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Filing 2010 Taxes Late

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Filing 2010 Taxes Late

Filing 2010 taxes late 2. Filing 2010 taxes late   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. Filing 2010 taxes late ” 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. Filing 2010 taxes late In many cases, however, losses from tax shelters produce little or no benefit to society, or the tax benefits are exaggerated beyond those intended. Filing 2010 taxes late Those cases are called “abusive tax shelters. Filing 2010 taxes late ” An investment that is considered a tax shelter is subject to restrictions, including the requirement that it be disclosed, as discussed later. Filing 2010 taxes late Topics - This chapter discusses: Abusive Tax Shelters , Rules To Curb Abusive Tax Shelters , Investor Reporting , Penalties , and Whether To Invest . Filing 2010 taxes late 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. Filing 2010 taxes late Abusive Tax Shelters Abusive tax shelters are marketing schemes involving artificial transactions with little or no economic reality. Filing 2010 taxes late 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. Filing 2010 taxes late Despite appearances to the contrary, the taxpayer generally risks little. Filing 2010 taxes late 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. Filing 2010 taxes late 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. Filing 2010 taxes late (But see the appraisal requirements discussed under Rules To Curb Abusive Tax Shelters , later. Filing 2010 taxes late ) They are commonly marketed in terms of the ratio of tax deductions allegedly available to each dollar invested. Filing 2010 taxes late This ratio (or “write-off”) is frequently said to be several times greater than one-to-one. Filing 2010 taxes late 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. Filing 2010 taxes late However, you should ask the following questions, which might provide a clue to the abusive nature of the plan. Filing 2010 taxes late 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. Filing 2010 taxes late These provisions include the following. Filing 2010 taxes late Disclosure of reportable transactions. Filing 2010 taxes late   You must disclose information for each reportable transaction in which you participate. Filing 2010 taxes late See Reportable Transaction Disclosure Statement , later. Filing 2010 taxes late   Material advisors with respect to any reportable transaction must disclose information about the transaction on Form 8918, Material Advisor Disclosure Statement. Filing 2010 taxes late To determine whether you are a material advisor to a transaction, see the Instructions for Form 8918. Filing 2010 taxes late   Material advisors will receive a reportable transaction number for the disclosed reportable transaction. Filing 2010 taxes late They must provide this number to all persons to whom they acted as a material advisor. Filing 2010 taxes late They must provide the number at the time the transaction is entered into. Filing 2010 taxes late 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. Filing 2010 taxes late For information on penalties for failure to disclose and failure to maintain lists, see Internal Revenue Code sections 6707, 6707A, and 6708. Filing 2010 taxes late Requirement to maintain list. Filing 2010 taxes late   Material advisors must maintain a list of persons to whom they provide material aid, assistance, or advice on any reportable transaction. Filing 2010 taxes late 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. Filing 2010 taxes late See Regulations section 301. Filing 2010 taxes late 6112-1 for more information (including what information is required to be included on the list). Filing 2010 taxes late Confidentiality privilege. Filing 2010 taxes late   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. Filing 2010 taxes late Appraisal requirement for donated property. Filing 2010 taxes late   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. Filing 2010 taxes late If you claim a deduction of more than $500,000 for the donated property, you generally must attach the qualified appraisal to your return. Filing 2010 taxes late If you file electronically, see Form 8453, U. Filing 2010 taxes late S. Filing 2010 taxes late Individual Income Tax Transmittal for an IRS e-file Return, and its instructions. Filing 2010 taxes late For more information about appraisals, including exceptions, see Publication 561. Filing 2010 taxes late Passive activity loss and credit limits. Filing 2010 taxes late   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. Filing 2010 taxes late For more detailed information about determining and reporting income, losses, and credits from passive activities, see Publication 925. Filing 2010 taxes late Interest on penalties. Filing 2010 taxes late   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. Filing 2010 taxes late Accounting method restriction. Filing 2010 taxes late   Tax shelters generally cannot use the cash method of accounting. Filing 2010 taxes late Uniform capitalization rules. Filing 2010 taxes late   The uniform capitalization rules generally apply to producing property or acquiring it for resale. Filing 2010 taxes late Under those rules, the direct cost and part of the indirect cost of the property must be capitalized or included in inventory. Filing 2010 taxes late For more information, see Publication 538. Filing 2010 taxes late Denial of deduction for interest on an underpayment due to a reportable transaction. Filing 2010 taxes late   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. Filing 2010 taxes late This rule applies to reportable transactions entered into in tax years beginning after October 22, 2004. Filing 2010 taxes late 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. Filing 2010 taxes late The guidance is the conclusion of the IRS on how the law is applied to a particular set of facts. Filing 2010 taxes late Guidance is published in the Internal Revenue Bulletin for taxpayers' information and also for use by IRS officials. Filing 2010 taxes late 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. Filing 2010 taxes late 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. Filing 2010 taxes late 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. Filing 2010 taxes late Investor Reporting You may be required to file a reportable transaction disclosure statement. Filing 2010 taxes late Reportable Transaction Disclosure Statement Use Form 8886 to disclose information for each reportable transaction (discussed later) in which you participated. Filing 2010 taxes late Generally, you must attach Form 8886 to your return for each tax year in which you participated in the transaction. Filing 2010 taxes late 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). Filing 2010 taxes late 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. Filing 2010 taxes late  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. Filing 2010 taxes late If you use a computer-generated or substitute Form 8886, it must be an exact copy of the official IRS form. Filing 2010 taxes late 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. Filing 2010 taxes late See Penalty for failure to disclose a reportable transaction , later under Penalties. Filing 2010 taxes late The following discussion briefly describes reportable transactions. Filing 2010 taxes late For more details, see the Instructions for Form 8886. Filing 2010 taxes late Reportable transaction. Filing 2010 taxes late   A reportable transaction is any of the following. Filing 2010 taxes late A listed transaction. Filing 2010 taxes late A confidential transaction. Filing 2010 taxes late A transaction with contractual protection. Filing 2010 taxes late A loss transaction. Filing 2010 taxes late A transaction of interest entered into after November 1, 2006. Filing 2010 taxes late Note. Filing 2010 taxes late Transactions with a brief asset holding period were removed from the definition of reportable transaction for transactions entered into after August 2, 2007. Filing 2010 taxes late Listed transaction. Filing 2010 taxes late   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. Filing 2010 taxes late These transactions have been identified in notices, regulations, and other published guidance issued by the IRS. Filing 2010 taxes late For a list of existing guidance, see Notice 2009-59 in Internal Revenue Bulletin 2009-31, available at www. Filing 2010 taxes late irs. Filing 2010 taxes late gov/irb/2009-31_IRB/ar07. Filing 2010 taxes late html. Filing 2010 taxes late Confidential transaction. Filing 2010 taxes late   A confidential transaction is offered to you under conditions of confidentiality and for which you have paid an advisor a minimum fee. Filing 2010 taxes late 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. Filing 2010 taxes late The transaction is treated as confidential even if the conditions of confidentiality are not legally binding on you. Filing 2010 taxes late Transaction with contractual protection. Filing 2010 taxes late   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. Filing 2010 taxes late For information on exceptions, see Revenue Procedure 2007-20 in Internal Revenue Bulletin 2007-7, available at www. Filing 2010 taxes late irs. Filing 2010 taxes late gov/irb/2007-07_IRB/ar15. Filing 2010 taxes late html. Filing 2010 taxes late Loss transaction. Filing 2010 taxes late   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. Filing 2010 taxes late 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. Filing 2010 taxes late   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. Filing 2010 taxes late 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. Filing 2010 taxes late irs. Filing 2010 taxes late gov/irb/2004-50_IRB/ar11. Filing 2010 taxes late html. Filing 2010 taxes late Transaction of interest. Filing 2010 taxes late   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. Filing 2010 taxes late The IRS has identified the following transactions of interest. Filing 2010 taxes late “Toggling” grantor trusts as described in Notice 2007-73, 2007-36 I. Filing 2010 taxes late R. Filing 2010 taxes late B. Filing 2010 taxes late 545, available at www. Filing 2010 taxes late irs. Filing 2010 taxes late gov/irb/2007-36_IRB/ar20. Filing 2010 taxes late html. Filing 2010 taxes late Certain transactions involving contributions of a successor member interest in a limited liability company as described in Notice 2007-72, 2007-36 I. Filing 2010 taxes late R. Filing 2010 taxes late B. Filing 2010 taxes late 544, available at www. Filing 2010 taxes late irs. Filing 2010 taxes late gov/irb/2007-36_IRB/ar19. Filing 2010 taxes late html. Filing 2010 taxes late 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. Filing 2010 taxes late R. Filing 2010 taxes late B. Filing 2010 taxes late 1194, available at www. Filing 2010 taxes late irs. Filing 2010 taxes late gov/irb/2008-47_IRB/ar11. Filing 2010 taxes late html. Filing 2010 taxes late Certain transactions involving a U. Filing 2010 taxes late S. Filing 2010 taxes late 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. Filing 2010 taxes late R. Filing 2010 taxes late B. Filing 2010 taxes late 312, available at www. Filing 2010 taxes late irs. Filing 2010 taxes late gov/irb/2009-03_IRB/ar10. Filing 2010 taxes late html. Filing 2010 taxes late   For updates to this list, go to www. Filing 2010 taxes late irs. Filing 2010 taxes late gov/Businesses/Corporations/Abusive-Tax-Shelters-and-Transactions. Filing 2010 taxes late Penalties Investing in an abusive tax shelter may lead to substantial expenses. Filing 2010 taxes late First, the promoter generally charges a substantial fee. Filing 2010 taxes late 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. Filing 2010 taxes late You may also be subject to the penalty for failure to pay tax. Filing 2010 taxes late These penalties are explained in the following paragraphs. Filing 2010 taxes late Accuracy-related penalties. Filing 2010 taxes late   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). Filing 2010 taxes late 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. Filing 2010 taxes late Your failure to disclose a reportable transaction is a strong indication that you failed to act in good faith. Filing 2010 taxes late   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. Filing 2010 taxes late   The 20% penalties do not apply to any underpayment attributable to a reportable transaction understatement subject to an accuracy-related penalty (discussed later). Filing 2010 taxes late Negligence or disregard of rules or regulations. Filing 2010 taxes late   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. Filing 2010 taxes late 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. Filing 2010 taxes late    Negligence includes any failure to make a reasonable attempt to comply with the provisions of the Internal Revenue Code. Filing 2010 taxes late It also includes any failure to keep adequate books and records. Filing 2010 taxes late A return position that has a reasonable basis is not negligence. Filing 2010 taxes late   Disregard includes any careless, reckless, or intentional disregard of rules or regulations. Filing 2010 taxes late   The penalty for disregard of rules and regulations can be avoided if all the following are true. Filing 2010 taxes late You keep adequate books and records. Filing 2010 taxes late You have a reasonable basis for your position on the tax issue. Filing 2010 taxes late You make an adequate disclosure of your position. Filing 2010 taxes late Use Form 8275 to make your disclosure and attach it to your return. Filing 2010 taxes late To disclose a position contrary to a regulation, use Form 8275-R. Filing 2010 taxes late Use Form 8886 to disclose a reportable transaction (discussed earlier). Filing 2010 taxes late Substantial understatement of tax. Filing 2010 taxes late   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. Filing 2010 taxes late 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. Filing 2010 taxes late 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. Filing 2010 taxes late   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. Filing 2010 taxes late In that way, you can avoid the substantial understatement penalty if you have a reasonable basis for your position on the tax issue. Filing 2010 taxes late Disclosure of the tax shelter item on a tax return does not reduce the amount of the understatement. Filing 2010 taxes late   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. Filing 2010 taxes late 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. Filing 2010 taxes late Substantial valuation misstatement. Filing 2010 taxes late   In general, you are liable for a 20% penalty for a substantial valuation misstatement if all the following are true. Filing 2010 taxes late The value or adjusted basis of any property claimed on the return is 150% or more of the correct amount. Filing 2010 taxes late You underpaid your tax by more than $5,000 because of the misstatement. Filing 2010 taxes late You cannot establish that you had reasonable cause for the underpayment and that you acted in good faith. Filing 2010 taxes late   You may be assessed a penalty of 40% for a gross valuation misstatement. Filing 2010 taxes late 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. Filing 2010 taxes late The penalty rate is also 40% if the property's correct value or adjusted basis is zero. Filing 2010 taxes late Transaction lacking economic substance. Filing 2010 taxes late   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. Filing 2010 taxes late 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. Filing 2010 taxes late   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. Filing 2010 taxes late   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. Filing 2010 taxes late   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. Filing 2010 taxes late Relevant facts include any facts affecting the tax treatment of the transaction. Filing 2010 taxes late    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. Filing 2010 taxes late Undisclosed foreign financial asset understatement. Filing 2010 taxes late   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. Filing 2010 taxes late 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. Filing 2010 taxes late The penalty applies to any part of an underpayment related to the following undisclosed foreign financial assets. Filing 2010 taxes late Any foreign business you control, reportable on Form 5471, Information Return of U. Filing 2010 taxes late S. Filing 2010 taxes late Persons With Respect To Certain Foreign Corporations, or Form 8865, Return of U. Filing 2010 taxes late S. Filing 2010 taxes late Persons With Respect to Certain Foreign Partnerships. Filing 2010 taxes late Certain transfers of property to a foreign corporation or partnership, reportable on Form 926, Return by a U. Filing 2010 taxes late S. Filing 2010 taxes late Transferor of Property to a Foreign Corporation, or certain distributions to a foreign person, reportable on Form 8865. Filing 2010 taxes late Your ownership interest in certain foreign financial assets, temporarily reportable on Form 8275 or 8275-R. Filing 2010 taxes late    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. Filing 2010 taxes late See the Instructions for Form 8938 for details. Filing 2010 taxes late    Your acquisition, disposition, or substantial change in ownership interest in a foreign partnership, reportable on Form 8865. Filing 2010 taxes late 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. Filing 2010 taxes late Penalty for incorrect appraisals. Filing 2010 taxes late   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. Filing 2010 taxes late For details on the penalty amount and exceptions, see Publication 561. Filing 2010 taxes late Penalty for failure to disclose a reportable transaction. Filing 2010 taxes late   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). Filing 2010 taxes late For an individual, the minimum penalty is $5,000 and the maximum is $10,000 (or $100,000 for a listed transaction). Filing 2010 taxes late This penalty is in addition to any other penalty that may be imposed. Filing 2010 taxes late   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. Filing 2010 taxes late For information on rescission, see Revenue Procedure 2007-21 in Internal Revenue Bulletin 2007-9 available at www. Filing 2010 taxes late irs. Filing 2010 taxes late gov/irb/2007-09_IRB/ar12. Filing 2010 taxes late html. Filing 2010 taxes late Accuracy-related penalty for a reportable transaction understatement. Filing 2010 taxes late   If you have a reportable transaction understatement, you may have to pay a penalty equal to 20% of the amount of that understatement. Filing 2010 taxes late 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. Filing 2010 taxes late The penalty is 30% rather than 20% for the part of any reportable transaction understatement if the transaction was not properly disclosed. Filing 2010 taxes late You may not have to pay the 20% penalty if you meet the strengthened reasonable cause and good faith exception. Filing 2010 taxes late 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. Filing 2010 taxes late   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. Filing 2010 taxes late Civil fraud penalty. Filing 2010 taxes late   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. Filing 2010 taxes late Joint return. Filing 2010 taxes late   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. Filing 2010 taxes late Failure to pay tax. Filing 2010 taxes late   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. Filing 2010 taxes late 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. Filing 2010 taxes late Prev  Up  Next   Home   More Online Publications
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Understanding Your CP547 Notice

We received your Form 2848, 8821, or 706, and we assigned you a Centralized Authorization File (CAF) number.


What you need to do

  • Keep this notice so you know what your CAF number is for all future third party authorization requests and telephone contacts with the IRS on behalf of the taxpayer.

You may want to

  • Keep your CAF number in a safe place for future reference.
  • Notify the IRS if this was assigned without your knowledge.

 

Answers to Common Questions

Q. What is a CAF number?

A. A CAF number is a unique nine-digit identification number that we assign to you the first time you file a third party authorization with the IRS. We send a CP547 notice to you informing you of your assigned number. Use your assigned number on all future authorizations.

Q. What should I do if I don’t remember my CAF number?

A. If you’re a tax professional and can’t remember your CAF number, you can call the Practitioner Priority Services (PPS) at 1-866-860-4259. Once you provide your authenticating information, they can verbally give your CAF to you over the phone. If PPS is unable to authenticate you as the owner of the CAF number, they will mail the number to the CAF address of record.

 

Page Last Reviewed or Updated: 27-Jan-2014

Printable samples of this notice (PDF)

 

 

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The Filing 2010 Taxes Late

Filing 2010 taxes late Part Five -   Standard Deduction and Itemized Deductions After you have figured your adjusted gross income, you are ready to subtract the deductions used to figure taxable income. Filing 2010 taxes late You can subtract either the standard deduction or itemized deductions. Filing 2010 taxes late Itemized deductions are deductions for certain expenses that are listed on Schedule A (Form 1040). Filing 2010 taxes late The ten chapters in this part discuss the standard deduction, each itemized deduction, and a limit on some of your itemized deductions if your adjusted gross income is more than certain amounts. Filing 2010 taxes late See chapter 20 for the factors to consider when deciding whether to subtract the standard deduction or itemized deductions. Filing 2010 taxes late Table of Contents 20. Filing 2010 taxes late   Standard DeductionWhat's New Introduction Standard Deduction Amount Standard Deduction for Dependents Who Should ItemizeWhen to itemize. Filing 2010 taxes late Married persons who filed separate returns. Filing 2010 taxes late 21. Filing 2010 taxes late   Medical and Dental ExpensesWhat's New Introduction Useful Items - You may want to see: What Are Medical Expenses? What Expenses Can You Include This Year?Community property states. Filing 2010 taxes late How Much of the Expenses Can You Deduct? Whose Medical Expenses Can You Include?Yourself Spouse Dependent Decedent What Medical Expenses Are Includible?Insurance Premiums Meals and Lodging Transportation Disabled Dependent Care Expenses How Do You Treat Reimbursements?Insurance Reimbursement Damages for Personal Injuries How Do You Figure and Report the Deduction on Your Tax Return?What Tax Form Do You Use? Impairment-Related Work Expenses Health Insurance Costs for Self-Employed Persons 22. Filing 2010 taxes late   TaxesIntroductionIndian tribal government. Filing 2010 taxes late Useful Items - You may want to see: Tests To Deduct Any Tax Income TaxesState and Local Income Taxes Foreign Income Taxes General Sales TaxesMotor vehicles. Filing 2010 taxes late Real Estate TaxesReal estate taxes for prior years. Filing 2010 taxes late Examples. Filing 2010 taxes late Form 1099-S. Filing 2010 taxes late Real Estate-Related Items You Cannot Deduct Personal Property Taxes Taxes and Fees You Cannot Deduct Where To Deduct 23. Filing 2010 taxes late   Interest ExpenseIntroduction Useful Items - You may want to see: Home Mortgage InterestAmount Deductible Points Mortgage Insurance Premiums Form 1098, Mortgage Interest Statement Investment InterestInvestment Property Allocation of Interest Expense Limit on Deduction Items You Cannot DeductPersonal Interest Allocation of Interest How To ReportMore than one borrower. Filing 2010 taxes late Mortgage proceeds used for business or investment. Filing 2010 taxes late 24. Filing 2010 taxes late   ContributionsIntroduction Useful Items - You may want to see: Organizations That Qualify To Receive Deductible ContributionsTypes of Qualified Organizations Contributions You Can DeductContributions From Which You Benefit Expenses Paid for Student Living With You Out-of-Pocket Expenses in Giving Services Contributions You Cannot DeductContributions to Individuals Contributions to Nonqualified Organizations Contributions From Which You Benefit Value of Time or Services Personal Expenses Appraisal Fees Contributions of PropertyException. Filing 2010 taxes late Household items. Filing 2010 taxes late Deduction more than $500. Filing 2010 taxes late Form 1098-C. Filing 2010 taxes late Filing deadline approaching and still no Form 1098-C. Filing 2010 taxes late Exception 1—vehicle used or improved by organization. Filing 2010 taxes late Exception 2—vehicle given or sold to needy individual. Filing 2010 taxes late Deduction $500 or less. Filing 2010 taxes late Right to use property. Filing 2010 taxes late Tangible personal property. Filing 2010 taxes late Future interest. Filing 2010 taxes late Determining Fair Market Value Giving Property That Has Decreased in Value Giving Property That Has Increased in Value When To DeductChecks. Filing 2010 taxes late Text message. Filing 2010 taxes late Credit card. Filing 2010 taxes late Pay-by-phone account. Filing 2010 taxes late Stock certificate. Filing 2010 taxes late Promissory note. Filing 2010 taxes late Option. Filing 2010 taxes late Borrowed funds. Filing 2010 taxes late Limits on DeductionsCarryovers Records To KeepCash Contributions Noncash Contributions Out-of-Pocket Expenses How To Report 25. Filing 2010 taxes late   Nonbusiness Casualty and Theft LossesWhat's New Introduction Useful Items - You may want to see: CasualtyFamily pet. Filing 2010 taxes late Progressive deterioration. Filing 2010 taxes late Damage from corrosive drywall. Filing 2010 taxes late Theft Loss on Deposits Proof of Loss Figuring a LossDecrease in Fair Market Value Adjusted Basis Insurance and Other Reimbursements Single Casualty on Multiple Properties Deduction Limits$100 Rule 10% Rule When To Report Gains and LossesDisaster Area Loss How To Report Gains and Losses 26. Filing 2010 taxes late   Car Expenses and Other Employee Business ExpensesWhat's New Introduction Useful Items - You may want to see: Travel ExpensesTraveling Away From Home Tax Home Temporary Assignment or Job What Travel Expenses Are Deductible? Travel in the United States Travel Outside the United States Conventions Entertainment Expenses50% Limit What Entertainment Expenses Are Deductible? What Entertainment Expenses Are Not Deductible? Gift Expenses Transportation ExpensesArmed Forces reservists. Filing 2010 taxes late Parking fees. Filing 2010 taxes late Advertising display on car. Filing 2010 taxes late Car pools. Filing 2010 taxes late Hauling tools or instruments. Filing 2010 taxes late Union members' trips from a union hall. Filing 2010 taxes late Car Expenses RecordkeepingHow To Prove Expenses How Long To Keep Records and Receipts How To ReportGifts. Filing 2010 taxes late Statutory employees. Filing 2010 taxes late Reimbursements Completing Forms 2106 and 2106-EZ Special Rules 27. Filing 2010 taxes late   Tax Benefits for Work-Related EducationWhat's New Introduction Useful Items - You may want to see: Qualifying Work-Related EducationEducation Required by Employer or by Law Education To Maintain or Improve Skills Education To Meet Minimum Requirements Education That Qualifies You for a New Trade or Business What Expenses Can Be DeductedUnclaimed reimbursement. Filing 2010 taxes late Transportation Expenses Travel Expenses No Double Benefit Allowed Reimbursements Deducting Business ExpensesSelf-Employed Persons Employees Performing Artists and Fee-Basis Officials Impairment-Related Work Expenses Recordkeeping 28. Filing 2010 taxes late   Miscellaneous DeductionsWhat's New Introduction Useful Items - You may want to see: Deductions Subject to the 2% LimitUnreimbursed Employee Expenses (Line 21) Tax Preparation Fees (Line 22) Other Expenses (Line 23) Deductions Not Subject to the 2% LimitList of Deductions Nondeductible ExpensesList of Nondeductible Expenses 29. Filing 2010 taxes late   Limit on Itemized DeductionsIntroduction Useful Items - You may want to see: Are You Subject to the Limit? Which Itemized Deductions Are Limited? Which Itemized Deductions Are Not Limited? How Do You Figure the Limit?Example. Filing 2010 taxes late Prev  Up  Next   Home   More Online Publications