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File My 2012 Tax Return

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File My 2012 Tax Return

File my 2012 tax return 2. File my 2012 tax return   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. File my 2012 tax return ” 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. File my 2012 tax return In many cases, however, losses from tax shelters produce little or no benefit to society, or the tax benefits are exaggerated beyond those intended. File my 2012 tax return Those cases are called “abusive tax shelters. File my 2012 tax return ” An investment that is considered a tax shelter is subject to restrictions, including the requirement that it be disclosed, as discussed later. File my 2012 tax return Topics - This chapter discusses: Abusive Tax Shelters , Rules To Curb Abusive Tax Shelters , Investor Reporting , Penalties , and Whether To Invest . File my 2012 tax return 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. File my 2012 tax return Abusive Tax Shelters Abusive tax shelters are marketing schemes involving artificial transactions with little or no economic reality. File my 2012 tax return 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. File my 2012 tax return Despite appearances to the contrary, the taxpayer generally risks little. File my 2012 tax return 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. File my 2012 tax return 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. File my 2012 tax return (But see the appraisal requirements discussed under Rules To Curb Abusive Tax Shelters , later. File my 2012 tax return ) They are commonly marketed in terms of the ratio of tax deductions allegedly available to each dollar invested. File my 2012 tax return This ratio (or “write-off”) is frequently said to be several times greater than one-to-one. File my 2012 tax return 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. File my 2012 tax return However, you should ask the following questions, which might provide a clue to the abusive nature of the plan. File my 2012 tax return 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. File my 2012 tax return These provisions include the following. File my 2012 tax return Disclosure of reportable transactions. File my 2012 tax return   You must disclose information for each reportable transaction in which you participate. File my 2012 tax return See Reportable Transaction Disclosure Statement , later. File my 2012 tax return   Material advisors with respect to any reportable transaction must disclose information about the transaction on Form 8918, Material Advisor Disclosure Statement. File my 2012 tax return To determine whether you are a material advisor to a transaction, see the Instructions for Form 8918. File my 2012 tax return   Material advisors will receive a reportable transaction number for the disclosed reportable transaction. File my 2012 tax return They must provide this number to all persons to whom they acted as a material advisor. File my 2012 tax return They must provide the number at the time the transaction is entered into. File my 2012 tax return 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. File my 2012 tax return For information on penalties for failure to disclose and failure to maintain lists, see Internal Revenue Code sections 6707, 6707A, and 6708. File my 2012 tax return Requirement to maintain list. File my 2012 tax return   Material advisors must maintain a list of persons to whom they provide material aid, assistance, or advice on any reportable transaction. File my 2012 tax return 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. File my 2012 tax return See Regulations section 301. File my 2012 tax return 6112-1 for more information (including what information is required to be included on the list). File my 2012 tax return Confidentiality privilege. File my 2012 tax return   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. File my 2012 tax return Appraisal requirement for donated property. File my 2012 tax return   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. File my 2012 tax return If you claim a deduction of more than $500,000 for the donated property, you generally must attach the qualified appraisal to your return. File my 2012 tax return If you file electronically, see Form 8453, U. File my 2012 tax return S. File my 2012 tax return Individual Income Tax Transmittal for an IRS e-file Return, and its instructions. File my 2012 tax return For more information about appraisals, including exceptions, see Publication 561. File my 2012 tax return Passive activity loss and credit limits. File my 2012 tax return   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. File my 2012 tax return For more detailed information about determining and reporting income, losses, and credits from passive activities, see Publication 925. File my 2012 tax return Interest on penalties. File my 2012 tax return   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. File my 2012 tax return Accounting method restriction. File my 2012 tax return   Tax shelters generally cannot use the cash method of accounting. File my 2012 tax return Uniform capitalization rules. File my 2012 tax return   The uniform capitalization rules generally apply to producing property or acquiring it for resale. File my 2012 tax return Under those rules, the direct cost and part of the indirect cost of the property must be capitalized or included in inventory. File my 2012 tax return For more information, see Publication 538. File my 2012 tax return Denial of deduction for interest on an underpayment due to a reportable transaction. File my 2012 tax return   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. File my 2012 tax return This rule applies to reportable transactions entered into in tax years beginning after October 22, 2004. File my 2012 tax return 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. File my 2012 tax return The guidance is the conclusion of the IRS on how the law is applied to a particular set of facts. File my 2012 tax return Guidance is published in the Internal Revenue Bulletin for taxpayers' information and also for use by IRS officials. File my 2012 tax return 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. File my 2012 tax return 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. File my 2012 tax return 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. File my 2012 tax return Investor Reporting You may be required to file a reportable transaction disclosure statement. File my 2012 tax return Reportable Transaction Disclosure Statement Use Form 8886 to disclose information for each reportable transaction (discussed later) in which you participated. File my 2012 tax return Generally, you must attach Form 8886 to your return for each tax year in which you participated in the transaction. File my 2012 tax return 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). File my 2012 tax return 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. File my 2012 tax return  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. File my 2012 tax return If you use a computer-generated or substitute Form 8886, it must be an exact copy of the official IRS form. File my 2012 tax return 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. File my 2012 tax return See Penalty for failure to disclose a reportable transaction , later under Penalties. File my 2012 tax return The following discussion briefly describes reportable transactions. File my 2012 tax return For more details, see the Instructions for Form 8886. File my 2012 tax return Reportable transaction. File my 2012 tax return   A reportable transaction is any of the following. File my 2012 tax return A listed transaction. File my 2012 tax return A confidential transaction. File my 2012 tax return A transaction with contractual protection. File my 2012 tax return A loss transaction. File my 2012 tax return A transaction of interest entered into after November 1, 2006. File my 2012 tax return Note. File my 2012 tax return Transactions with a brief asset holding period were removed from the definition of reportable transaction for transactions entered into after August 2, 2007. File my 2012 tax return Listed transaction. File my 2012 tax return   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. File my 2012 tax return These transactions have been identified in notices, regulations, and other published guidance issued by the IRS. File my 2012 tax return For a list of existing guidance, see Notice 2009-59 in Internal Revenue Bulletin 2009-31, available at www. File my 2012 tax return irs. File my 2012 tax return gov/irb/2009-31_IRB/ar07. File my 2012 tax return html. File my 2012 tax return Confidential transaction. File my 2012 tax return   A confidential transaction is offered to you under conditions of confidentiality and for which you have paid an advisor a minimum fee. File my 2012 tax return 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. File my 2012 tax return The transaction is treated as confidential even if the conditions of confidentiality are not legally binding on you. File my 2012 tax return Transaction with contractual protection. File my 2012 tax return   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. File my 2012 tax return For information on exceptions, see Revenue Procedure 2007-20 in Internal Revenue Bulletin 2007-7, available at www. File my 2012 tax return irs. File my 2012 tax return gov/irb/2007-07_IRB/ar15. File my 2012 tax return html. File my 2012 tax return Loss transaction. File my 2012 tax return   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. File my 2012 tax return 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. File my 2012 tax return   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. File my 2012 tax return 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. File my 2012 tax return irs. File my 2012 tax return gov/irb/2004-50_IRB/ar11. File my 2012 tax return html. File my 2012 tax return Transaction of interest. File my 2012 tax return   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. File my 2012 tax return The IRS has identified the following transactions of interest. File my 2012 tax return “Toggling” grantor trusts as described in Notice 2007-73, 2007-36 I. File my 2012 tax return R. File my 2012 tax return B. File my 2012 tax return 545, available at www. File my 2012 tax return irs. File my 2012 tax return gov/irb/2007-36_IRB/ar20. File my 2012 tax return html. File my 2012 tax return Certain transactions involving contributions of a successor member interest in a limited liability company as described in Notice 2007-72, 2007-36 I. File my 2012 tax return R. File my 2012 tax return B. File my 2012 tax return 544, available at www. File my 2012 tax return irs. File my 2012 tax return gov/irb/2007-36_IRB/ar19. File my 2012 tax return html. File my 2012 tax return 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. File my 2012 tax return R. File my 2012 tax return B. File my 2012 tax return 1194, available at www. File my 2012 tax return irs. File my 2012 tax return gov/irb/2008-47_IRB/ar11. File my 2012 tax return html. File my 2012 tax return Certain transactions involving a U. File my 2012 tax return S. File my 2012 tax return 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. File my 2012 tax return R. File my 2012 tax return B. File my 2012 tax return 312, available at www. File my 2012 tax return irs. File my 2012 tax return gov/irb/2009-03_IRB/ar10. File my 2012 tax return html. File my 2012 tax return   For updates to this list, go to www. File my 2012 tax return irs. File my 2012 tax return gov/Businesses/Corporations/Abusive-Tax-Shelters-and-Transactions. File my 2012 tax return Penalties Investing in an abusive tax shelter may lead to substantial expenses. File my 2012 tax return First, the promoter generally charges a substantial fee. File my 2012 tax return 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. File my 2012 tax return You may also be subject to the penalty for failure to pay tax. File my 2012 tax return These penalties are explained in the following paragraphs. File my 2012 tax return Accuracy-related penalties. File my 2012 tax return   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). File my 2012 tax return 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. File my 2012 tax return Your failure to disclose a reportable transaction is a strong indication that you failed to act in good faith. File my 2012 tax return   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. File my 2012 tax return   The 20% penalties do not apply to any underpayment attributable to a reportable transaction understatement subject to an accuracy-related penalty (discussed later). File my 2012 tax return Negligence or disregard of rules or regulations. File my 2012 tax return   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. File my 2012 tax return 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. File my 2012 tax return    Negligence includes any failure to make a reasonable attempt to comply with the provisions of the Internal Revenue Code. File my 2012 tax return It also includes any failure to keep adequate books and records. File my 2012 tax return A return position that has a reasonable basis is not negligence. File my 2012 tax return   Disregard includes any careless, reckless, or intentional disregard of rules or regulations. File my 2012 tax return   The penalty for disregard of rules and regulations can be avoided if all the following are true. File my 2012 tax return You keep adequate books and records. File my 2012 tax return You have a reasonable basis for your position on the tax issue. File my 2012 tax return You make an adequate disclosure of your position. File my 2012 tax return Use Form 8275 to make your disclosure and attach it to your return. File my 2012 tax return To disclose a position contrary to a regulation, use Form 8275-R. File my 2012 tax return Use Form 8886 to disclose a reportable transaction (discussed earlier). File my 2012 tax return Substantial understatement of tax. File my 2012 tax return   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. File my 2012 tax return 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. File my 2012 tax return 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. File my 2012 tax return   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. File my 2012 tax return In that way, you can avoid the substantial understatement penalty if you have a reasonable basis for your position on the tax issue. File my 2012 tax return Disclosure of the tax shelter item on a tax return does not reduce the amount of the understatement. File my 2012 tax return   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. File my 2012 tax return 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. File my 2012 tax return Substantial valuation misstatement. File my 2012 tax return   In general, you are liable for a 20% penalty for a substantial valuation misstatement if all the following are true. File my 2012 tax return The value or adjusted basis of any property claimed on the return is 150% or more of the correct amount. File my 2012 tax return You underpaid your tax by more than $5,000 because of the misstatement. File my 2012 tax return You cannot establish that you had reasonable cause for the underpayment and that you acted in good faith. File my 2012 tax return   You may be assessed a penalty of 40% for a gross valuation misstatement. File my 2012 tax return 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. File my 2012 tax return The penalty rate is also 40% if the property's correct value or adjusted basis is zero. File my 2012 tax return Transaction lacking economic substance. File my 2012 tax return   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. File my 2012 tax return 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. File my 2012 tax return   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. File my 2012 tax return   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. File my 2012 tax return   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. File my 2012 tax return Relevant facts include any facts affecting the tax treatment of the transaction. File my 2012 tax return    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. File my 2012 tax return Undisclosed foreign financial asset understatement. File my 2012 tax return   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. File my 2012 tax return 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. File my 2012 tax return The penalty applies to any part of an underpayment related to the following undisclosed foreign financial assets. File my 2012 tax return Any foreign business you control, reportable on Form 5471, Information Return of U. File my 2012 tax return S. File my 2012 tax return Persons With Respect To Certain Foreign Corporations, or Form 8865, Return of U. File my 2012 tax return S. File my 2012 tax return Persons With Respect to Certain Foreign Partnerships. File my 2012 tax return Certain transfers of property to a foreign corporation or partnership, reportable on Form 926, Return by a U. File my 2012 tax return S. File my 2012 tax return Transferor of Property to a Foreign Corporation, or certain distributions to a foreign person, reportable on Form 8865. File my 2012 tax return Your ownership interest in certain foreign financial assets, temporarily reportable on Form 8275 or 8275-R. File my 2012 tax return    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. File my 2012 tax return See the Instructions for Form 8938 for details. File my 2012 tax return    Your acquisition, disposition, or substantial change in ownership interest in a foreign partnership, reportable on Form 8865. File my 2012 tax return 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. File my 2012 tax return Penalty for incorrect appraisals. File my 2012 tax return   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. File my 2012 tax return For details on the penalty amount and exceptions, see Publication 561. File my 2012 tax return Penalty for failure to disclose a reportable transaction. File my 2012 tax return   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). File my 2012 tax return For an individual, the minimum penalty is $5,000 and the maximum is $10,000 (or $100,000 for a listed transaction). File my 2012 tax return This penalty is in addition to any other penalty that may be imposed. File my 2012 tax return   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. File my 2012 tax return For information on rescission, see Revenue Procedure 2007-21 in Internal Revenue Bulletin 2007-9 available at www. File my 2012 tax return irs. File my 2012 tax return gov/irb/2007-09_IRB/ar12. File my 2012 tax return html. File my 2012 tax return Accuracy-related penalty for a reportable transaction understatement. File my 2012 tax return   If you have a reportable transaction understatement, you may have to pay a penalty equal to 20% of the amount of that understatement. File my 2012 tax return 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. File my 2012 tax return The penalty is 30% rather than 20% for the part of any reportable transaction understatement if the transaction was not properly disclosed. File my 2012 tax return You may not have to pay the 20% penalty if you meet the strengthened reasonable cause and good faith exception. File my 2012 tax return 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. File my 2012 tax return   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. File my 2012 tax return Civil fraud penalty. File my 2012 tax return   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. File my 2012 tax return Joint return. File my 2012 tax return   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. File my 2012 tax return Failure to pay tax. File my 2012 tax return   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. File my 2012 tax return 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. File my 2012 tax return Prev  Up  Next   Home   More Online Publications
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File my 2012 tax return Index A Acknowledgment of contributions, Acknowledgment of Charitable Contributions of $250 or More Adverse determination, Adverse determination. File my 2012 tax return Affordable Care Act Hospitals, What's New, New Requirements for section 501(c)(3) Hospitals Under the Affordable Care Act. File my 2012 tax return Aged, home for, Home for the aged. File my 2012 tax return Agricultural organization, Agricultural and Horticultural Organizations Airport, Other organizations. File my 2012 tax return Alumni association, Alumni association. File my 2012 tax return Amateur athletic organizations, Amateur Athletic Organizations Animals, prevention of cruelty to, Prevention of Cruelty to Children or Animals Appeal procedures, Appeal Procedures Application procedures, Application Procedures, Required Inclusions Bylaws, Bylaws. File my 2012 tax return Conformed copy, Conformed copy. File my 2012 tax return Description of activities, Description of activities. File my 2012 tax return Employer identification number, Required Inclusions Financial data, Financial data. File my 2012 tax return Organizing documents, Organizing documents. File my 2012 tax return Aquatic resources, Agricultural and Horticultural Organizations Articles of organization, Articles of Organization Assistance (see Tax help) Athletic organization, Athletic organization. File my 2012 tax return , Amateur Athletic Organizations Attorney's fees, Acceptance of attorneys' fees. File my 2012 tax return Attribution, special rules, Special rules of attribution. File my 2012 tax return B Black lung benefit trust, 501(c)(21) - Black Lung Benefit Trusts Board of trade, Board of trade. File my 2012 tax return Bureau defined, Bureau defined. File my 2012 tax return Burial benefit insurance, Burial and funeral benefit insurance organization. File my 2012 tax return Business income, unrelated, Unrelated Business Income Tax Return Business league, 501(c)(6) - Business Leagues, etc. File my 2012 tax return C Cemetery company, 501(c)(13) - Cemetery Companies Chamber of commerce, Chamber of commerce. File my 2012 tax return Change in legal structure, Organizational Changes and Exempt Status Charitable contributions, Acknowledgment of Charitable Contributions of $250 or More, Contributions to 501(c)(3) Organizations Charitable organization, Section 501(c)(3) Organizations, Charitable Organizations Charitable risk pools, Charitable Risk Pools Child care organization, Child care organizations. File my 2012 tax return Children, prevention of cruelty to, Prevention of Cruelty to Children or Animals Church, Churches. File my 2012 tax return Integrated auxiliaries, Integrated auxiliaries. File my 2012 tax return Civic leagues, 501(c)(4) - Civic Leagues and Social Welfare Organizations Clinic, Clinic. File my 2012 tax return CO-OP Health Insurance Issuers, 501(c)(29) - CO-OP Health Insurance Issuers College bookstore, restaurant, College book stores, cafeterias, restaurants, etc. File my 2012 tax return Comments, Comments and suggestions. File my 2012 tax return Community association, Other organizations. File my 2012 tax return Community nursing bureau, Community nursing bureau. File my 2012 tax return Community trust, Community Trusts Contributions, charitable, Acknowledgment of Charitable Contributions of $250 or More, Contributions to 501(c)(3) Organizations Court appeals, Appeal to Courts Credit union, 501(c)(14) - Credit Unions and Other Mutual Financial Organizations D Determination letter, Rulings and Determination Letters Disclosures, required, Disclosure of Quid Pro Quo Contributions Dues used for lobbying, Dues Used for Lobbying or Political Activities Nondeductible contributions, Solicitation of Nondeductible Contributions Quid pro quo contributions, Disclosure of Quid Pro Quo Contributions Services available from government, Penalties. File my 2012 tax return Dispositions of donated property, Donee Information Return Disqualified persons, Disqualified persons. File my 2012 tax return Domestic fraternal society, Domestic Fraternal Societies (501(c)(10)) Donor advised funds Excess benefit transaction, Donor advised fund transactions occurring after August 17, 2006. File my 2012 tax return Dues used for political or legislative activities, Dues Used for Lobbying or Political Activities, Deduction not allowed for dues used for political or legislative activities. File my 2012 tax return E Educational organizations, Educational Organizations, Educational organizations. File my 2012 tax return Employees' association, 501(c)(4), 501(c)(9), and 501(c)(17) - Employees' Associations Employment taxes, Employment Tax Returns Endowment fund, Endowment funds. File my 2012 tax return Estimated tax, Estimated tax. File my 2012 tax return Excess benefit transaction, Excess Benefit Transaction, Supporting organization transactions occurring after July 25, 2006. File my 2012 tax return Disqualified person, Tax on Disqualified Persons, Disqualified Person Controlled entity, 35%, 35% controlled entity. File my 2012 tax return Family members, Family members. File my 2012 tax return Substantial influence, Persons not considered to have substantial influence. File my 2012 tax return Disregarded benefits, Disregarded benefits. File my 2012 tax return Donor advised funds, Donor advised fund transactions occurring after August 17, 2006. File my 2012 tax return , Exception. File my 2012 tax return Excise tax, Excise tax on excess benefit transactions. File my 2012 tax return Initial contracts, Special Exception for Initial Contracts Reasonable compensation, Reasonable Compensation. File my 2012 tax return Rebuttable presumption, Rebuttable presumption that a transaction is not an excess benefit transaction. File my 2012 tax return Excise tax Black lung benefit trust, Excise taxes. File my 2012 tax return Lobbying expenditures, Tax on excess expenditures to influence legislation. File my 2012 tax return , Tax on disqualifying lobbying expenditures. File my 2012 tax return Political expenditures, Excise taxes on political expenditures. File my 2012 tax return Private foundations, Excise taxes on private foundations. File my 2012 tax return , Excise Taxes on Private Foundations Exempt function, Political Organization Income Tax Return Exempt purposes, Section 501(c)(3) Organizations Exemption for terrorist organization, Non-exemption for terrorist organizations. File my 2012 tax return Extensions of time, Extensions of time for filing. File my 2012 tax return F Facts and circumstances test, Facts and circumstances test. File my 2012 tax return Fair market value, estimate of, Good faith estimate of fair market value (FMV). File my 2012 tax return Filing requirements, Annual Information Returns Annual information returns, Annual Information Returns Donee information return, Donee Information Return Due date, Political Organization Income Tax Return Employment tax, Employment Tax Returns Excise tax, Excise taxes on private foundations. File my 2012 tax return , Excise Taxes on Private Foundations Political organization, Political Organization Income Tax Return Private foundations, Form 990-PF Unrelated business income, Unrelated Business Income Tax Return Form 990-N, Annual Electronic Filing Requirement for Small Tax-Exempt Organizations Forms, Forms Required 1023, Forms Required, Administrative Remedies, 270-day period. File my 2012 tax return , Information required for subordinate organizations. File my 2012 tax return , Annual Information Return, Form 1023. File my 2012 tax return , Organizations Not Required To File Form 1023, Private Schools, When to file application. File my 2012 tax return , Lobbying Expenditures, Volunteer fire companies. File my 2012 tax return 1024, Forms Required, Application made under wrong paragraph of section 501(c). File my 2012 tax return , Annual Information Return, 501(c)(4) - Civic Leagues and Social Welfare Organizations, 501(c)(6) - Business Leagues, etc. File my 2012 tax return , 501(c)(7) - Social and Recreation Clubs, 501(c)(8) and 501(c)(10) - Fraternal Beneficiary Societies and Domestic Fraternal Societies, Fraternal Beneficiary Societies (501(c)(8)), Domestic Fraternal Societies (501(c)(10)), Local Employees' Associations (501(c)(4)), Voluntary Employees' Beneficiary Associations (501(c)(9)), Supplemental Unemployment Benefit Trusts (501(c)(17)), 501(c)(13) - Cemetery Companies, 501(c)(19) - Veterans' Organizations, 501(c)(20) - Group Legal Services Plan Organizations, 501(c)(2) - Title-Holding Corporations for Single Parent Corporations, 501(c)(25) - Title-Holding Corporations or Trusts for Multiple Parent Corporations 1040, Effect on employees. File my 2012 tax return 1065, Annual Information Returns 1120–POL, Political Organization Income Tax Return 1128, Central organizations. File my 2012 tax return 2848, Power of attorney. File my 2012 tax return , Representation. File my 2012 tax return 4720, Tax on excess expenditures to influence legislation. File my 2012 tax return 5578, Certification. File my 2012 tax return 5768, Making the election. File my 2012 tax return 6069, Tax treatment of donations. File my 2012 tax return 8274, FICA tax exemption election. File my 2012 tax return 8282, Dispositions of donated property. File my 2012 tax return 8283, Form 8283. File my 2012 tax return 8300, Report of Cash Received 8718, Forms Required, Power of attorney. File my 2012 tax return 8821, Representation. File my 2012 tax return 8871, Reporting Requirements for a Political Organization, Annual Information Return 8872, Reporting Requirements for a Political Organization, Annual Information Return 990, Keeping the Group Exemption Letter in Force, Forms 990 and 990-EZ, Annual Information Return, Making the election. File my 2012 tax return 990-BL, Annual Information Returns, 990-EZ, Forms 990 and 990-EZ, Form 990-EZ. File my 2012 tax return 990-PF, Form 990-PF, Excise taxes on private foundations. File my 2012 tax return , Excise Taxes on Private Foundations 990-T, Unrelated Business Income Tax Return SS-4, Required Inclusions, Employer identification number. File my 2012 tax return W–2, Revoking the election. File my 2012 tax return Fraternal beneficiary society, Fraternal Beneficiary Societies (501(c)(8)) Fraternal societies, Organizations subject to requirements. File my 2012 tax return , 501(c)(8) and 501(c)(10) - Fraternal Beneficiary Societies and Domestic Fraternal Societies Free tax services, Free help with your tax return. File my 2012 tax return Funeral benefit insurance, Burial and funeral benefit insurance organization. File my 2012 tax return G Gifts and contributions, public charity, Gifts, contributions, and grants distinguished from gross receipts. File my 2012 tax return Good faith determinations, What's New, New organization. File my 2012 tax return Governmental unit, Governmental units. File my 2012 tax return Grant Distinguished from gross receipts, Grants. File my 2012 tax return Exclusion for unusual grant, Unusual grants. File my 2012 tax return , Unusual grants. File my 2012 tax return From public charity, Grants from public charities. File my 2012 tax return , Grants from public charities. File my 2012 tax return Grantor and contributor, reliance on ruling, Reliance by grantors and contributors. File my 2012 tax return Gross receipts from nonmembership sources, Gross receipts from nonmembership sources. File my 2012 tax return Group exemption letter, Group Exemption Letter H Health coverage organization, 501(c)(26) - State-Sponsored High-Risk Health Coverage Organizations Help (see Tax help) High-risk health coverage organization, 501(c)(26) - State-Sponsored High-Risk Health Coverage Organizations Home for the aged, Home for the aged. File my 2012 tax return Homeowners' association, Homeowners' associations. File my 2012 tax return Horticultural organization, Agricultural and Horticultural Organizations Hospital, Hospital. File my 2012 tax return , Hospitals and medical research organizations. File my 2012 tax return I Inactive organization, Organizational Changes and Exempt Status Industrial development, Other organizations. File my 2012 tax return Instrumentalities, Instrumentalities. File my 2012 tax return Insurance, organizations providing, Organizations Providing Insurance L Labor organization, Organizations subject to requirements. File my 2012 tax return , Labor Organizations Law, public interest, Public-interest law firms. File my 2012 tax return Legislative activity, Lobbying Expenditures, Legislative activity. File my 2012 tax return Listed transaction, Prohibited tax shelter transaction. File my 2012 tax return Literary organizations, Literary Organizations Loans, organizations providing, Organization providing loans. File my 2012 tax return Lobbying expenditures, Lobbying Expenditures Local benevolent life insurance associations, Local Life Insurance Associations Local employees' association, Local Employees' Associations (501(c)(4)) Lodge system, Lodge system. File my 2012 tax return M Medical research organization, Medical research organization. File my 2012 tax return Medicare and Medicaid payments, Medicare and Medicaid payments. File my 2012 tax return Membership fee, Membership fees. File my 2012 tax return , Membership fees distinguished from gross receipts. File my 2012 tax return Modification of exemption, Revocation or Modification of Exemption Mutual financial organization, 501(c)(14) - Credit Unions and Other Mutual Financial Organizations Mutual or cooperative association, Mutual or Cooperative Associations N Nursing bureau, Community nursing bureau. File my 2012 tax return O One-third support test, One-third support test. File my 2012 tax return Organization assets, Dedication and Distribution of Assets Dedication, Dedication. File my 2012 tax return Distribution, Distribution. File my 2012 tax return Organizational changes, Organizational Changes and Exempt Status P Penalties, Penalties for failure to file. File my 2012 tax return Failure to allow public inspection, Penalties Failure to disclose, Penalty for failure to disclose. File my 2012 tax return , Penalties. File my 2012 tax return , Penalty. File my 2012 tax return Failure to file, Penalties for failure to file. File my 2012 tax return Perpetual care organization, Perpetual care organization. File my 2012 tax return Political activity, Dues Used for Lobbying or Political Activities, Political activity. File my 2012 tax return , Political activity. File my 2012 tax return Political organization Income tax return, Political Organization Income Tax Return Taxable income, Political Organization Income Tax Return Power of attorney, Power of attorney. File my 2012 tax return Preferred stock, Common and preferred stock. File my 2012 tax return Prevention of cruelty to children or animals, Prevention of Cruelty to Children or Animals Private delivery service, Private delivery service. File my 2012 tax return Private foundations, Private Foundations Private operating foundation, Private Operating Foundations Private school, Private Schools, Racially Nondiscriminatory Policy Prohibited tax shelter transactions Entity managers, Entity manager. File my 2012 tax return Entity managers excise tax, Manager Level Tax Listed transaction, Prohibited tax shelter transaction. File my 2012 tax return Prohibited reportable transactions, Prohibited tax shelter transaction. File my 2012 tax return Subsequently listed transaction, Subsequently listed transaction. File my 2012 tax return Tax-exempt entities, Tax-exempt entities. File my 2012 tax return Public charity Gifts and contributions, Gifts, contributions, and grants distinguished from gross receipts. File my 2012 tax return Grant from, Grants from public charities. File my 2012 tax return Section 509(a)(1), Section 509(a)(1) Organizations Section 509(a)(2), Section 509(a)(2) Organizations Section 509(a)(3), Section 509(a)(3) Organizations Section 509(a)(4), Section 509(a)(4) Organizations Support test, One-third support test. File my 2012 tax return , One-third support test. File my 2012 tax return Public inspection Annual return, Annual Information Return Exemption applications, Public Inspection of Exemption Applications, Annual Returns, and Political Organization Reporting Forms Forms 8871 and 8872, Public Inspection of Exemption Applications, Annual Returns, and Political Organization Reporting Forms Public-interest law firm, Public-interest law firms. File my 2012 tax return Publications (see Tax help) Publicly supported organization, Publicly supported organizations. File my 2012 tax return , Qualifying as Publicly Supported Attraction of public support, Attraction of public support requirement. File my 2012 tax return Ten-percent-of-support, Ten-percent-of-support requirement. File my 2012 tax return R Racial composition, How to determine racial composition. File my 2012 tax return Racially nondiscriminatory policy, Racially Nondiscriminatory Policy Real estate board, Real estate board. File my 2012 tax return Recognition of exemption, application, Application for Recognition of Exemption Religious organizations, Religious Organizations Requests other than applications, Miscellaneous Procedures Responsiveness test, Responsiveness test. File my 2012 tax return Revocation of exemption, Revocation or Modification of Exemption Ruling letter, Rulings and Determination Letters S Scholarship Private school, Scholarship and loan programs. File my 2012 tax return Scholarships, Scholarships. File my 2012 tax return School, private, Private Schools Scientific organizations, Scientific Organizations Section 501(c)(3) organizations Amateur athletic, Amateur Athletic Organizations Literary, Literary Organizations Prevention of cruelty, Prevention of Cruelty to Children or Animals Private foundations, Private Foundations and Public Charities Public charities, Public Charities Qualifications, Section 501(c)(3) Organizations Religious, Religious Organizations Scientific, Scientific Organizations Section 501(c)(3) Organizations Charitable, Charitable Organizations Educational, Educational Organizations and Private Schools Single entity, Single entity. File my 2012 tax return Social clubs, Organizations subject to requirements. File my 2012 tax return , 501(c)(7) - Social and Recreation Clubs Social welfare organization, Organizations subject to requirements. File my 2012 tax return , 501(c)(4) - Civic Leagues and Social Welfare Organizations Specified organizations, Specified organizations. File my 2012 tax return Sports organization, amateur, Qualified amateur sports organization. File my 2012 tax return State-sponsored, 501(c)(26) - State-Sponsored High-Risk Health Coverage Organizations High-risk health coverage organization, 501(c)(26) - State-Sponsored High-Risk Health Coverage Organizations Workers' compensation reinsurance organization, 501(c)(27) - Qualified State-Sponsored Workers' Compensation Organizations Stock or commodity exchange, Stock or commodity exchange. File my 2012 tax return Suggestions, Comments and suggestions. File my 2012 tax return Supplemental unemployment benefit trust, Supplemental Unemployment Benefit Trusts (501(c)(17)) Support, Support. File my 2012 tax return , Support from a governmental unit. File my 2012 tax return , Support from the general public. File my 2012 tax return Support test, One-third support test. File my 2012 tax return Facts and circumstances, Facts and circumstances test. File my 2012 tax return One-third, One-third support test. File my 2012 tax return Public charity, One-third support test. File my 2012 tax return Supporting organization, Supporting organization transactions occurring after July 25, 2006. File my 2012 tax return T Tax help, Technical advice, Appeals Office Consideration Testing for public safety, Section 509(a)(4) Organizations Title-holding corporation, 501(c)(2) - Title-Holding Corporations for Single Parent Corporations U Unemployment benefit trust, Supplemental Unemployment Benefit Trusts (501(c)(17)) Unrelated business income, Unrelated Business Income Tax Return Unusual grants, Unusual grants. File my 2012 tax return , Unusual grants. File my 2012 tax return User fee, Power of attorney. File my 2012 tax return , User fee. File my 2012 tax return V Veterans' organization, 501(c)(19) - Veterans' Organizations Voluntary employees' beneficiary association, Voluntary Employees' Beneficiary Associations (501(c)(9)) Volunteer fire company, Volunteer fire companies. File my 2012 tax return W War veterans' organization, 501(c)(19) - Veterans' Organizations Withdrawal of application, Withdrawal of application. File my 2012 tax return Withholding information from public, Requests for withholding of information from the public. File my 2012 tax return Work Opportunity Tax Credit, Expanded Work Opportunity Tax Credit Available for Hiring Qualified Veterans. File my 2012 tax return Workers' compensation reinsurance organization, 501(c)(27) - Qualified State-Sponsored Workers' Compensation Organizations Prev  Up     Home   More Online Publications