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2010 Tax Forms And Instructions

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2010 Tax Forms And Instructions

2010 tax forms and instructions 3. 2010 tax forms and instructions   SIMPLE Plans Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: SIMPLE IRA PlanWho Can Set Up a SIMPLE IRA Plan? Who Can Participate in a SIMPLE IRA Plan? How To Set Up a SIMPLE IRA Plan Notification Requirement Contribution Limits When To Deduct Contributions Where To Deduct Contributions Tax Treatment of Contributions Distributions (Withdrawals) More Information on SIMPLE IRA Plans SIMPLE 401(k) Plan Topics - This chapter discusses: SIMPLE IRA plan SIMPLE 401(k) plan Useful Items - You may want to see: Publications 590 Individual Retirement Arrangements (IRAs) 3998 Choosing A Retirement Solution for Your Small Business 4284 SIMPLE IRA Plan Checklist 4334 SIMPLE IRA Plans for Small Businesses Forms (and Instructions) W-2 Wage and Tax Statement 5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–Not for Use With a Designated Financial Institution 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–for Use With a Designated Financial Institution 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs A savings incentive match plan for employees (SIMPLE plan) is a written arrangement that provides you and your employees with a simplified way to make contributions to provide retirement income. 2010 tax forms and instructions Under a SIMPLE plan, employees can choose to make salary reduction contributions to the plan rather than receiving these amounts as part of their regular pay. 2010 tax forms and instructions In addition, you will contribute matching or nonelective contributions. 2010 tax forms and instructions SIMPLE plans can only be maintained on a calendar-year basis. 2010 tax forms and instructions A SIMPLE plan can be set up in either of the following ways. 2010 tax forms and instructions Using SIMPLE IRAs (SIMPLE IRA plan). 2010 tax forms and instructions As part of a 401(k) plan (SIMPLE 401(k) plan). 2010 tax forms and instructions Many financial institutions will help you set up a SIMPLE plan. 2010 tax forms and instructions SIMPLE IRA Plan A SIMPLE IRA plan is a retirement plan that uses SIMPLE IRAs for each eligible employee. 2010 tax forms and instructions Under a SIMPLE IRA plan, a SIMPLE IRA must be set up for each eligible employee. 2010 tax forms and instructions For the definition of an eligible employee, see Who Can Participate in a SIMPLE IRA Plan , later. 2010 tax forms and instructions Who Can Set Up a SIMPLE IRA Plan? You can set up a SIMPLE IRA plan if you meet both the following requirements. 2010 tax forms and instructions You meet the employee limit. 2010 tax forms and instructions You do not maintain another qualified plan unless the other plan is for collective bargaining employees. 2010 tax forms and instructions Employee limit. 2010 tax forms and instructions   You can set up a SIMPLE IRA plan only if you had 100 or fewer employees who received $5,000 or more in compensation from you for the preceding year. 2010 tax forms and instructions Under this rule, you must take into account all employees employed at any time during the calendar year regardless of whether they are eligible to participate. 2010 tax forms and instructions Employees include self-employed individuals who received earned income and leased employees (defined in chapter 1). 2010 tax forms and instructions   Once you set up a SIMPLE IRA plan, you must continue to meet the 100-employee limit each year you maintain the plan. 2010 tax forms and instructions Grace period for employers who cease to meet the 100-employee limit. 2010 tax forms and instructions   If you maintain the SIMPLE IRA plan for at least 1 year and you cease to meet the 100-employee limit in a later year, you will be treated as meeting it for the 2 calendar years immediately following the calendar year for which you last met it. 2010 tax forms and instructions   A different rule applies if you do not meet the 100-employee limit because of an acquisition, disposition, or similar transaction. 2010 tax forms and instructions Under this rule, the SIMPLE IRA plan will be treated as meeting the 100-employee limit for the year of the transaction and the 2 following years if both the following conditions are satisfied. 2010 tax forms and instructions Coverage under the plan has not significantly changed during the grace period. 2010 tax forms and instructions The SIMPLE IRA plan would have continued to qualify after the transaction if you had remained a separate employer. 2010 tax forms and instructions    The grace period for acquisitions, dispositions, and similar transactions also applies if, because of these types of transactions, you do not meet the rules explained under Other qualified plan or Who Can Participate in a SIMPLE IRA Plan, below. 2010 tax forms and instructions Other qualified plan. 2010 tax forms and instructions   The SIMPLE IRA plan generally must be the only retirement plan to which you make contributions, or to which benefits accrue, for service in any year beginning with the year the SIMPLE IRA plan becomes effective. 2010 tax forms and instructions Exception. 2010 tax forms and instructions   If you maintain a qualified plan for collective bargaining employees, you are permitted to maintain a SIMPLE IRA plan for other employees. 2010 tax forms and instructions Who Can Participate in a SIMPLE IRA Plan? Eligible employee. 2010 tax forms and instructions   Any employee who received at least $5,000 in compensation during any 2 years preceding the current calendar year and is reasonably expected to receive at least $5,000 during the current calendar year is eligible to participate. 2010 tax forms and instructions The term “employee” includes a self-employed individual who received earned income. 2010 tax forms and instructions   You can use less restrictive eligibility requirements (but not more restrictive ones) by eliminating or reducing the prior year compensation requirements, the current year compensation requirements, or both. 2010 tax forms and instructions For example, you can allow participation for employees who received at least $3,000 in compensation during any preceding calendar year. 2010 tax forms and instructions However, you cannot impose any other conditions for participating in a SIMPLE IRA plan. 2010 tax forms and instructions Excludable employees. 2010 tax forms and instructions   The following employees do not need to be covered under a SIMPLE IRA plan. 2010 tax forms and instructions Employees who are covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. 2010 tax forms and instructions Nonresident alien employees who have received no U. 2010 tax forms and instructions S. 2010 tax forms and instructions source wages, salaries, or other personal services compensation from you. 2010 tax forms and instructions Compensation. 2010 tax forms and instructions   Compensation for employees is the total wages, tips, and other compensation from the employer subject to federal income tax withholding and the amounts paid for domestic service in a private home, local college club, or local chapter of a college fraternity or sorority. 2010 tax forms and instructions Compensation also includes the employee's salary reduction contributions made under this plan and, if applicable, elective deferrals under a section 401(k) plan, a SARSEP, or a section 403(b) annuity contract and compensation deferred under a section 457 plan required to be reported by the employer on Form W-2. 2010 tax forms and instructions If you are self-employed, compensation is your net earnings from self-employment (line 4 of Short Schedule SE or line 6 of Long Schedule SE (Form 1040)) before subtracting any contributions made to the SIMPLE IRA plan for yourself. 2010 tax forms and instructions How To Set Up a SIMPLE IRA Plan You can use Form 5304-SIMPLE or Form 5305-SIMPLE to set up a SIMPLE IRA plan. 2010 tax forms and instructions Each form is a model savings incentive match plan for employees (SIMPLE) plan document. 2010 tax forms and instructions Which form you use depends on whether you select a financial institution or your employees select the institution that will receive the contributions. 2010 tax forms and instructions Use Form 5304-SIMPLE if you allow each plan participant to select the financial institution for receiving his or her SIMPLE IRA plan contributions. 2010 tax forms and instructions Use Form 5305-SIMPLE if you require that all contributions under the SIMPLE IRA plan be deposited initially at a designated financial institution. 2010 tax forms and instructions The SIMPLE IRA plan is adopted when you have completed all appropriate boxes and blanks on the form and you (and the designated financial institution, if any) have signed it. 2010 tax forms and instructions Keep the original form. 2010 tax forms and instructions Do not file it with the IRS. 2010 tax forms and instructions Other uses of the forms. 2010 tax forms and instructions   If you set up a SIMPLE IRA plan using Form 5304-SIMPLE or Form 5305-SIMPLE, you can use the form to satisfy other requirements, including the following. 2010 tax forms and instructions Meeting employer notification requirements for the SIMPLE IRA plan. 2010 tax forms and instructions Form 5304-SIMPLE and Form 5305-SIMPLE contain a Model Notification to Eligible Employees that provides the necessary information to the employee. 2010 tax forms and instructions Maintaining the SIMPLE IRA plan records and proving you set up a SIMPLE IRA plan for employees. 2010 tax forms and instructions Deadline for setting up a SIMPLE IRA plan. 2010 tax forms and instructions   You can set up a SIMPLE IRA plan effective on any date from January 1 through October 1 of a year, provided you did not previously maintain a SIMPLE IRA plan. 2010 tax forms and instructions This requirement does not apply if you are a new employer that comes into existence after October 1 of the year the SIMPLE IRA plan is set up and you set up a SIMPLE IRA plan as soon as administratively feasible after your business comes into existence. 2010 tax forms and instructions If you previously maintained a SIMPLE IRA plan, you can set up a SIMPLE IRA plan effective only on January 1 of a year. 2010 tax forms and instructions A SIMPLE IRA plan cannot have an effective date that is before the date you actually adopt the plan. 2010 tax forms and instructions Setting up a SIMPLE IRA. 2010 tax forms and instructions   SIMPLE IRAs are the individual retirement accounts or annuities into which the contributions are deposited. 2010 tax forms and instructions A SIMPLE IRA must be set up for each eligible employee. 2010 tax forms and instructions Forms 5305-S, SIMPLE Individual Retirement Trust Account, and 5305-SA, SIMPLE Individual Retirement Custodial Account, are model trust and custodial account documents the participant and the trustee (or custodian) can use for this purpose. 2010 tax forms and instructions   A SIMPLE IRA cannot be a Roth IRA. 2010 tax forms and instructions Contributions to a SIMPLE IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. 2010 tax forms and instructions Deadline for setting up a SIMPLE IRA. 2010 tax forms and instructions   A SIMPLE IRA must be set up for an employee before the first date by which a contribution is required to be deposited into the employee's IRA. 2010 tax forms and instructions See Time limits for contributing funds , later, under Contribution Limits. 2010 tax forms and instructions Credit for startup costs. 2010 tax forms and instructions   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SIMPLE IRA plan that first became effective in 2013. 2010 tax forms and instructions For more information, see Credit for startup costs under Reminders, earlier. 2010 tax forms and instructions Notification Requirement If you adopt a SIMPLE IRA plan, you must notify each employee of the following information before the beginning of the election period. 2010 tax forms and instructions The employee's opportunity to make or change a salary reduction choice under a SIMPLE IRA plan. 2010 tax forms and instructions Your decision to make either matching contributions or nonelective contributions (discussed later). 2010 tax forms and instructions A summary description provided by the financial institution. 2010 tax forms and instructions Written notice that his or her balance can be transferred without cost or penalty if they use a designated financial institution. 2010 tax forms and instructions Election period. 2010 tax forms and instructions   The election period is generally the 60-day period immediately preceding January 1 of a calendar year (November 2 to December 31 of the preceding calendar year). 2010 tax forms and instructions However, the dates of this period are modified if you set up a SIMPLE IRA plan in mid-year (for example, on July 1) or if the 60-day period falls before the first day an employee becomes eligible to participate in the SIMPLE IRA plan. 2010 tax forms and instructions   A SIMPLE IRA plan can provide longer periods for permitting employees to enter into salary reduction agreements or to modify prior agreements. 2010 tax forms and instructions For example, a SIMPLE IRA plan can provide a 90-day election period instead of the 60-day period. 2010 tax forms and instructions Similarly, in addition to the 60-day period, a SIMPLE IRA plan can provide quarterly election periods during the 30 days before each calendar quarter, other than the first quarter of each year. 2010 tax forms and instructions Contribution Limits Contributions are made up of salary reduction contributions and employer contributions. 2010 tax forms and instructions You, as the employer, must make either matching contributions or nonelective contributions, defined later. 2010 tax forms and instructions No other contributions can be made to the SIMPLE IRA plan. 2010 tax forms and instructions These contributions, which you can deduct, must be made timely. 2010 tax forms and instructions See Time limits for contributing funds , later. 2010 tax forms and instructions Salary reduction contributions. 2010 tax forms and instructions   The amount the employee chooses to have you contribute to a SIMPLE IRA on his or her behalf cannot be more than $12,000 for 2013 and 2014. 2010 tax forms and instructions These contributions must be expressed as a percentage of the employee's compensation unless you permit the employee to express them as a specific dollar amount. 2010 tax forms and instructions You cannot place restrictions on the contribution amount (such as limiting the contribution percentage), except to comply with the $12,000 limit. 2010 tax forms and instructions   If you or an employee participates in any other qualified plan during the year and you or your employee have salary reduction contributions (elective deferrals) under those plans, the salary reduction contributions under a SIMPLE IRA plan also count toward the overall annual limit ($17,500 for 2013 and 2014) on exclusion of salary reduction contributions and other elective deferrals. 2010 tax forms and instructions Catch-up contributions. 2010 tax forms and instructions   A SIMPLE IRA plan can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. 2010 tax forms and instructions The catch-up contribution limit for 2013 and 2014 for SIMPLE IRA plans is $2,500. 2010 tax forms and instructions Salary reduction contributions are not treated as catch-up contributions for 2013 or 2014 until they exceed $12,000. 2010 tax forms and instructions However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. 2010 tax forms and instructions The catch-up contribution limit. 2010 tax forms and instructions The excess of the participant's compensation over the salary reduction contributions that are not catch-up contributions. 2010 tax forms and instructions Employer matching contributions. 2010 tax forms and instructions   You are generally required to match each employee's salary reduction contributions on a dollar-for-dollar basis up to 3% of the employee's compensation. 2010 tax forms and instructions This requirement does not apply if you make nonelective contributions as discussed later. 2010 tax forms and instructions Example. 2010 tax forms and instructions In 2013, your employee, John Rose, earned $25,000 and chose to defer 5% of his salary. 2010 tax forms and instructions Your net earnings from self-employment are $40,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. 2010 tax forms and instructions You make 3% matching contributions. 2010 tax forms and instructions The total contribution you make for John is $2,000, figured as follows. 2010 tax forms and instructions Salary reduction contributions ($25,000 × . 2010 tax forms and instructions 05) $1,250 Employer matching contribution ($25,000 × . 2010 tax forms and instructions 03) 750 Total contributions $2,000     The total contribution you make for yourself is $5,200, figured as follows. 2010 tax forms and instructions Salary reduction contributions ($40,000 × . 2010 tax forms and instructions 10) $4,000 Employer matching contribution ($40,000 × . 2010 tax forms and instructions 03) 1,200 Total contributions $5,200 Lower percentage. 2010 tax forms and instructions   If you choose a matching contribution less than 3%, the percentage must be at least 1%. 2010 tax forms and instructions You must notify the employees of the lower match within a reasonable period of time before the 60-day election period (discussed earlier) for the calendar year. 2010 tax forms and instructions You cannot choose a percentage less than 3% for more than 2 years during the 5-year period that ends with (and includes) the year for which the choice is effective. 2010 tax forms and instructions Nonelective contributions. 2010 tax forms and instructions   Instead of matching contributions, you can choose to make nonelective contributions of 2% of compensation on behalf of each eligible employee who has at least $5,000 (or some lower amount you select) of compensation from you for the year. 2010 tax forms and instructions If you make this choice, you must make nonelective contributions whether or not the employee chooses to make salary reduction contributions. 2010 tax forms and instructions Only $255,000 of the employee's compensation can be taken into account to figure the contribution limit in 2013 ($260,000 in 2014). 2010 tax forms and instructions   If you choose this 2% contribution formula, you must notify the employees within a reasonable period of time before the 60-day election period (discussed earlier) for the calendar year. 2010 tax forms and instructions Example 1. 2010 tax forms and instructions In 2013, your employee, Jane Wood, earned $36,000 and chose to have you contribute 10% of her salary. 2010 tax forms and instructions Your net earnings from self-employment are $50,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. 2010 tax forms and instructions You make a 2% nonelective contribution. 2010 tax forms and instructions Both of you are under age 50. 2010 tax forms and instructions The total contribution you make for Jane is $4,320, figured as follows. 2010 tax forms and instructions Salary reduction contributions ($36,000 × . 2010 tax forms and instructions 10) $3,600 2% nonelective contributions ($36,000 × . 2010 tax forms and instructions 02) 720 Total contributions $4,320     The total contribution you make for yourself is $6,000, figured as follows. 2010 tax forms and instructions Salary reduction contributions ($50,000 × . 2010 tax forms and instructions 10) $5,000 2% nonelective contributions ($50,000 × . 2010 tax forms and instructions 02) 1,000 Total contributions $6,000 Example 2. 2010 tax forms and instructions Using the same facts as in Example 1, above, the maximum contribution you make for Jane or for yourself if you each earned $75,000 is $13,500, figured as follows. 2010 tax forms and instructions Salary reduction contributions (maximum amount allowed) $12,000 2% nonelective contributions ($75,000 × . 2010 tax forms and instructions 02) 1,500 Total contributions $13,500 Time limits for contributing funds. 2010 tax forms and instructions   You must make the salary reduction contributions to the SIMPLE IRA within 30 days after the end of the month in which the amounts would otherwise have been payable to the employee in cash. 2010 tax forms and instructions You must make matching contributions or nonelective contributions by the due date (including extensions) for filing your federal income tax return for the year. 2010 tax forms and instructions Certain plans subject to Department of Labor rules may have an earlier due date for salary reduction contributions. 2010 tax forms and instructions When To Deduct Contributions You can deduct SIMPLE IRA contributions in the tax year within which the calendar year for which contributions were made ends. 2010 tax forms and instructions You can deduct contributions for a particular tax year if they are made for that tax year and are made by the due date (including extensions) of your federal income tax return for that year. 2010 tax forms and instructions Example 1. 2010 tax forms and instructions Your tax year is the fiscal year ending June 30. 2010 tax forms and instructions Contributions under a SIMPLE IRA plan for the calendar year 2013 (including contributions made in 2013 before July 1, 2013) are deductible in the tax year ending June 30, 2014. 2010 tax forms and instructions Example 2. 2010 tax forms and instructions You are a sole proprietor whose tax year is the calendar year. 2010 tax forms and instructions Contributions under a SIMPLE IRA plan for the calendar year 2013 (including contributions made in 2014 by April 15, 2014) are deductible in the 2013 tax year. 2010 tax forms and instructions Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. 2010 tax forms and instructions For example, sole proprietors deduct them on Schedule C (Form 1040) or Schedule F (Form 1040); partnerships deduct them on Form 1065; and corporations deduct them on Form 1120 or Form 1120S. 2010 tax forms and instructions Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. 2010 tax forms and instructions (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065) you receive from the partnership. 2010 tax forms and instructions ) Tax Treatment of Contributions You can deduct your contributions and your employees can exclude these contributions from their gross income. 2010 tax forms and instructions SIMPLE IRA plan contributions are not subject to federal income tax withholding. 2010 tax forms and instructions However, salary reduction contributions are subject to social security, Medicare, and federal unemployment (FUTA) taxes. 2010 tax forms and instructions Matching and nonelective contributions are not subject to these taxes. 2010 tax forms and instructions Reporting on Form W-2. 2010 tax forms and instructions   Do not include SIMPLE IRA plan contributions in the “Wages, tips, other compensation” box of Form W-2. 2010 tax forms and instructions You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. 2010 tax forms and instructions You must also include them in box 12. 2010 tax forms and instructions Mark the “Retirement plan” checkbox in box 13. 2010 tax forms and instructions For more information, see the Form W-2 instructions. 2010 tax forms and instructions Distributions (Withdrawals) Distributions from a SIMPLE IRA are subject to IRA rules and generally are includible in income for the year received. 2010 tax forms and instructions Tax-free rollovers can be made from one SIMPLE IRA into another SIMPLE IRA. 2010 tax forms and instructions However, a rollover from a SIMPLE IRA to a non-SIMPLE IRA can be made tax free only after a 2-year participation in the SIMPLE IRA plan. 2010 tax forms and instructions Generally, you or your employee must begin to receive distributions from a SIMPLE IRA by April 1 of the first year after the calendar year in which you or your employee reaches age 70½. 2010 tax forms and instructions Early withdrawals generally are subject to a 10% additional tax. 2010 tax forms and instructions However, the additional tax is increased to 25% if funds are withdrawn within 2 years of beginning participation. 2010 tax forms and instructions More information. 2010 tax forms and instructions   See Publication 590 for information about IRA rules, including those on the tax treatment of distributions, rollovers, required distributions, and income tax withholding. 2010 tax forms and instructions More Information on SIMPLE IRA Plans If you need help to set up or maintain a SIMPLE IRA plan, go to the IRS website and search SIMPLE IRA Plan. 2010 tax forms and instructions SIMPLE 401(k) Plan You can adopt a SIMPLE plan as part of a 401(k) plan if you meet the 100-employee limit as discussed earlier under SIMPLE IRA Plan. 2010 tax forms and instructions A SIMPLE 401(k) plan is a qualified retirement plan and generally must satisfy the rules discussed under Qualification Rules in chapter 4, including the required distribution rules. 2010 tax forms and instructions However, a SIMPLE 401(k) plan is not subject to the nondiscrimination and top-heavy rules discussed in chapter 4 if the plan meets the conditions listed below. 2010 tax forms and instructions Under the plan, an employee can choose to have you make salary reduction contributions for the year to a trust in an amount expressed as a percentage of the employee's compensation, but not more than $12,000 for 2013 and 2014. 2010 tax forms and instructions If permitted under the plan, an employee who is age 50 or over can also make a catch-up contribution of up to $2,500 for 2013 and 2014. 2010 tax forms and instructions See Catch-up contributions , earlier under Contribution Limits. 2010 tax forms and instructions You must make either: Matching contributions up to 3% of compensation for the year, or Nonelective contributions of 2% of compensation on behalf of each eligible employee who has at least $5,000 of compensation from you for the year. 2010 tax forms and instructions No other contributions can be made to the trust. 2010 tax forms and instructions No contributions are made, and no benefits accrue, for services during the year under any other qualified retirement plan sponsored by you on behalf of any employee eligible to participate in the SIMPLE 401(k) plan. 2010 tax forms and instructions The employee's rights to any contributions are nonforfeitable. 2010 tax forms and instructions No more than $255,000 of the employee's compensation can be taken into account in figuring matching contributions and nonelective contributions in 2013 ($260,000 in 2014). 2010 tax forms and instructions Compensation is defined earlier in this chapter. 2010 tax forms and instructions Employee notification. 2010 tax forms and instructions   The notification requirement that applies to SIMPLE IRA plans also applies to SIMPLE 401(k) plans. 2010 tax forms and instructions See Notification Requirement in this chapter. 2010 tax forms and instructions Credit for startup costs. 2010 tax forms and instructions   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SIMPLE 401(k) plan that first became effective in 2013. 2010 tax forms and instructions For more information, see Credit for startup costs under Reminders, earlier. 2010 tax forms and instructions Note on Forms. 2010 tax forms and instructions   Please note that Forms 5304-SIMPLE and 5305-SIMPLE can not be used to establish a SIMPLE 401(k) plan. 2010 tax forms and instructions To set up a SIMPLE 401(k) plan, see Adopting a Written Plan in chapter 4. 2010 tax forms and instructions Prev  Up  Next   Home   More 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  • Beware of IRS' 2010 'Dirty Dozen' Tax Scams
    The Internal Revenue Service issued its 2010 "dirty dozen" list of tax scams, including schemes involving return preparer fraud, hiding income offshore and phishing. "Taxpayers should be wary of anyone peddling scams that seem too good to be true," IRS Commissioner Doug Shulman said. "The IRS fights fraud by pursuing taxpayers who hide income abroad and by ensuring taxpayers get competent, ethical service from qualified professionals at home in the U.S."
  • Beware of Tax Scams
    The IRS wants taxpayers to be aware of tax scams. These scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. The schemes take several shapes, ranging from promises of large tax refunds to illegal ways of 'untaxing' yourself. Here are three important guidelines to keep in mind.
  • Electronic Federal Tax Payment System Cited in New E-mail Scam
    The Internal Revenue Service is warning taxpayers to be on the lookout for a new e-mail scam that uses the Treasury Department's Electronic Federal Tax Payment System (EFTPS) as a hook to lure individuals into disclosing their personal information. The new e-mail scam, fraught with grammatical errors and typos, looks like a page from IRS.gov and claims to be from the "IRS Antifraud Comission" (sic), a fictitious group. The e-mail claims someone has enrolled the taxpayer's credit card in EFTPS bank account. The e-mail claims money was lost and "remaining founds" (sic) are blocked. Recipients are asked to click on a link that will help them recover their funds, but the subsequent site asks for personal information that the thieves could use to steal the taxpayer's identity.
  • Fraudulent E-Mail Purported to be Representing Congressional Interests
    The fraudulent email is sent from infowhitehouse3@ig.com.br. The author of the email claims to be representing several U.S. Legislative committees including the Senate Committee on Foreign Relations, Senate Committee on Appropriations, House Committee on Appropriations, and the House Committee of International Relations. This e-mail is a hoax. Do not follow the provided link.
  • FTC Cautions Consumers About Tax and Rebate Scams
    The Federal Trade Commission cautions consumers looking forward to rebate checks from the government that they may be targets of scammers out to steal their identity. The schemes work like this: consumers get a call or an e-mail claiming to be from the IRS, the Social Security Administration, or some other government agency, and claiming to need some bit of personal information to process the rebate check. Consumers may be asked to provide their social security number, bank account number, or another piece of personal information that a skillful crook can use to commit identity theft.
  • IRS Alerts Public to New Identity Theft Scams
    The IRS reminds consumers to avoid identity theft scams that use the IRS name, logo or web site in an attempt to convince taxpayers that the scam is a genuine communication from the IRS. Scammers may use other federal agency names, such as the U.S. Department of the Treasury.
  • IRS Warns of Phony e-Mails Claiming to Come from the IRS
    The Internal Revenue Service alerts taxpayers about Internet scams in which fraudulent e-mails are sent that appear to be from the IRS. The e-mails direct the consumer to a Web link that requests personal and financial information, such as Social Security, bank account or credit card numbers. The practice of tricking victims into revealing private personal and financial information over the Internet is known as 'phishing' for information.
  • IRS Warns Taxpayers of New E-mail Scams
    The Internal Revenue Service alterts taxpayers to the latest versions of an e- mail scam intended to fool people into believing they are under investigation by the agency's Criminal Investigation division.
  • Late Tax Scam Discovered; Free File Users Reminded to Use IRS.gov
    The IRS warns of a new tax scam on the Internet that lures taxpayers into filing tax information on a site masquerading as a member of the Free File Alliance. The IRS reminded taxpayers the only place to access the Free File program is through the official IRS.gov Web site.
  • OnGuardOnline.gov Urges Taxpayers to Contact the IRS If They Suspect Tax-Related Identity Theft
    OnGuardOnline.gov is informing consumers that an unexpected message from the Internal Revenue Service (IRS) could be a warning sign that their Social Security number is being misused by an identity thief.
  • Simple Steps Can Prevent Tax Scams as Private Debt Collection Begins
    As the Internal Revenue Service (IRS) begins its private debt collection initiative, the tax agency reminds taxpayers there are several simple steps that can provide protection against scam artists. Scamsters try a variety of tricks to impersonate the IRS in hopes of tricking taxpayers into divulging personal or financial information or even conning people out of cash. Scam artists try to impersonate the IRS in person, by phone, by e-mail and over the Internet.
  • Some Telephone Tax Refund Requests May Be Too High; IRS Will Deny Improper Requests
    TheIRS reported that early filings show some individual taxpayers have requested large and apparently improper amounts for the special telephone tax refund. The IRS is investigating potential abuses in this area and will take prompt action against taxpayers who claim improper refund amounts and the return preparers who help them.
  • Tax Scammers Are Waiting to Take Your Money
    Tax-related scams are on the rise, according to consumer complaints tracked by the National Consumers League's Fraud Center. Reports of tax scams from consumers nearly quadrupled in 2007 from the year before, and the trend seems to be continuing into 2008. This time of year - and with the economy in the shape it's currently in - crooks see vulnerable prey in consumers feeling the squeeze at tax time

The 2010 Tax Forms And Instructions

2010 tax forms and instructions Publication 544 - Introductory Material Table of Contents Future Developments What's New Important Reminders IntroductionOrdering forms and publications. 2010 tax forms and instructions Tax questions. 2010 tax forms and instructions Future Developments For the latest information about developments related to Publication 544, such as legislation enacted after it was published, go to www. 2010 tax forms and instructions irs. 2010 tax forms and instructions gov/pub544. 2010 tax forms and instructions What's New Direct reporting on Schedule D. 2010 tax forms and instructions   For 2013, certain transactions may be combined and the totals reported directly on Schedule D. 2010 tax forms and instructions If you choose to do that, you do not need to include these transactions on Form 8949, Sales and Other Dispositions of Capital Assets. 2010 tax forms and instructions For additional information, see Schedule D and Form 8949 in chapter 4. 2010 tax forms and instructions Tax rate on net capital gain and qualified dividends. 2010 tax forms and instructions   The maximum tax rate of 15% on net capital gain and qualified dividends has increased to 20% for some taxpayers. 2010 tax forms and instructions See Capital Gains Tax Rates in chapter 4. 2010 tax forms and instructions Important Reminders Dispositions of U. 2010 tax forms and instructions S. 2010 tax forms and instructions real property interests by foreign persons. 2010 tax forms and instructions  If you are a foreign person or firm and you sell or otherwise dispose of a U. 2010 tax forms and instructions S. 2010 tax forms and instructions real property interest, the buyer (or other transferee) may have to withhold income tax on the amount you receive for the property (including cash, the fair market value of other property, and any assumed liability). 2010 tax forms and instructions Corporations, partnerships, trusts, and estates also may have to withhold on certain U. 2010 tax forms and instructions S. 2010 tax forms and instructions real property interests they distribute to you. 2010 tax forms and instructions You must report these dispositions and distributions and any income tax withheld on your U. 2010 tax forms and instructions S. 2010 tax forms and instructions income tax return. 2010 tax forms and instructions For more information on dispositions of U. 2010 tax forms and instructions S. 2010 tax forms and instructions real property interests, see Publication 519, U. 2010 tax forms and instructions S. 2010 tax forms and instructions Tax Guide for Aliens. 2010 tax forms and instructions Also see Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities. 2010 tax forms and instructions Foreign source income. 2010 tax forms and instructions  If you are a U. 2010 tax forms and instructions S. 2010 tax forms and instructions citizen with income from dispositions of property outside the United States (foreign income), you must report all such income on your tax return unless it is exempt from U. 2010 tax forms and instructions S. 2010 tax forms and instructions law. 2010 tax forms and instructions This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payor. 2010 tax forms and instructions Photographs of missing children. 2010 tax forms and instructions  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 2010 tax forms and instructions Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 2010 tax forms and instructions 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. 2010 tax forms and instructions Introduction You dispose of property when any of the following occurs. 2010 tax forms and instructions You sell property. 2010 tax forms and instructions You exchange property for other property. 2010 tax forms and instructions Your property is condemned or disposed of under threat of condemnation. 2010 tax forms and instructions Your property is repossessed. 2010 tax forms and instructions You abandon property. 2010 tax forms and instructions You give property away. 2010 tax forms and instructions This publication explains the tax rules that apply when you dispose of property. 2010 tax forms and instructions It discusses the following topics. 2010 tax forms and instructions How to figure a gain or loss. 2010 tax forms and instructions Whether your gain or loss is ordinary or capital. 2010 tax forms and instructions How to treat your gain or loss when you dispose of business property. 2010 tax forms and instructions How to report a gain or loss. 2010 tax forms and instructions This publication also explains whether your gain is taxable or your loss is deductible. 2010 tax forms and instructions This publication does not discuss certain transactions covered in other IRS publications. 2010 tax forms and instructions These include the following. 2010 tax forms and instructions Most transactions involving stocks, bonds, options, forward and futures contracts, and similar investments. 2010 tax forms and instructions See chapter 4 of Publication 550, Investment Income and Expenses. 2010 tax forms and instructions Sale of your main home. 2010 tax forms and instructions See Publication 523, Selling Your Home. 2010 tax forms and instructions Installment sales. 2010 tax forms and instructions See Publication 537, Installment Sales. 2010 tax forms and instructions Transfers of property at death. 2010 tax forms and instructions See Publication 559, Survivors, Executors, and Administrators. 2010 tax forms and instructions Forms to file. 2010 tax forms and instructions   When you dispose of property, you usually will have to file one or more of the following forms. 2010 tax forms and instructions Schedule D, Capital Gains and Losses. 2010 tax forms and instructions Form 4797, Sales of Business Property. 2010 tax forms and instructions Form 8824, Like-Kind Exchanges. 2010 tax forms and instructions Form 8949, Sales and Other Dispositions of Capital Assets. 2010 tax forms and instructions    Although the discussions in this publication may at times refer mainly to individuals, many of the rules discussed also apply to taxpayers other than individuals. 2010 tax forms and instructions However, the rules for property held for personal use usually will not apply to taxpayers other than individuals. 2010 tax forms and instructions Comments and suggestions. 2010 tax forms and instructions   We welcome your comments about this publication and your suggestions for future editions. 2010 tax forms and instructions   You can send your comments to the following address. 2010 tax forms and instructions Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 2010 tax forms and instructions NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 2010 tax forms and instructions Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 2010 tax forms and instructions You can also send us comments from www. 2010 tax forms and instructions irs. 2010 tax forms and instructions gov/formspubs/. 2010 tax forms and instructions Click on “More Information ” and then on “Give us feedback. 2010 tax forms and instructions ” Although we cannot respond individually to each email, we do appreciate your feedback and will consider your comments as we revise our tax products. 2010 tax forms and instructions Ordering forms and publications. 2010 tax forms and instructions   Visit www. 2010 tax forms and instructions irs. 2010 tax forms and instructions gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 2010 tax forms and instructions Internal Revenue Service 1201 N. 2010 tax forms and instructions Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 2010 tax forms and instructions   If you have a tax question, check the information available on IRS. 2010 tax forms and instructions gov or call 1-800-829-1040. 2010 tax forms and instructions We cannot answer tax questions sent to either of the above addresses. 2010 tax forms and instructions Prev  Up  Next   Home   More Online Publications