Most practitioners view filing Form 1045, as opposed to Form 1040X, as a quicker way to obtain a refund, but that choice could end up costing a taxpayer if there are problems with the returns in the carryback years. Beware of a bill for interest and potentially penalties in excess of the refund requested. Careful consideration should be given prior to filing an application for a tentative carryback adjustment.
Posted on
Wed, March 3, 2010
by Cori Flanders