I have a CP05 letter coming next week and I just realized I have some mistakes on my Schedule C. Is it too late to adjust my deductions and amend my return?

[Preciousgirl720]

Amend Schedule C

[Coleen3 · Accepted solution]

If the letter is coming in a week, why not wait to see what it says. They may have found other issues than what you are aware of. This way, you can correct everything at once rather than possibly amending twice.

What you need to do

You don’t need to take any action at this time. We may contact third parties to verify the information you reported on your return. If you haven’t received your refund or been contacted by us within 45 days from the date of this notice, you can call us at the number provided on your notice.

https://www.irs.gov/individuals/understanding-your-cp05-notice

[Preciousgirl720]

If I do amend after the letter, does that mean I will be audited for the changes if that’s what they are reviewing?

[Coleen3]

They will let you know if they found an error. You can agree if it is correct and pay the amount due if any, disagree if they are wrong and can show them or partially agree if they are only partially correct.

[Preciousgirl720]

Even if the error is in related to mileage or other business deductions? I claimed too much and realized too late to fix it.

[Coleen3]

As I said, if you amend and they find a completely different issue, you want to handle everything at one time to avoid confusion. Believe me, they can get confused too.

[Preciousgirl720]

Ok then I can amend after the letter. Thanks

[mb9033]

@Preciousgirl720 Have you gotten a response? I'm in the same boat and wondering what the average response time is  and what I should do.