CPA Assistance for Already Filed Taxes

A CPA can help you limit your current tax obligation legally as well as put you in a good position for future taxes. A CPA can also look back and limit your obligation in past years as well.

How CPAs Can Help with Past Taxes

Whether you own a small business, are self-employed, or work for an employer, you may have filed many tax returns without the assistance of a Las Vegas CPA. If you’re now in the position where having an accountant makes sense to you, then you can also use that resource to look back at past filings.

Identification of Errors and Oversights

When a CPAs reviews past taxes, their goal is usually to identify any oversights and any mistakes made by the preparer. Depending on the financial situation, a CPA may recommend going back three years or even further. If you ever knowingly submitted incorrect information, this is a good time to be up front with your accountant so that he or she can put you in the best position possible.

Amended Tax Returns When the IRS Owes You

The IRS has established a statute of limitations of three years on amended returns when claiming reimbursement for overpayment. If a CPA discovers overpayment in this period, preparing and filing the amended return or returns is relatively easy, and payment usually occurs within 12 weeks.

Amended Tax Returns When You Owe the IRS

The IRS also has a three-year period in which to collect unpaid taxes, but that period can be longer if there were payment extensions. If a CPA discovers an oversight, then based on the size and scale, he or she may recommend paying it advance, which may avoid fines and interest.

Proactive Preparation for a Potential Audit

By reviewing past taxes, a CPA can also assess how prone you may be to an audit. If your CPA determines that you are an audit risk, then he or she can help you prepare your records in a way that streamlines the process. There are many horror stories concerning audits, but they can be fast, simple affairs when a person has all their ducks in a row.