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Can I file an amendment to correct my self employed income after receiving irs form CP05? Or do I now have to wait the 45 days until the IRS contacts me before I amend?

Forum|Forum|7 years ago
June 1, 2019
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I am self employed and received an IRS form CP05 which tells me to do nothing. However, I noticed an error on the income and one of the deductions I reported. Can I file an amended return to make a correction Now or do I now have to wait the 45 days until the IRS contacts me?

Best answer by MichaelL1

IRS is only validating the source of the income on the return to ensure there is no fraud due to identity theft or erroneous amounts of tax withholding claimed.

I would wait until approx. April 10th and if you don't hear from IRS, then go ahead and amend the return and pay any additional tax due (if there is any) by 4-17-2018 to avoid any additional interest and penalties.

More detail on CP05 notice: https://www.irs.gov/individuals/understanding-your-cp05-notice

MichaelL1Answer

Employee

IRS is only validating the source of the income on the return to ensure there is no fraud due to identity theft or erroneous amounts of tax withholding claimed.

I would wait until approx. April 10th and if you don't hear from IRS, then go ahead and amend the return and pay any additional tax due (if there is any) by 4-17-2018 to avoid any additional interest and penalties.

More detail on CP05 notice: https://www.irs.gov/individuals/understanding-your-cp05-notice