Newswise — Owing Feds Some Money Is a Good Thing—"You have had use of the money all year long instead of giving the IRS an interest free-loan," said Donald Williamson, chair of the accounting department and director of the master of science in taxation degree program at American University's Kogod School of Business. "However, that doesn't relieve the taxpayer if he or she is faced with a big tax bill in April."
What if you already filed, and realized you could a bigger refund? You could file an amended return, form 1040 X. However, filing an amended return could open the door for the IRS to examine your returns more thoroughly, which could pose a problem if you've been liberal with deductions.
"Human beings actually look at those 1040 X forms," said Williamson, a nationally known tax expert. "Most cases I see in tax court are often the outcome of someone filing an amended return."
Williamson's research and teaching interests focus on federal income taxation, specifically the taxation of U.S. citizens conducting business abroad and non-U.S. citizens conducting business in the United States. Williamson is the author of more than 40 articles, including three tax management portfolios. He can also comment on the income tax returns of U.S. presidents.
Former Treasury Department Tax Analyst Robert Carroll at AU—Robert Carroll, formerly the Treasury Department's deputy assistant secretary for tax analysis and a former senior economist on the Bush administration's Council of Economic Advisers, is an executive in residence in the Department of Public Administration and Policy in AU's School of Public Affairs. In his role with the Treasury Department, Carroll provided economic advice and analysis for all aspects of the economics of federal taxation and was responsible for the development, analysis and implementation of tax policies and programs. Carroll was the Treasury Department's top tax economist and often represented the administration at policy hearings before tax writing committees. He also advocated on behalf of the administration for extending the 2001 and 2003 tax cuts and realigning incentives in health care through a new standard deduction for health insurance. Carroll is also vice president for economic policy at the Tax Foundation, a Washington, D.C., organization founded in 1937 to educate citizens about tax policy.
Located in Washington, D.C., American University is a leader in global education, enrolling a diverse student body from throughout the United States and nearly 140 countries. The university provides opportunities for academic excellence, public service and internships in the nation's capital and around the world.
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