Amended return threshold

Ok, we finished another tax season and the late 1099's will trickle in; K-1's, oil and gas, interest, dividends etc.

Just curious what everybody's threshold is for the decision to amend or just let it ride on smaller amounts?


Thanks

Gary

Gary - That would depend if they owe additional tax or would be receiving a refund.

The question is do you charge an extra fee to amend a return that solely not the clients fault (i.e. corrected 1099-Div or 1099-B)?

Just curious what everybody's threshold is for the decision to amend or just let it ride on smaller amounts?

Since it's the taxpayer's decision to amend, it doesn't really matter what my decision is (unless it's my return, of course). I know what my fee is to prepare an amended return, which is usually a key part of the client's decision.

Gary - That would depend if they owe additional tax or would be receiving a refund.

The question is do you charge an extra fee to amend a return that solely not the clients fault (i.e. corrected 1099-Div or 1099-B)?

I don't charge if it's my fault. It's not my fault if a client's brokerage sends a corrected 1099. Client can ask them for reimbursement if the corrected form arrives after the due date.

Captcook – I think the question is do you advise any of your clients on if it’s necessary to amend or not. The amount the tax preparer charges to amend a return would come into effect more if the client would be receiving a refund.