This post:
1) has nothing to do with the PPP!
2) is all good news!
The Journal of Accountancy and many other news outlets reported the happy news from the IRS today that later this summer, the 1040-X (Amended Individual Income Tax Return) will be available for e-filing.
From the IRS:
Making the 1040-X an electronically filed form has been a goal of the IRS for a number of years. It’s also been an ongoing request from the nation’s tax professional community. Currently, taxpayers must mail a completed Form 1040-X to the IRS for processing. The new electronic option allows the IRS to receive amended returns faster while minimizing errors normally associated with manually completing the form. About 3 million Forms 1040-X are filed by taxpayers each year.
The new electronic filing option will provide the IRS with more complete and accurate data in an easily readable format to enable customer service representatives to answer taxpayers’ questions. Taxpayers can still use the “Where’s My Amended Return?” online tool to check the status of their electronically-filed 1040-X.
When the electronic filing option becomes available, only tax year 2019 Forms 1040 and 1040-SR returns will be able to be amended electronically. Taxpayers will still have the option to submit a paper version of the Form 1040-X.
“This new process is a major milestone for the IRS, and it follows hard work by people across the agency,” said IRS Commissioner Chuck Rettig. “E-filing has been one of the great success stories of the IRS, and more than 90 percent of taxpayers use it routinely. But the big hurdle that’s been remaining for years is to convert amended returns into this electronic process. Our teams have worked diligently to overcome the unique challenges related to the 1040-X, and we look forward to offering this new service this summer.”
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.