A company has a loss of $15,000 this year, a profit of $3,000 last year, a profit of $8,000 two years ago, and another profit of $2,000 three years ago. It makes sense to file amended returns for the last three years.

Question

Quizplus · Accepted Answer

Filing amended returns for the last three years would not address the current year's loss. Amended returns can only be filed for past years with errors or omissions, and cannot change the current year's financial situation.

A Company Has a Loss of $15,000 This Year, a Profit