In 2015, a taxpayer can give up to $14,000 per person per year without being taxed on the gift. For example, this year you could give Friend A $14,000, Friend B $14,000, and your sister $14,000 and not be taxed on your gifts.lso, another way for parents to avoid the gift tax is to remember that each parent is entitled to their own individual $14,000 exclusion. This means that your mother and father could each give you $14,000 this year â for a total of $28,000 â without being taxed on that gift.
The IRS erroneous refund revival theory would allow the IRS to administratively collect all $2,000 of the erroneous refund to Alex, $4,000 of the $7,000 erroneous refund to Blair, and $4,000 from Cody (the $2,000 erroneous refund and the $2,000 unpaid on the original assessment).
Keep in mind it could take up to 16 weeks from the date of receipt for the IRS to process your return and issue your refund via paper check or direct deposit. Processing Components . There are three phases to the procedure IRS uses to process Amended Tax Returns: Phase 1- Received. This status confirms the IRS has received your Form 1040X or Amended Tax Return. Phase 2- Adjusted. This status confirms the IRS has applied the updated information from your Form 1040X to your account. Phase 3- Completed.