Legal Question in Tax Law in Utah

a tax accountant is telling me that I need to re-submit my 2005 taxes. The reason is that I became a partner in a business in the fall of 2005. I was not compensated or did I have much affiliation at all during 2005. I only talked to this partner on the phone a few times. It wasn't until March of 2006 that I received any compensation or payments. I filed my taxes in 2005 without any connection to this partnership. Do I need to amend my 2005 return?

Asked on 10/12/12, 7:00 am

1 Answer from Attorneys

Paul Jones Paul W. Jones Attorney LLC

Based on your representations, unless you intentionally omitted the income from your return the statute of limitations for the IRS to assess additional tax against you has passed. Review 26 USC 6501. That being said I don't think you'll find any practitioner that would be willing to tell you not to report an item of income on your taxes.But if you review 26 USC 6501 I think the answer to your question is pretty clear.

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Answered on 10/12/12, 7:39 am

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