File your Taxes for Free!
  • Get your maximum refund*
  • 100% accurate calculations guaranteed*

TurboTax Federal Free Edition - File Taxes Online

Don't let filing your taxes get you down! We'll help make it as easy as possible. With e-file and direct deposit, there's no faster way to get your refund!

Approved TurboTax Affiliate Site. TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.


© 2012 - 2018 All rights reserved.

This is an Approved TurboTax Affiliate site. TurboTax and TurboTax Online, among other are registered trademarks and/or service marks of Intuit, Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.
When discussing "Free e-file", note that state e-file is an additional fee. E-file fees do not apply to New York state returns. Prices are subject to change without notice. E-file and get your refund faster
*If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
*Maximum Refund Guarantee - or Your Money Back: If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid. TurboTax Federal Free Edition customers are entitled to payment of $14.99 and a refund of your state purchase price paid. Claims must be submitted within sixty (60) days of your TurboTax filing date and no later than 6/15/14. E-file, Audit Defense, Professional Review, Refund Transfer and technical support fees are excluded. This guarantee cannot be combined with the TurboTax Satisfaction (Easy) Guarantee. *We're so confident your return will be done right, we guarantee it. Accurate calculations guaranteed. If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
https://turbotax.intuit.com/corp/guarantees.jsp

1040x Site Efile Com

How Do I File Taxes From 2012E File Your State Taxes For FreeFree Tax Forms 2011Download 1040x FormHow Can I File 2012 Taxes OnlineFile Taxes 2012Where Can I File My State Taxes OnlyIrs Forms 1040H&r Block My BlockState Tax Return Free E-file1040ez Printable Tax FormsIrs 1040 Ez Form 2011E File 2012 Taxes LateWww H&rblockfree Tax ReturnsWww.irs.gov/form 1040xFree 1040ez OnlineStatetaxreturnUs Irs E File FreeFree E File 2013Free H & R Block Tax FilingIrs ExtensionFree Tax Extension FilingHow To File 1040xI Need 2011 Tax SoftwareWww.myfreetax.comIt 1040xCan I File 2010 Taxes In 2012Free 2010 Tax Software DownloadIrs Gov Form 1040Irs Amended Tax Form1040ez Tax Form 2013File Free Taxes For 2011 No Printing NeededAmended Tax ReturnAmended Tax Return 2012Filing 1040ez ElectronicallyFederal Tax Extension Form1040 Ez FreeAmended Federal Tax Return 20111040ez Form BookletFile My 2012 Taxes For Free

1040x Site Efile Com

1040x site efile com 2. 1040x site efile com   Tax Shelters and Other Reportable Transactions Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Abusive Tax SheltersRules To Curb Abusive Tax Shelters Investor Reporting Penalties Whether To Invest Introduction Investments that yield tax benefits are sometimes called “tax shelters. 1040x site efile com ” In some cases, Congress has concluded that the loss of revenue is an acceptable side effect of special tax provisions designed to encourage taxpayers to make certain types of investments. 1040x site efile com In many cases, however, losses from tax shelters produce little or no benefit to society, or the tax benefits are exaggerated beyond those intended. 1040x site efile com Those cases are called “abusive tax shelters. 1040x site efile com ” An investment that is considered a tax shelter is subject to restrictions, including the requirement that it be disclosed, as discussed later. 1040x site efile com Topics - This chapter discusses: Abusive Tax Shelters , Rules To Curb Abusive Tax Shelters , Investor Reporting , Penalties , and Whether To Invest . 1040x site efile com Useful Items - You may want to see: Publication 538 Accounting Periods and Methods 556 Examination of Returns, Appeal Rights, and Claims for Refund 561 Determining the Value of Donated Property 925 Passive Activity and At-Risk Rules Form (and Instructions) 8275 Disclosure Statement 8275-R Regulation Disclosure Statement 8283 Noncash Charitable Contributions 8886 Reportable Transaction Disclosure Statement See chapter 5, How To Get Tax Help , for information about getting these publications and forms. 1040x site efile com Abusive Tax Shelters Abusive tax shelters are marketing schemes involving artificial transactions with little or no economic reality. 1040x site efile com They often make use of unrealistic allocations, inflated appraisals, losses in connection with nonrecourse loans, mismatching of income and deductions, financing techniques that do not conform to standard commercial business practices, or mischaracterization of the substance of the transaction. 1040x site efile com Despite appearances to the contrary, the taxpayer generally risks little. 1040x site efile com Abusive tax shelters commonly involve package deals designed from the start to generate losses, deductions, or credits that will be far more than present or future investment. 1040x site efile com Or, they may promise investors from the start that future inflated appraisals will enable them, for example, to reap charitable contribution deductions based on those appraisals. 1040x site efile com (But see the appraisal requirements discussed under Rules To Curb Abusive Tax Shelters , later. 1040x site efile com ) They are commonly marketed in terms of the ratio of tax deductions allegedly available to each dollar invested. 1040x site efile com This ratio (or “write-off”) is frequently said to be several times greater than one-to-one. 1040x site efile com Because there are many abusive tax shelters, it is not possible to list all the factors you should consider in determining whether an offering is an abusive tax shelter. 1040x site efile com However, you should ask the following questions, which might provide a clue to the abusive nature of the plan. 1040x site efile com Do the tax benefits far outweigh the economic benefits? Is this a transaction you would seriously consider, apart from the tax benefits, if you hoped to make a profit? Do shelter assets really exist and, if so, are they insured for less than their purchase price? Is there a nontax justification for the way profits and losses are allocated to partners? Do the facts and supporting documents make economic sense? In that connection, are there sales and resales of the tax shelter property at ever increasing prices? Does the investment plan involve a gimmick, device, or sham to hide the economic reality of the transaction? Does the promoter offer to backdate documents after the close of the year? Are you instructed to backdate checks covering your investment? Is your debt a real debt or are you assured by the promoter that you will never have to pay it? Does this transaction involve laundering United States source income through foreign corporations incorporated in a tax haven and owned by United States shareholders? Rules To Curb Abusive Tax Shelters Congress has enacted a series of income tax laws designed to halt the growth of abusive tax shelters. 1040x site efile com These provisions include the following. 1040x site efile com Disclosure of reportable transactions. 1040x site efile com   You must disclose information for each reportable transaction in which you participate. 1040x site efile com See Reportable Transaction Disclosure Statement , later. 1040x site efile com   Material advisors with respect to any reportable transaction must disclose information about the transaction on Form 8918, Material Advisor Disclosure Statement. 1040x site efile com To determine whether you are a material advisor to a transaction, see the Instructions for Form 8918. 1040x site efile com   Material advisors will receive a reportable transaction number for the disclosed reportable transaction. 1040x site efile com They must provide this number to all persons to whom they acted as a material advisor. 1040x site efile com They must provide the number at the time the transaction is entered into. 1040x site efile com If they do not have the number at that time, they must provide it within 60 days from the date the number is mailed to them. 1040x site efile com For information on penalties for failure to disclose and failure to maintain lists, see Internal Revenue Code sections 6707, 6707A, and 6708. 1040x site efile com Requirement to maintain list. 1040x site efile com   Material advisors must maintain a list of persons to whom they provide material aid, assistance, or advice on any reportable transaction. 1040x site efile com The list must be available for inspection by the IRS, and the information required to be included on the list generally must be kept for 7 years. 1040x site efile com See Regulations section 301. 1040x site efile com 6112-1 for more information (including what information is required to be included on the list). 1040x site efile com Confidentiality privilege. 1040x site efile com   The confidentiality privilege between you and a federally authorized tax practitioner does not apply to written communications made after October 21, 2004, regarding the promotion of your direct or indirect participation in any tax shelter. 1040x site efile com Appraisal requirement for donated property. 1040x site efile com   If you claim a deduction of more than $5,000 for an item or group of similar items of donated property, you generally must get a qualified appraisal from a qualified appraiser and complete and attach section B of Form 8283 to your return. 1040x site efile com If you claim a deduction of more than $500,000 for the donated property, you generally must attach the qualified appraisal to your return. 1040x site efile com If you file electronically, see Form 8453, U. 1040x site efile com S. 1040x site efile com Individual Income Tax Transmittal for an IRS e-file Return, and its instructions. 1040x site efile com For more information about appraisals, including exceptions, see Publication 561. 1040x site efile com Passive activity loss and credit limits. 1040x site efile com   The passive activity loss and credit rules limit the amount of losses and credits that can be claimed from passive activities and limit the amount that can offset nonpassive income, such as certain portfolio income from investments. 1040x site efile com For more detailed information about determining and reporting income, losses, and credits from passive activities, see Publication 925. 1040x site efile com Interest on penalties. 1040x site efile com   If you are assessed an accuracy-related or civil fraud penalty (as discussed under Penalties , later), interest will be imposed on the amount of the penalty from the due date of the return (including any extensions) to the date you pay the penalty. 1040x site efile com Accounting method restriction. 1040x site efile com   Tax shelters generally cannot use the cash method of accounting. 1040x site efile com Uniform capitalization rules. 1040x site efile com   The uniform capitalization rules generally apply to producing property or acquiring it for resale. 1040x site efile com Under those rules, the direct cost and part of the indirect cost of the property must be capitalized or included in inventory. 1040x site efile com For more information, see Publication 538. 1040x site efile com Denial of deduction for interest on an underpayment due to a reportable transaction. 1040x site efile com   You cannot deduct any interest you paid or accrued on any part of an underpayment of tax due to an understatement arising from a reportable transaction (discussed later) if the relevant facts affecting the tax treatment of the item are not adequately disclosed. 1040x site efile com This rule applies to reportable transactions entered into in tax years beginning after October 22, 2004. 1040x site efile com Authority for Disallowance of Tax Benefits The IRS has published guidance concluding that the claimed tax benefits of various abusive tax shelters should be disallowed. 1040x site efile com The guidance is the conclusion of the IRS on how the law is applied to a particular set of facts. 1040x site efile com Guidance is published in the Internal Revenue Bulletin for taxpayers' information and also for use by IRS officials. 1040x site efile com So, if your return is examined and an abusive tax shelter is identified and challenged, published guidance dealing with that type of shelter, which disallows certain claimed tax shelter benefits, could serve as the basis for the examining official's challenge of the tax benefits you claimed. 1040x site efile com In such a case, the examiner will not compromise even if you or your representative believes you have authority for the positions taken on your tax return. 1040x site efile com The courts have generally been unsympathetic to taxpayers involved in abusive tax shelter schemes and have ruled in favor of the IRS in the majority of the cases in which these shelters have been challenged. 1040x site efile com Investor Reporting You may be required to file a reportable transaction disclosure statement. 1040x site efile com Reportable Transaction Disclosure Statement Use Form 8886 to disclose information for each reportable transaction (discussed later) in which you participated. 1040x site efile com Generally, you must attach Form 8886 to your return for each tax year in which you participated in the transaction. 1040x site efile com Under certain circumstances, a transaction must be disclosed within 90 days of the transaction being identified as a listed transaction or a transaction of interest (discussed later). 1040x site efile com In addition, for the first year Form 8886 is attached to your return, you must send a copy of the form to: Internal Revenue Service OTSA Mail Stop 4915 1973 North Rulon White Blvd. 1040x site efile com  Ogden, UT 84404 If you file your return electronically, the copy sent to OTSA must show exactly the same information, word for word, provided with the electronically filed return and it must be provided on the official IRS Form 8886 or an exact copy of the form. 1040x site efile com If you use a computer-generated or substitute Form 8886, it must be an exact copy of the official IRS form. 1040x site efile com If you fail to file Form 8886 as required or fail to include any required information on the form, you may have to pay a penalty. 1040x site efile com See Penalty for failure to disclose a reportable transaction , later under Penalties. 1040x site efile com The following discussion briefly describes reportable transactions. 1040x site efile com For more details, see the Instructions for Form 8886. 1040x site efile com Reportable transaction. 1040x site efile com   A reportable transaction is any of the following. 1040x site efile com A listed transaction. 1040x site efile com A confidential transaction. 1040x site efile com A transaction with contractual protection. 1040x site efile com A loss transaction. 1040x site efile com A transaction of interest entered into after November 1, 2006. 1040x site efile com Note. 1040x site efile com Transactions with a brief asset holding period were removed from the definition of reportable transaction for transactions entered into after August 2, 2007. 1040x site efile com Listed transaction. 1040x site efile com   A listed transaction is the same as, or substantially similar to, one of the types of transactions the IRS has determined to be a tax-avoidance transaction. 1040x site efile com These transactions have been identified in notices, regulations, and other published guidance issued by the IRS. 1040x site efile com For a list of existing guidance, see Notice 2009-59 in Internal Revenue Bulletin 2009-31, available at www. 1040x site efile com irs. 1040x site efile com gov/irb/2009-31_IRB/ar07. 1040x site efile com html. 1040x site efile com Confidential transaction. 1040x site efile com   A confidential transaction is offered to you under conditions of confidentiality and for which you have paid an advisor a minimum fee. 1040x site efile com A transaction is offered under conditions of confidentiality if the advisor who is paid the fee places a limit on your disclosure of the tax treatment or tax structure of the transaction and the limit protects the confidentiality of the advisor's tax strategies. 1040x site efile com The transaction is treated as confidential even if the conditions of confidentiality are not legally binding on you. 1040x site efile com Transaction with contractual protection. 1040x site efile com   Generally, a transaction with contractual protection is one in which you or a related party has the right to a full or partial refund of fees if all or part of the intended tax consequences of the transaction are not sustained, or a transaction for which the fees are contingent on your realizing the tax benefits from the transaction. 1040x site efile com For information on exceptions, see Revenue Procedure 2007-20 in Internal Revenue Bulletin 2007-7, available at www. 1040x site efile com irs. 1040x site efile com gov/irb/2007-07_IRB/ar15. 1040x site efile com html. 1040x site efile com Loss transaction. 1040x site efile com   For individuals, a loss transaction is one that results in a deductible loss if the gross amount of the loss is at least $2 million in a single tax year or $4 million in any combination of tax years. 1040x site efile com A loss from a foreign currency transaction under Internal Revenue Code section 988 is a loss transaction if the gross amount of the loss is at least $50,000 in a single tax year, whether or not the loss flows through from an S corporation or partnership. 1040x site efile com   Certain losses (such as losses from casualties, thefts, and condemnations) are excepted from this category and do not have to be reported on Form 8886. 1040x site efile com For information on other exceptions, see Revenue Procedure 2004-66 in Internal Revenue Bulletin 2004-50, as modified and superseded by Revenue Procedure 2013-11, (or future published guidance) available at www. 1040x site efile com irs. 1040x site efile com gov/irb/2004-50_IRB/ar11. 1040x site efile com html. 1040x site efile com Transaction of interest. 1040x site efile com   A transaction of interest is a transaction entered into after November 1, 2006, that is the same as, or substantially similar to, one of the types of transactions that the IRS has identified by notice, regulation, or other form of published guidance as a transaction of interest. 1040x site efile com The IRS has identified the following transactions of interest. 1040x site efile com “Toggling” grantor trusts as described in Notice 2007-73, 2007-36 I. 1040x site efile com R. 1040x site efile com B. 1040x site efile com 545, available at www. 1040x site efile com irs. 1040x site efile com gov/irb/2007-36_IRB/ar20. 1040x site efile com html. 1040x site efile com Certain transactions involving contributions of a successor member interest in a limited liability company as described in Notice 2007-72, 2007-36 I. 1040x site efile com R. 1040x site efile com B. 1040x site efile com 544, available at www. 1040x site efile com irs. 1040x site efile com gov/irb/2007-36_IRB/ar19. 1040x site efile com html. 1040x site efile com Certain transactions involving the sale or other disposition of all interests in a charitable remainder trust and claiming little or no taxable gain as described in Notice 2008-99, 2008-47 I. 1040x site efile com R. 1040x site efile com B. 1040x site efile com 1194, available at www. 1040x site efile com irs. 1040x site efile com gov/irb/2008-47_IRB/ar11. 1040x site efile com html. 1040x site efile com Certain transactions involving a U. 1040x site efile com S. 1040x site efile com taxpayer owning controlled foreign corporations (CFCs) that hold stock of a lower-tier CFC through a domestic partnership to avoid reporting income as described in Notice 2009-7, 2009-3 I. 1040x site efile com R. 1040x site efile com B. 1040x site efile com 312, available at www. 1040x site efile com irs. 1040x site efile com gov/irb/2009-03_IRB/ar10. 1040x site efile com html. 1040x site efile com   For updates to this list, go to www. 1040x site efile com irs. 1040x site efile com gov/Businesses/Corporations/Abusive-Tax-Shelters-and-Transactions. 1040x site efile com Penalties Investing in an abusive tax shelter may lead to substantial expenses. 1040x site efile com First, the promoter generally charges a substantial fee. 1040x site efile com If your return is examined by the IRS and a tax deficiency is determined, you will be faced with payment of more tax, interest on the underpayment, possibly a 20%, 30%, or even 40% accuracy-related penalty, or a 75% civil fraud penalty. 1040x site efile com You may also be subject to the penalty for failure to pay tax. 1040x site efile com These penalties are explained in the following paragraphs. 1040x site efile com Accuracy-related penalties. 1040x site efile com   An accuracy-related penalty of 20% can be imposed for underpayments of tax due to: Negligence or disregard of rules or regulations, Substantial understatement of tax, Substantial valuation misstatement (increased to 40% for gross valuation misstatement), Transaction lacking economic substance (increased to 40% for undisclosed transaction lacking economic substance), or Undisclosed foreign financial asset understatement (40% in all cases). 1040x site efile com Except for a transaction lacking economic substance, this penalty will not be imposed if you can show you had reasonable cause for any understatement of tax and that you acted in good faith. 1040x site efile com Your failure to disclose a reportable transaction is a strong indication that you failed to act in good faith. 1040x site efile com   If you are charged an accuracy-related penalty, interest will be imposed on the amount of the penalty from the due date of the return (including extensions) to the date you pay the penalty. 1040x site efile com   The 20% penalties do not apply to any underpayment attributable to a reportable transaction understatement subject to an accuracy-related penalty (discussed later). 1040x site efile com Negligence or disregard of rules or regulations. 1040x site efile com   The penalty for negligence or disregard of rules or regulations is imposed only on the part of the underpayment due to negligence or disregard of rules or regulations. 1040x site efile com The penalty will not be charged if you can show you had reasonable cause for understating your tax and that you acted in good faith. 1040x site efile com    Negligence includes any failure to make a reasonable attempt to comply with the provisions of the Internal Revenue Code. 1040x site efile com It also includes any failure to keep adequate books and records. 1040x site efile com A return position that has a reasonable basis is not negligence. 1040x site efile com   Disregard includes any careless, reckless, or intentional disregard of rules or regulations. 1040x site efile com   The penalty for disregard of rules and regulations can be avoided if all the following are true. 1040x site efile com You keep adequate books and records. 1040x site efile com You have a reasonable basis for your position on the tax issue. 1040x site efile com You make an adequate disclosure of your position. 1040x site efile com Use Form 8275 to make your disclosure and attach it to your return. 1040x site efile com To disclose a position contrary to a regulation, use Form 8275-R. 1040x site efile com Use Form 8886 to disclose a reportable transaction (discussed earlier). 1040x site efile com Substantial understatement of tax. 1040x site efile com   An understatement is considered to be substantial if it is more than the greater of: 10% of the tax required to be shown on the return, or $5,000. 1040x site efile com An “understatement” is the amount of tax required to be shown on your return for a tax year minus the amount of tax shown on the return, reduced by any rebates. 1040x site efile com The term “rebate” generally means a decrease in the tax shown on your original return as the result of your filing an amended return or claim for refund. 1040x site efile com   For items other than tax shelters, you can file Form 8275 or Form 8275-R to disclose items that could cause a substantial understatement of income tax. 1040x site efile com In that way, you can avoid the substantial understatement penalty if you have a reasonable basis for your position on the tax issue. 1040x site efile com Disclosure of the tax shelter item on a tax return does not reduce the amount of the understatement. 1040x site efile com   Also, the understatement penalty will not be imposed if you can show there was reasonable cause for the underpayment caused by the understatement and that you acted in good faith. 1040x site efile com An important factor in establishing reasonable cause and good faith will be the extent of your effort to determine your proper tax liability under the law. 1040x site efile com Substantial valuation misstatement. 1040x site efile com   In general, you are liable for a 20% penalty for a substantial valuation misstatement if all the following are true. 1040x site efile com The value or adjusted basis of any property claimed on the return is 150% or more of the correct amount. 1040x site efile com You underpaid your tax by more than $5,000 because of the misstatement. 1040x site efile com You cannot establish that you had reasonable cause for the underpayment and that you acted in good faith. 1040x site efile com   You may be assessed a penalty of 40% for a gross valuation misstatement. 1040x site efile com If you misstate the value or the adjusted basis of property by 200% or more of the amount determined to be correct, you will be assessed a penalty of 40%, instead of 20%, of the amount you underpaid because of the gross valuation misstatement. 1040x site efile com The penalty rate is also 40% if the property's correct value or adjusted basis is zero. 1040x site efile com Transaction lacking economic substance. 1040x site efile com   The economic substance doctrine only applies to an individual that entered into a transaction in connection with a trade or business or an activity engaged in for the production of income. 1040x site efile com For transactions entered into after March 30, 2010, a transaction has economic substance for you as an individual taxpayer only if: The transaction changes your economic position in a meaningful way (apart from federal income tax effects), or You have a substantial purpose (apart from federal income tax effects) for entering into the transaction. 1040x site efile com   For purposes of determining whether economic substance exists, a transaction's profit potential will only be taken into account if the present value of the reasonably expected pre-tax profit from the transaction is substantial compared to the present value of the expected net tax benefits that would be allowed if the transaction were respected. 1040x site efile com   If any part of your underpayment is due to any disallowance of claimed tax benefits by reason of a transaction lacking economic substance or failing to meet the requirements of any similar rule of law, that part of your underpayment will be subject to the 20% accuracy-related penalty even if you had a reasonable cause and acted in good faith concerning that part. 1040x site efile com   Additionally, the penalty increases to 40% if you do not adequately disclose on your return or in a statement attached to your return the relevant facts affecting the tax treatment of a transaction that lacks economic substance. 1040x site efile com Relevant facts include any facts affecting the tax treatment of the transaction. 1040x site efile com    Any excessive amount of an erroneous claim for an income tax refund or credit (other than a refund or credit related to the earned income credit) that results from a transaction found to be lacking economic substance will not be treated as having a reasonable basis and could be subject to a 20% penalty. 1040x site efile com Undisclosed foreign financial asset understatement. 1040x site efile com   For tax years beginning after March 18, 2010, you may be liable for a 40% penalty for an understatement of your tax liability due to an undisclosed foreign financial asset. 1040x site efile com An undisclosed foreign financial asset is any asset for which an information return, required to be provided under Internal Revenue Code section 6038, 6038B, 6038D, 6046A, or 6048 for any taxable year, is not provided. 1040x site efile com The penalty applies to any part of an underpayment related to the following undisclosed foreign financial assets. 1040x site efile com Any foreign business you control, reportable on Form 5471, Information Return of U. 1040x site efile com S. 1040x site efile com Persons With Respect To Certain Foreign Corporations, or Form 8865, Return of U. 1040x site efile com S. 1040x site efile com Persons With Respect to Certain Foreign Partnerships. 1040x site efile com Certain transfers of property to a foreign corporation or partnership, reportable on Form 926, Return by a U. 1040x site efile com S. 1040x site efile com Transferor of Property to a Foreign Corporation, or certain distributions to a foreign person, reportable on Form 8865. 1040x site efile com Your ownership interest in certain foreign financial assets, temporarily reportable on Form 8275 or 8275-R. 1040x site efile com    Instead of, or in addition to, Form 8275 or 8275-R, you may have to file Form 8938, Statement of Specified Foreign Financial Assets, with your tax return. 1040x site efile com See the Instructions for Form 8938 for details. 1040x site efile com    Your acquisition, disposition, or substantial change in ownership interest in a foreign partnership, reportable on Form 8865. 1040x site efile com Creation or transfer of money or property to certain foreign trusts, reportable on Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. 1040x site efile com Penalty for incorrect appraisals. 1040x site efile com   The person who prepares an appraisal of the value of property may have to pay a penalty if: He or she knows, or reasonably should have known, that the appraisal would be used in connection with a return or claim for refund; and The claimed value of the property on a return or claim for refund based on that appraisal results in a substantial valuation misstatement or a gross valuation misstatement as discussed earlier. 1040x site efile com For details on the penalty amount and exceptions, see Publication 561. 1040x site efile com Penalty for failure to disclose a reportable transaction. 1040x site efile com   If you fail to include any required information regarding a reportable transaction (discussed earlier) on a return or statement, you may have to pay a penalty of 75% of the decrease in tax shown on your return as a result of such transaction (or that would have resulted if the transaction were respected for federal tax purposes). 1040x site efile com For an individual, the minimum penalty is $5,000 and the maximum is $10,000 (or $100,000 for a listed transaction). 1040x site efile com This penalty is in addition to any other penalty that may be imposed. 1040x site efile com   The IRS may rescind or abate the penalty for failing to disclose a reportable transaction under certain limited circumstances but cannot rescind the penalty for failing to disclose a listed transaction. 1040x site efile com For information on rescission, see Revenue Procedure 2007-21 in Internal Revenue Bulletin 2007-9 available at www. 1040x site efile com irs. 1040x site efile com gov/irb/2007-09_IRB/ar12. 1040x site efile com html. 1040x site efile com Accuracy-related penalty for a reportable transaction understatement. 1040x site efile com   If you have a reportable transaction understatement, you may have to pay a penalty equal to 20% of the amount of that understatement. 1040x site efile com This applies to any item due to a listed transaction or other reportable transaction with a significant purpose of avoiding or evading federal income tax. 1040x site efile com The penalty is 30% rather than 20% for the part of any reportable transaction understatement if the transaction was not properly disclosed. 1040x site efile com You may not have to pay the 20% penalty if you meet the strengthened reasonable cause and good faith exception. 1040x site efile com The reasonable cause and good faith exception does not apply to any part of a reportable transaction understatement attributable to one or more transactions that lack economic substance. 1040x site efile com   This penalty does not apply to the part of an understatement on which the fraud penalty, gross valuation misstatement penalty, or penalty for nondisclosure of noneconomic substance transactions is imposed. 1040x site efile com Civil fraud penalty. 1040x site efile com   If any underpayment of tax on your return is due to fraud, a penalty of 75% of the underpayment will be added to your tax. 1040x site efile com Joint return. 1040x site efile com   The fraud penalty on a joint return applies to a spouse only if some part of the underpayment is due to the fraud of that spouse. 1040x site efile com Failure to pay tax. 1040x site efile com   If a deficiency is assessed and is not paid within 10 days of the demand for payment, an investor can be penalized with up to a 25% addition to tax if the failure to pay continues. 1040x site efile com Whether To Invest In light of the adverse tax consequences and the substantial amount of penalties and interest that will result if the claimed tax benefits are disallowed, you should consider tax shelter investments carefully and seek competent legal and financial advice. 1040x site efile com Prev  Up  Next   Home   More Online Publications
Print - Click this link to Print this page

CP 90 - Final Notice of Intent to Levy and Notice of Your Right to a Hearing

Details About This Notice:
Sample Content: Page 1, Page 2
Purpose:   We send CP 90 to inform the recipient of our intent to levy on certain assets.
Reason for Issuance:   The recipient has a balance due on their account that we've previously sent a notice about. That balance due is still unpaid. We send a CP 90 to inform the recipient that the amount is still due, that we intend to levy on certain assets, and what steps they need to take within 30 days to prevent us from taking this action.
Account Balance:   Balance Due
Possible Enclosures:  

Frequently Asked Questions About This Notice

Page Last Reviewed or Updated: 22-Apr-2013

The 1040x Site Efile Com

1040x site efile com Publication 3991 - Introductory Material Table of Contents Introduction Introduction All of the changes discussed in this publication resulted from the Job Creation and Worker Assistance Act of 2002. 1040x site efile com This publication highlights tax law changes that took effect retroactively for 2001 and others that take effect in 2002 and later years. 1040x site efile com The chapters are divided into separate sections based on when the changes take effect. 1040x site efile com For example, this publication covers the following topics. 1040x site efile com Tax benefits for the area of New York City damaged in terrorist attacks on September 11, 2001. 1040x site efile com New deduction available for educator expenses. 1040x site efile com Limit on the use of the non-accrual experience method of accounting. 1040x site efile com Pension changes such as the new tax credit for certain pension plan startup costs, an increased SEP contribution limit, figuring 403(b) catch-up contributions, and a provision for deemed IRAs. 1040x site efile com Extension of the welfare-to-work credit and work opportunity credit. 1040x site efile com New 5-year carryback rule for net operating losses (NOLs). 1040x site efile com See the discussion of each topic for more information. 1040x site efile com Certain changes had a major effect on two of the publications we issued for 2001. 1040x site efile com We published supplements to those two publications and they have been included in this publication as follows. 1040x site efile com Chapter 4 contains the supplement to Publication 463, Travel, Entertainment, Gift, and Car Expenses. 1040x site efile com This discusses the increase in the amount of depreciation deduction for certain automobiles. 1040x site efile com Chapter 5 contains the supplement to Publication 946, How To Depreciate Property. 1040x site efile com This discusses the special depreciation allowance for property acquired after September 10, 2001. 1040x site efile com Adjusting your withholding or estimated tax payments for 2002. 1040x site efile com   If your tax for 2002 will be more or less than your 2001 tax, you may need to adjust your withholding or estimated tax payments accordingly. 1040x site efile com If your tax will decrease, you can get the benefit of lower taxes throughout the year. 1040x site efile com If you will owe more tax, you can avoid a penalty when you file your tax return. 1040x site efile com   See the following table for forms and publications that will help you adjust your withholding or estimated tax payments. 1040x site efile com See chapter 6 for information on ordering forms and publications. 1040x site efile com To adjust your. 1040x site efile com . 1040x site efile com . 1040x site efile com . 1040x site efile com Get Form. 1040x site efile com . 1040x site efile com . 1040x site efile com And Publication. 1040x site efile com . 1040x site efile com . 1040x site efile com Withholding W–4, Employee's Withholding Allowance Certificate 919, How Do I Adjust My Tax Withholding? Estimated tax payments 1040–ES, Estimated Tax for Individuals 505, Tax Withholding and Estimated Tax Photographs of missing children. 1040x site efile com   The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 1040x site efile com Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040x site efile com You can help bring these children home by looking at the photographs and calling 1–800–THE–LOST (1–800–843–5678) if you recognize a child. 1040x site efile com Comments and suggestions. 1040x site efile com   We welcome your comments about this publication. 1040x site efile com   You can e-mail us while visiting our web site at www. 1040x site efile com irs. 1040x site efile com gov. 1040x site efile com   You can write to us at the following address: Internal Revenue Service Technical Publications Branch W:CAR:MP:FP:P 1111 Constitution Ave. 1040x site efile com NW Washington, DC 20224   We respond to many letters by telephone. 1040x site efile com Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040x site efile com Prev  Up  Next   Home   More Online Publications