More Form 1040X Returns Are Being File, Processing Time Will Take Longer

Form 1040X Processing Time Extended
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Because of higher than expected inventory levels of Form 1040X, Amended U.S. Individual Income Tax Return, the processing time frame is temporarily extended to 12-16 weeks instead of the normal 8-12 weeks. It is not necessary to contact the IRS regarding the status of a return; returns are being processed as quickly as possible.

More, Taxpayers who may have "remember" foreign bank accounts or filed their own taxes are filing 1040X - Amended Returns to make sure their tax returns are true and correct.

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Note: The new administration has unleashed the IRS to "find" unreported income. Intelligent taxpayers understand this and are filing 1040Xs in record numbers.

If you have income that you "forgot" to bring to the IRS's attention, now would be a good time to read the blog posting before this one. You know, the one about the IRS having a new agreement with the USB.

You know, the posting about how "the IRS will receive information on accounts of various amounts and types, including bank-only accounts, custody accounts in which securities or other investment assets were held and offshore company nominee accounts through which an individual indirectly held beneficial ownership in the accounts"

If you can not pay the taxes, contact a Tax Attorney or Enroll Agent. It is way better to be as honest as you can with the IRS, and then work out a way to make the payments, than it is for the IRS to find out about the offshore bank accounts on their own.