Amended Returns - Is there a statutory or regulatory obligation to ame

[Guest Gibson]

Is there a statutory or regulatory obligation to amend a 5500? Client timely files what it in good faith thinks is an accurate and complete 5500. Later, it's discovered that some of the information provided on the return is inaccurate. Does client have an affirmative obligation to file an amended return? Are there penalties for not doing so?

[wmyer]

Interesting question...I'm not a lawyer, but I would definitely file an amended return (under Title 18 of the U.S. Code, §1027).

[Guest Guy Incognito]

Bump

[J Simmons]

Sorry I have no citations, but about 15 years ago I researched the question about the duty (or not) to file an amended return. I found two federal court cases (I believe one from that 1950s and another from the late 70s or early 80s) that addressed the question, and no others. Both held that if the original return was filed under a good faith belief of the accuracy of the information there presented but that later it was discovered to be erroneous, there was no duty to file amended returns. Again, I apologize for not having citations to provide for those cases.

[david rigby]

You may find this interesting.

http://qualifiedpensionconsulting.com/ppab...can-be-a-crime/