Category Archives: Uncategorized

From our CPA office in St. Petersburg, FL – If your child is a student and works a summer job or part-time jobs during the school year, then the following should be noted: 1. All taxpayers complete a W-4 when … Continue reading →

From our CPA office in St. Petersburg, FL – The recent tax court ruling in the case Wandry v. Commissioner will increase the ease and certainty of tax free ownership transfers of closely held businesses from one generation to the … Continue reading →

From our CPA office in St. Petersburg, FL – Beginning in 2012, taxpayers may receive a rebate on amounts spent for health insurance. Under the new health care law, health insurers who do not meet the new requirements for medical … Continue reading →

From our CPA office in St. Petersburg, FL – One in eight people earning at least $1 million annually was audited by the Internal Revenue Service last year, a much higher rate than for individuals earning less than $200,000 where … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- Our final tip for FIling Amended Returns: 8. If you owe additional 2011 tax, file Form 1040X and pay the tax before the due date to limit interest and penalty charges … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 7. If you are filing to claim an additional refund, wait until you have received your original refund before filing Form 1040X. You may cash that check while waiting for any … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 6. If the changes involve another schedule or form, you must attach that schedule or form to the amended return. If you have questions about filing an amended return or other … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 5. If you are amending more than one tax return, prepare a 1040X for each return and mail them in separate envelopes to the appropriate IRS campus. The 1040X instructions list … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- Continuing with our 8 Facts about Filing Amended Returns: 4. Be sure to enter the year of the return you are amending at the top of Form 1040X. Generally, you must … Continue reading →

From Carol McAtee’s CPA firm in St. Petersburg, FL- 3. Generally, you do not need to file an amended return to correct math errors. The IRS will automatically make that correction. Also, do not file an amended return because you … Continue reading →