 Internal Revenue Service IRS tax news. IRS taxpayers now have more options to correct amend returns. But first, an attempt at a joke slash rant. They think I'm some kind of fortune-telling poet for pointing out we're currently in a recession and don't even know it. Inflation itself being something I predicted due in part to the poor leadership that's been inflicted. Misdirection and blame. That's the current game. One so destined for US self-destruction. It's simply insane. The oil industry is the current target. But we all know it's the regulatory policies. What borrowed it? Ending global warming will not be achieved by simply shifting production to a bunch of thieves. Energy independence and market innovation. That's the only answer to which and the current administration is a cancer. That's what I'm talking about. You must excuse me and I do apologize because I just dropped a mic. What's that? You're not supposed to apologize for dropping the mic. I mean I don't apologize for dropping the mic. I'm totally just going to drop it right now and then walk away. I just hope it doesn't break. If it breaks, I'll totally buy you a new one. I mean whatever if it breaks, I don't even care. That's what I'm talking about. Peace out, trip out, rock out and then sleep in because I'm out. IR2022-130 June 23rd 2022 Washington. The Internal Revenue Service announced today that more forms can now be amended electronically. So this could be a huge improvement. It addresses one of the issues that we talked about yesterday from I believe Collins from the taxpayer advocate report saying that there's a lot of backed up paper filing tax returns. Note that the IRS has been trying to push people to do the electronic filing but many people might still file on paper for multiple different reasons. One they might just prefer to do the paper filing but they also might not be able to do the electronic filing in part due to some forms that aren't able to be filed electronically. So you would think that would be something that the IRS can kind of pick up on and so that more people can do the work that they need to do in the electronic format so that the IRS can actually process the paperwork electronically which seems to be a little bit faster for them. So in any case these include people filing corrections to the form 1040 NR US non-resident alien income tax return and forms 1040 SS US self-employment tax returns including the additional child tax credit for bona fide residents of Puerto Rico and form 1040 PR self-employment tax return Puerto Rico. I think they did the amended tax returns a little while back that's going to be the 1040 X as well. So prior to that we had to file that on paper as well so again that could free up a lot of time on both sides to be able to file these kind of forms electronically. Quote this initiative has come a long way from 2020 when we first launched the ability to file amended returns which was an important milestone to help taxpayers and the tax community end quotes that IRS Commissioner Chuck Reddick quote this new feature will further help people needing to make corrections this development will also assist the IRS with its inventory work on the current backlog of amended returns this is another tool we're using to help get us back on track so obviously they're backed up for multiple different reasons with especially on the paper filing returns due in part to the social distance need and all that kind of stuff but also there are clearly efficiencies that could be improved upon remember that when you're talking about government entities they tend to get bloated because there's no market pressure on them so we talked about the report yesterday where they're still doing kind of data input manual data input for things that seems like might be able to be automated they want us to go electronic filing but we still have some forms that we can't do in an electronic format and if for example someone steals our social security number we can't really fix that in an electronic format oftentimes because the social security number that you know it won't let us file electronically so there's not really an electronic way to kind of address that problem as easily for example so these are things that you would think that the efficiency on the iris side of things could get better to make things run more smoothly so additionally a new electronic checkbox has been added for forms 1040 1040 sr 1040 nr and 1040 ss 1040 pr to indicate that a superseding return is being filed electronically a superseded return is one that is filed after the original filed return but submitted before the due date including extension taxpayers can also amend their return electronically if there is change to their filing status or to add a dependent who was previously claimed on another return about three million forms 1040 x are filed by taxpayers each year so the 1040 x is the traditional amended return and again before they changed that we had to file that one uh that we had to file that one by paper and it's kind of a tedious process uh to do the 1040 x and it's quite common that you would say okay what if something happened i filed my tax returns and now i have more information or i realized i did something wrong well then you want to go back and fix it and the way to fix it is typically a 1040 x so that would be a fairly common occurrence you would think so you would like to make the 1040 x filing somewhat straightforward have people understand when and why they would want to file a 1040 x as opposed to possibly waiting for the irs to process the return and possibly make recommended adjustments and so on so these things again could be more clear and more smooth possibly taxpayers can still use the where's my amended return there's a link to that here online tool to check the status of their electronically filed form 1040 x forms 1040 and 1040 s r can still be amended electronically for tax years 2019 2020 2021 along with amended form 1040 n r and corrected forms 1040 s s and form 1040 p r for tax year 2021 in general taxpayers still have the option to submit a paper version of the form 1040 x and should follow the instructions for preparing and submitting the paper form the irs continues to look at this important area and more enhancements are planned for the future yeah it's all it's all because the taxpayer advocate collins i think your name is is is pressuring them over there we'll give her credit for that but in any case there's links to this stuff here there'll be a link to that in the description