The IRS announced that you can now amend your tax return by filing Form 1040-X electronically. Individual Income Tax Return, has been one of the last major individual tax forms that needed to be paper filed. You might assume that filing an amended tax return would restart that three-year statute of limitations. In fact, if your amended return shows an increase in tax, and you submit the amended return within 60 days before the three-year statute runs, the IRS has only 60 days after it receives the amended return to make an assessment. If your amended return shows that you owe more tax than on your original return, you will owe additional interest and probably penalties.

Source: Forbes August 24, 2020 13:52 UTC