purpose of the review of
previous tax returns. That's why I'm here!".

Also, she never mentioned the economic stimulus to me. I am well
aware of it, but that never came up. So that was not a reason given.
In fact, since she did not have a good reason, I felt like she was
merely trying to "capture" work that she preferred, or was in some way
to her own advantage.

The fact that she never asked me when I filed 2004 or if I filed an
extension for 2004, does not give me much confidence in that tax
preparer.....

Again, thanks to everyone for taking the time to reply.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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