Pretty new to tax, what do people normally do when they have small issues with the prior year return? Do they amend? Do they true-up in the current year? Do they ignore unless audited?

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Depends on nature of issue and size of adjustment. If it’s minor I usually just ignore until audited. I wouldn’t try to do a true-up because I don’t think the IRS will take that into consideration if they are auditing you.

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If it doesn’t impact tax due then you could just true it up. Generally happens with loss companies where you true up the NOL or credit carryforward and include a statement explaining it. As always though, it depends.

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