Amended Tax Return
This is a tax return filed to make changes to a previously filed tax return. A taxpayer has 3 years from the due date of the original return or the actual date of filing to file an amended return. When filing amended returns, you must provide a copy of the original return filed, along with an explanation and documentation as to what items need to be amended.
Back Taxes
Taxes that have not been paid on the due date or were underreported or omitted on a past tax return. The tax authorities (IRS, states, municipalities) can demand payment of back taxes and impose penalties and or interest.
Collection Statute of Limitation
IRC Section 6503 places an express limit on the time in which the IRS may collect a tax. Normally, the Collection Statute is 10 years from the date of assessment, but can be extended under certain situations (including bankruptcy and default of a negotiated installment agreement).
Be sure to check back in a few days for more tax terms...
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