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H&r Block 2012 Taxes

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H&r Block 2012 Taxes

H&r block 2012 taxes Publication 560 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionSEP plans. H&r block 2012 taxes SIMPLE plans. H&r block 2012 taxes Qualified plans. H&r block 2012 taxes Ordering forms and publications. H&r block 2012 taxes Tax questions. H&r block 2012 taxes Future Developments For the latest information about developments related to Publication 560, such as legislation enacted after we release it, go to www. H&r block 2012 taxes irs. H&r block 2012 taxes gov/pub560. H&r block 2012 taxes What's New Compensation limit increased for 2013 and 2014. H&r block 2012 taxes  For 2013 the maximum compensation used for figuring contributions and benefits increases to $255,000. H&r block 2012 taxes This limit increases to $260,000 for 2014. H&r block 2012 taxes Elective deferral limit for 2013 and 2014. H&r block 2012 taxes  The limit on elective deferrals, other than catch-up contributions, increases to $17,500 for 2013 and remains at $17,500 for 2014. H&r block 2012 taxes These limits apply for participants in SARSEPs, 401(k) plans (excluding SIMPLE plans), section 403(b) plans and section 457(b) plans. H&r block 2012 taxes Defined contribution limit increased for 2013 and 2014. H&r block 2012 taxes  The limit on contributions, other than catch-up contributions, for a participant in a defined contribution plan increases to $51,000 for 2013. H&r block 2012 taxes This limit increases to $52,000 for 2014. H&r block 2012 taxes SIMPLE plan salary reduction contribution limit for 2013 and 2014. H&r block 2012 taxes  The limit on salary reduction contributions, other than catch-up contributions, increases to $12,000 for 2013 and remains at $12,000 for 2014. H&r block 2012 taxes Catch-up contribution limit remains unchanged for 2013 and 2014. H&r block 2012 taxes  A plan can permit participants who are age 50 or over at the end of the calendar year to make catch-up contributions in addition to elective deferrals and SIMPLE plan salary reduction contributions. H&r block 2012 taxes The catch-up contribution limitation for defined contribution plans other than SIMPLE plans remains unchanged at $5,500 for 2013 and 2014. H&r block 2012 taxes The catch-up contribution limitation for SIMPLE plans remains unchanged at $2,500 for 2013 and 2014. H&r block 2012 taxes The catch-up contributions a participant can make for a year cannot exceed the lesser of the following amounts. H&r block 2012 taxes The catch-up contribution limit. H&r block 2012 taxes The excess of the participant's compensation over the elective deferrals that are not catch-up contributions. H&r block 2012 taxes See “Catch-up contributions” under Contribution Limits and Limit on Elective Deferrals in chapters 3 and 4, respectively, for more information. H&r block 2012 taxes All section references are to the Internal Revenue Code, unless otherwise stated. H&r block 2012 taxes Reminders In-plan Roth rollovers. H&r block 2012 taxes  Section 402A(c)(4) provides for a distribution from an individual's account in a 401(k) plan, other than from a designated Roth account, that is rolled over to the individual's designated Roth account in the same plan. H&r block 2012 taxes An in-plan Roth rollover is not treated as a distribution for most purposes. H&r block 2012 taxes Section 402A(c)(4) was added by the Small Business Jobs Act of 2010 and applies to distributions made after September 27, 2010. H&r block 2012 taxes For additional guidance on in-plan Roth rollovers, see Notice 2010-84, 2010-51 I. H&r block 2012 taxes R. H&r block 2012 taxes B. H&r block 2012 taxes 872, available at  www. H&r block 2012 taxes irs. H&r block 2012 taxes gov/irb/2010-51_IRB/ar11. H&r block 2012 taxes html. H&r block 2012 taxes In-plan Roth rollovers expanded. H&r block 2012 taxes  Beginning in 2013, a plan with designated Roth accounts can permit a participant to roll over amounts into a designated Roth account from his or her other accounts in the same plan, regardless of whether the participant is eligible for a distribution from the other accounts. H&r block 2012 taxes Section 402A(c)(4) was amended by the American Taxpayer Relief Act of 2012. H&r block 2012 taxes For more information, see Notice 2013-74, 2013-52 I. H&r block 2012 taxes R. H&r block 2012 taxes B. H&r block 2012 taxes 819, available at www. H&r block 2012 taxes irs. H&r block 2012 taxes gov/irb/2013-52_IRB/ar11. H&r block 2012 taxes html. H&r block 2012 taxes Credit for startup costs. H&r block 2012 taxes  You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SEP, SIMPLE, or qualified plan. H&r block 2012 taxes The credit equals 50% of the cost to set up and administer the plan and educate employees about the plan, up to a maximum of $500 per year for each of the first 3 years of the plan. H&r block 2012 taxes You can choose to start claiming the credit in the tax year before the tax year in which the plan becomes effective. H&r block 2012 taxes You must have had 100 or fewer employees who received at least $5,000 in compensation from you for the preceding year. H&r block 2012 taxes At least one participant must be a non-highly compensated employee. H&r block 2012 taxes The employees generally cannot be substantially the same employees for whom contributions were made or benefits accrued under a plan of any of the following employers in the 3-tax-year period immediately before the first year to which the credit applies. H&r block 2012 taxes You. H&r block 2012 taxes A member of a controlled group that includes you. H&r block 2012 taxes A predecessor of (1) or (2). H&r block 2012 taxes The credit is part of the general business credit, which can be carried back or forward to other tax years if it cannot be used in the current year. H&r block 2012 taxes However, the part of the general business credit attributable to the small employer pension plan startup cost credit cannot be carried back to a tax year beginning before January 1, 2002. H&r block 2012 taxes You cannot deduct the part of the startup costs equal to the credit claimed for a tax year, but you can choose not to claim the allowable credit for a tax year. H&r block 2012 taxes To take the credit, use Form 8881, Credit for Small Employer Pension Plan Startup Costs. H&r block 2012 taxes Retirement savings contributions credit. H&r block 2012 taxes  Retirement plan participants (including self-employed individuals) who make contributions to their plan may qualify for the retirement savings contribution credit. H&r block 2012 taxes The maximum contribution eligible for the credit is $2,000. H&r block 2012 taxes To take the credit, use Form 8880, Credit for Qualified Retirement Savings Contributions. H&r block 2012 taxes For more information on who is eligible for the credit, retirement plan contributions eligible for the credit and how to figure the credit, see Form 8880 and its instructions or go to the IRS website and search Retirement Topics-Retirement Savings Contributions Credit (Saver's Credit). H&r block 2012 taxes Photographs of missing children. H&r block 2012 taxes  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. H&r block 2012 taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. H&r block 2012 taxes You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. H&r block 2012 taxes Introduction This publication discusses retirement plans you can set up and maintain for yourself and your employees. H&r block 2012 taxes In this publication, “you” refers to the employer. H&r block 2012 taxes See chapter 1 for the definition of the term employer and the definitions of other terms used in this publication. H&r block 2012 taxes This publication covers the following types of retirement plans. H&r block 2012 taxes SEP (simplified employee pension) plans. H&r block 2012 taxes SIMPLE (savings incentive match plan for employees) plans. H&r block 2012 taxes Qualified plans (also called H. H&r block 2012 taxes R. H&r block 2012 taxes 10 plans or Keogh plans when covering self-employed individuals), including 401(k) plans. H&r block 2012 taxes SEP, SIMPLE, and qualified plans offer you and your employees a tax-favored way to save for retirement. H&r block 2012 taxes You can deduct contributions you make to the plan for your employees. H&r block 2012 taxes If you are a sole proprietor, you can deduct contributions you make to the plan for yourself. H&r block 2012 taxes You can also deduct trustees' fees if contributions to the plan do not cover them. H&r block 2012 taxes Earnings on the contributions are generally tax free until you or your employees receive distributions from the plan. H&r block 2012 taxes Under a 401(k) plan, employees can have you contribute limited amounts of their before-tax (after-tax, in the case of a qualified Roth contribution program) pay to the plan. H&r block 2012 taxes These amounts (and the earnings on them) are generally tax free until your employees receive distributions from the plan or, in the case of a qualified distribution from a designated Roth account, completely tax free. H&r block 2012 taxes What this publication covers. H&r block 2012 taxes   This publication contains the information you need to understand the following topics. H&r block 2012 taxes What type of plan to set up. H&r block 2012 taxes How to set up a plan. H&r block 2012 taxes How much you can contribute to a plan. H&r block 2012 taxes How much of your contribution is deductible. H&r block 2012 taxes How to treat certain distributions. H&r block 2012 taxes How to report information about the plan to the IRS and your employees. H&r block 2012 taxes Basic features of SEP, SIMPLE, and qualified plans. H&r block 2012 taxes The key rules for SEP, SIMPLE, and qualified plans are outlined in Table 1. H&r block 2012 taxes SEP plans. H&r block 2012 taxes   SEPs provide a simplified method for you to make contributions to a retirement plan for yourself and your employees. H&r block 2012 taxes Instead of setting up a profit-sharing or money purchase plan with a trust, you can adopt a SEP agreement and make contributions directly to a traditional individual retirement account or a traditional individual retirement annuity (SEP-IRA) set up for yourself and each eligible employee. H&r block 2012 taxes SIMPLE plans. H&r block 2012 taxes   Generally, if you had 100 or fewer employees who received at least $5,000 in compensation last year, you can set up a SIMPLE plan. H&r block 2012 taxes Under a SIMPLE plan, employees can choose to make salary reduction contributions rather than receiving these amounts as part of their regular pay. H&r block 2012 taxes In addition, you will contribute matching or nonelective contributions. H&r block 2012 taxes The two types of SIMPLE plans are the SIMPLE IRA plan and the SIMPLE 401(k) plan. H&r block 2012 taxes Qualified plans. H&r block 2012 taxes   The qualified plan rules are more complex than the SEP plan and SIMPLE plan rules. H&r block 2012 taxes However, there are advantages to qualified plans, such as increased flexibility in designing plans and increased contribution and deduction limits in some cases. H&r block 2012 taxes Table 1. H&r block 2012 taxes Key Retirement Plan Rules for 2013 Type  of  Plan Last Date for Contribution Maximum Contribution Maximum Deduction When To Set Up Plan SEP Due date of employer's return (including extensions). H&r block 2012 taxes Smaller of $51,000 or 25%1 of participant's compensation. H&r block 2012 taxes 2 25%1 of all participants' compensation. H&r block 2012 taxes 2 Any time up to the due date of employer's return (including extensions). H&r block 2012 taxes SIMPLE IRA and SIMPLE 401(k) Salary reduction contributions: 30 days after the end of the month for which the contributions are to be made. H&r block 2012 taxes 4  Matching or nonelective contributions: Due date of employer's return (including extensions). H&r block 2012 taxes Employee contribution: Salary reduction contribution up to $12,000, $14,500 if age 50 or over. H&r block 2012 taxes   Employer contribution:  Either dollar-for-dollar matching contributions, up to 3% of employee's compensation,3 or fixed nonelective contributions of 2% of compensation. H&r block 2012 taxes 2 Same as maximum contribution. H&r block 2012 taxes Any time between 1/1 and 10/1 of the calendar year. H&r block 2012 taxes   For a new employer coming into existence after 10/1, as soon as administratively feasible. H&r block 2012 taxes Qualified Plan: Defined Contribution Plan  Elective deferral: Due date of employer's return (including extensions). H&r block 2012 taxes 4   Employer contribution: Money Purchase or Profit-Sharing: Due date of employer's return (including extensions). H&r block 2012 taxes  Employee contribution: Elective deferral up to $17,500, $23,000 if age 50 or over. H&r block 2012 taxes   Employer contribution: Money Purchase: Smaller of $51,000 or 100%1 of participant's compensation. H&r block 2012 taxes 2  Profit-Sharing: Smaller of $51,000 or 100%1 of participant's compensation. H&r block 2012 taxes 2  25%1 of all participants' compensation2, plus amount of elective deferrals made. H&r block 2012 taxes   By the end of the tax year. H&r block 2012 taxes Qualified Plan: Defined Benefit Plan Contributions generally must be paid in quarterly installments, due 15 days after the end of each quarter. H&r block 2012 taxes See Minimum Funding Requirement in chapter 4. H&r block 2012 taxes Amount needed to provide an annual benefit no larger than the smaller of $205,000 or 100% of the participant's average compensation for his or her highest 3 consecutive calendar years. H&r block 2012 taxes Based on actuarial assumptions and computations. H&r block 2012 taxes By the end of the tax year. H&r block 2012 taxes 1Net earnings from self-employment must take the contribution into account. H&r block 2012 taxes See Deduction Limit for Self-Employed Individuals in chapters 2 and 4 . H&r block 2012 taxes  2Compensation is generally limited to $255,000 in 2013. H&r block 2012 taxes  3Under a SIMPLE 401(k) plan, compensation is generally limited to $255,000 in 2013. H&r block 2012 taxes  4Certain plans subject to Department of Labor rules may have an earlier due date for salary reduction contributions and elective deferrals. H&r block 2012 taxes What this publication does not cover. H&r block 2012 taxes   Although the purpose of this publication is to provide general information about retirement plans you can set up for your employees, it does not contain all the rules and exceptions that apply to these plans. H&r block 2012 taxes You may also need professional help and guidance. H&r block 2012 taxes   Also, this publication does not cover all the rules that may be of interest to employees. H&r block 2012 taxes For example, it does not cover the following topics. H&r block 2012 taxes The comprehensive IRA rules an employee needs to know. H&r block 2012 taxes These rules are covered in Publication 590, Individual Retirement Arrangements (IRAs). H&r block 2012 taxes The comprehensive rules that apply to distributions from retirement plans. H&r block 2012 taxes These rules are covered in Publication 575, Pension and Annuity Income. H&r block 2012 taxes The comprehensive rules that apply to section 403(b) plans. H&r block 2012 taxes These rules are covered in Publication 571, Tax-Sheltered Annuity Plans (403(b) Plans). H&r block 2012 taxes Comments and suggestions. H&r block 2012 taxes   We welcome your comments about this publication and your suggestions for future editions. H&r block 2012 taxes   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. H&r block 2012 taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. H&r block 2012 taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. H&r block 2012 taxes   You can send your comments from www. H&r block 2012 taxes irs. H&r block 2012 taxes gov/formspubs. H&r block 2012 taxes Click on “More Information” and then on “Give us feedback. H&r block 2012 taxes ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. H&r block 2012 taxes Ordering forms and publications. H&r block 2012 taxes   Visit www. H&r block 2012 taxes irs. H&r block 2012 taxes gov/formspubs to download forms  and publications, call 1-800-TAX-FORM  (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. H&r block 2012 taxes Internal Revenue Service 1201 N. H&r block 2012 taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. H&r block 2012 taxes   If you have a tax question, check the information available on IRS. H&r block 2012 taxes gov or call 1-800-829-1040. H&r block 2012 taxes We cannot answer tax questions sent to either of the above addresses. H&r block 2012 taxes Note. H&r block 2012 taxes Forms filed electronically with the Department of Labor are not available on the IRS website. H&r block 2012 taxes Instead, see www. H&r block 2012 taxes efast. H&r block 2012 taxes dol. H&r block 2012 taxes gov. H&r block 2012 taxes Prev  Up  Next   Home   More Online Publications

Topic 305 - Recordkeeping

Well-organized records make it easier to prepare a tax return and help provide answers if your return is selected for examination, or to prepare a response if you receive an IRS notice.

Records such as receipts, canceled checks, and other documents that support an item of income or a deduction, or a credit appearing on a return must be kept so long as they may become material in the administration of any internal revenue law, which generally will be until the period of limitation expires for that return. For assessment of tax you owe, this generally is 3 years from the date you filed the return. Returns filed before the due date are treated as filed on the due date.

There is no period of limitations to assess tax when a return is fraudulent or when no return is filed. If income that you should have reported is not reported, and it is more than 25% of the gross income shown on the return, the time to assess is 6 years from when the return is filed. For filing a claim for credit or refund, the period to make the claim generally is 3 years from the date the original return was filed (or the due date for filing the return if the return was filed before that date), or 2 years from the date the tax was paid, whichever is later. For filing a claim for an overpayment resulting from a bad debt deduction or a loss from worthless securities the time to make the claim is 7 years from when the return was due.

If you have employees, you must keep all your employment tax records for at least 4 years after the tax becomes due or is paid, whichever is later. For more information, see Publication 15, (Circular E), Employer's Tax Guide.

If you are in business, there is no particular method of bookkeeping you must use. However, you must use a method that clearly and accurately reflects your gross income and expenses. The records should substantiate both your income and expenses. Publication 583, Starting a Business and Keeping Records, and Publication 463, Travel, Entertainment, Gift, and Car Expenses, provide additional information on required documentation for taxpayers with business expenses. Publication 17, Your Federal Income Tax for Individuals, provides more information on recordkeeping requirements for individuals.

Page Last Reviewed or Updated: January 22, 2014

The H&r Block 2012 Taxes

H&r block 2012 taxes 3. H&r block 2012 taxes   Environmental Taxes Table of Contents Oil Spill Liability Tax ODCs Imported Taxable Products Floor Stocks Tax Environmental taxes are imposed on crude oil and petroleum products (oil spill liability), the sale or use of ozone-depleting chemicals (ODCs), and imported products containing or manufactured with ODCs. H&r block 2012 taxes In addition, a floor stocks tax is imposed on ODCs held on January 1 by any person (other than the manufacturer or importer of the ODCs) for sale or for use in further manufacture. H&r block 2012 taxes Figure the environmental tax on Form 6627. H&r block 2012 taxes Enter the tax on the appropriate lines of Form 720 and attach Form 6627 to Form 720. H&r block 2012 taxes For environmental tax purposes, United States includes the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, any possession of the United States, the Commonwealth of the Northern Mariana Islands, the Trust Territory of the Pacific Islands, the continental shelf areas (applying the principles of section 638), and foreign trade zones. H&r block 2012 taxes No one is exempt from the environmental taxes, including the federal government, state and local governments, Indian tribal governments, and nonprofit educational organizations. H&r block 2012 taxes Oil Spill Liability Tax The oil spill liability tax is reported on Form 6627, Environmental Taxes, and Form 720, Quarterly Federal Excise Tax Return (IRS Nos. H&r block 2012 taxes 18 and 21). H&r block 2012 taxes The oil spill liability tax rate is $. H&r block 2012 taxes 08 per barrel and generally applies to crude oil received at a U. H&r block 2012 taxes S. H&r block 2012 taxes refinery and to petroleum products entered into the United States for consumption, use, or warehousing. H&r block 2012 taxes The tax also applies to certain uses and the exportation of domestic crude oil. H&r block 2012 taxes Crude oil includes crude oil condensates and natural gasoline. H&r block 2012 taxes Petroleum products include crude oil, refined and residual oil, and other liquid hydrocarbon refinery products. H&r block 2012 taxes Crude oil. H&r block 2012 taxes   Tax is imposed on crude oil when it is received at a United Sates refinery. H&r block 2012 taxes The operator of the refinery is liable for the tax. H&r block 2012 taxes   Tax is imposed on domestic crude oil used or exported before it is received at a United States refinery. H&r block 2012 taxes However, the use of crude oil for extracting oil or natural gas on the premises where such crude oil was produced is not taxable. H&r block 2012 taxes The user or exporter is liable for the tax. H&r block 2012 taxes Imported petroleum products. H&r block 2012 taxes   Tax is imposed on petroleum products when they enter the United States for consumption, use, or warehousing. H&r block 2012 taxes The person entering the petroleum product into the country is liable for the tax, including the tax on imported crude oil, even if it is subsequently received at a U. H&r block 2012 taxes S. H&r block 2012 taxes refinery. H&r block 2012 taxes   Tax is imposed only once on any imported petroleum product. H&r block 2012 taxes Thus, the operator of a U. H&r block 2012 taxes S. H&r block 2012 taxes refinery that receives imported crude oil must establish that the petroleum tax has already been imposed on such crude oil in order not to be liable for the tax. H&r block 2012 taxes ODCs For a list of the taxable ODCs and tax rates, see the Form 6627 instructions. H&r block 2012 taxes Taxable event. H&r block 2012 taxes   Tax is imposed on an ODC when it is first used or sold by its manufacturer or importer. H&r block 2012 taxes The manufacturer or importer is liable for the tax. H&r block 2012 taxes Use of ODCs. H&r block 2012 taxes   You use an ODC if you put it into service in a trade or business or for the production of income. H&r block 2012 taxes Also, an ODC is used if you use it in the making of an article, including incorporation into the article, chemical transformation, or release into the air. H&r block 2012 taxes The loss, destruction, packaging, repackaging, or warehousing of ODCs is not a use of the ODC. H&r block 2012 taxes   The creation of a mixture containing an ODC is treated as a taxable use of the ODC contained in the mixture. H&r block 2012 taxes An ODC is contained in a mixture only if the chemical identity of the ODC is not changed. H&r block 2012 taxes Generally, tax is imposed when the mixture is created and not on its sale or use. H&r block 2012 taxes However, you can choose to have the tax imposed on its sale or use by checking the appropriate box on Form 6627. H&r block 2012 taxes You can revoke this choice only with IRS consent. H&r block 2012 taxes   The creation of a mixture for export or for use as a feedstock is not a taxable use of the ODCs contained in the mixture. H&r block 2012 taxes Exceptions. H&r block 2012 taxes   The following may be exempt from the tax on ODCs. H&r block 2012 taxes Metered-dose inhalers. H&r block 2012 taxes Recycled ODCs. H&r block 2012 taxes Exported ODCs. H&r block 2012 taxes ODCs used as feedstock. H&r block 2012 taxes Metered-dose inhalers. H&r block 2012 taxes   There is no tax on ODCs used or sold for use as propellants in metered-dose inhalers. H&r block 2012 taxes For a sale to be nontaxable, you must obtain from the purchaser an exemption certificate that you rely on in good faith. H&r block 2012 taxes The certificate must be in substantially the form as the sample certificate set forth in Regulations section 52. H&r block 2012 taxes 4682-2(d)(5). H&r block 2012 taxes The certificate may be included as part of the sales documentation. H&r block 2012 taxes Keep the certificate with your records. H&r block 2012 taxes Recycled ODCs. H&r block 2012 taxes   There is no tax on any ODC diverted or recovered in the United States as part of a recycling process (and not as part of the original manufacturing or production process). H&r block 2012 taxes There is no tax on recycled Halon-1301 or recycled Halon-2402 imported from a country that has signed the Montreal Protocol on Substances that Deplete the Ozone Layer (Montreal Protocol). H&r block 2012 taxes   The Montreal Protocol is administered by the United Nations (U. H&r block 2012 taxes N. H&r block 2012 taxes ). H&r block 2012 taxes To determine if a country has signed the Montreal Protocol, contact the U. H&r block 2012 taxes N. H&r block 2012 taxes The website is untreaty. H&r block 2012 taxes un. H&r block 2012 taxes org. H&r block 2012 taxes Exported ODCs. H&r block 2012 taxes   Generally, there is no tax on ODCs sold for export if certain requirements are met. H&r block 2012 taxes For a sale to be nontaxable, you and the purchaser must be registered. H&r block 2012 taxes See Form 637, Application for Registration (for Certain Excise Tax Activities). H&r block 2012 taxes Also, you must obtain from the purchaser an exemption certificate that you rely on in good faith. H&r block 2012 taxes Keep the certificate with your records. H&r block 2012 taxes The certificate must be in substantially the form as the sample certificate set forth in Regulations section 52. H&r block 2012 taxes 4682-5(d)(3). H&r block 2012 taxes The tax benefit of this exemption is limited. H&r block 2012 taxes For more information, see Regulations section 52. H&r block 2012 taxes 4682-5. H&r block 2012 taxes ODCs used as feedstock. H&r block 2012 taxes   There is no tax on ODCs sold for use or used as a feedstock. H&r block 2012 taxes An ODC is used as a feedstock only if the ODC is entirely consumed in the manufacture of another chemical. H&r block 2012 taxes The transformation of an ODC into one or more new compounds qualifies as use as a feedstock, but use of an ODC in a mixture does not qualify. H&r block 2012 taxes   For a sale to be nontaxable, you must obtain from the purchaser an exemption certificate that you rely on in good faith. H&r block 2012 taxes The certificate must be in substantially the form as the sample certificate set forth in Regulations section 52. H&r block 2012 taxes 4682-2(d)(2). H&r block 2012 taxes Keep the certificate with your records. H&r block 2012 taxes Credits or refunds. H&r block 2012 taxes   A credit or refund (without interest) of tax paid on ODCs may be claimed if a taxed ODC is: Used as a propellant in a metered-dose inhaler (the person who used the ODC as a propellant may file a claim), Exported (the manufacturer may file a claim), or Used as a feedstock (the person who used the ODC may file a claim). H&r block 2012 taxes For information on how to file for credits or refunds, see the Instructions for Form 720 or Schedule 6 (Form 8849). H&r block 2012 taxes Conditions to allowance for ODCs exported. H&r block 2012 taxes   To claim a credit or refund for ODCs that are exported, you must have repaid or agreed to repay the tax to the exporter, or obtained the exporter's written consent to allowance of the credit or refund. H&r block 2012 taxes You must also have the evidence required by the EPA as proof that the ODCs were exported. H&r block 2012 taxes Imported Taxable Products An imported product containing or manufactured with ODCs is subject to tax if it is entered into the United States for consumption, use, or warehousing and is listed in the Imported Products Table. H&r block 2012 taxes The Imported Products Table is listed in Regulations section 52. H&r block 2012 taxes 4682-3(f)(6). H&r block 2012 taxes The tax is based on the weight of the ODCs used in the manufacture of the product. H&r block 2012 taxes Use the following methods to figure the ODC weight. H&r block 2012 taxes The actual (exact) weight of each ODC used as a material in manufacturing the product. H&r block 2012 taxes If the actual weight cannot be determined, the ODC weight listed for the product in the Imported Products Table. H&r block 2012 taxes However, if you cannot determine the actual weight and the table does not list an ODC weight for the product, the rate of tax is 1% of the entry value of the product. H&r block 2012 taxes Taxable event. H&r block 2012 taxes   Tax is imposed on an imported taxable product when the product is first sold or used by its importer. H&r block 2012 taxes The importer is liable for the tax. H&r block 2012 taxes Use of imported products. H&r block 2012 taxes   You use an imported product if you put it into service in a trade or business or for the production of income or use it in the making of an article, including incorporation into the article. H&r block 2012 taxes The loss, destruction, packaging, repackaging, warehousing, or repair of an imported product is not a use of that product. H&r block 2012 taxes Entry as use. H&r block 2012 taxes   The importer may choose to treat the entry of a product into the United States as the use of the product. H&r block 2012 taxes Tax is imposed on the date of entry instead of when the product is sold or used. H&r block 2012 taxes The choice applies to all imported taxable products that you own and have not used when you make the choice and all later entries. H&r block 2012 taxes Make the choice by checking the box in Part II of Form 6627. H&r block 2012 taxes The choice is effective as of the beginning of the calendar quarter to which the Form 6627 applies. H&r block 2012 taxes You can revoke this choice only with IRS consent. H&r block 2012 taxes Sale of article incorporating imported product. H&r block 2012 taxes   The importer may treat the sale of an article manufactured or assembled in the United States as the first sale or use of an imported taxable product incorporated in that article if both the following apply. H&r block 2012 taxes The importer has consistently treated the sale of similar items as the first sale or use of similar taxable imported products. H&r block 2012 taxes The importer has not chosen to treat entry into the United States as use of the product. H&r block 2012 taxes Imported products table. H&r block 2012 taxes   The table lists all the products that are subject to the tax on imported taxable products and specifies the ODC weight (discussed later) of each product. H&r block 2012 taxes   Each listing in the table identifies a product by name and includes only products that are described by that name. H&r block 2012 taxes Most listings identify a product by both name and Harmonized Tariff Schedule (HTS) heading. H&r block 2012 taxes In those cases, a product is included in that listing only if the product is described by that name and the rate of duty on the product is determined by reference to that HTS heading. H&r block 2012 taxes A product is included in the listing even if it is manufactured with or contains a different ODC than the one specified in the table. H&r block 2012 taxes   Part II of the table lists electronic items that are not included within any other list in the table. H&r block 2012 taxes An imported product is included in this list only if the product meets one of the following tests. H&r block 2012 taxes It is an electronic component whose operation involves the use of nonmechanical amplification or switching devices such as tubes, transistors, and integrated circuits. H&r block 2012 taxes It contains components described in (1), which account for more than 15% of the cost of the product. H&r block 2012 taxes   These components do not include passive electrical devices, such as resistors and capacitors. H&r block 2012 taxes Items such as screws, nuts, bolts, plastic parts, and similar specially fabricated parts that may be used to construct an electronic item are not themselves included in the listing for electronic items. H&r block 2012 taxes Rules for listing products. H&r block 2012 taxes   Products are listed in the table according to the following rules. H&r block 2012 taxes A product is listed in Part I of the table if it is a mixture containing ODCs. H&r block 2012 taxes A product is listed in Part II of the table if the Commissioner has determined that the ODCs used as materials in the manufacture of the product under the predominant method are used for purposes of refrigeration or air conditioning, creating an aerosol or foam, or manufacturing electronic components. H&r block 2012 taxes A product is listed in Part III of the table if the Commissioner has determined that the product meets both the following tests. H&r block 2012 taxes It is not an imported taxable product. H&r block 2012 taxes It would otherwise be included within a list in Part II of the table. H&r block 2012 taxes   For example, floppy disk drive units are listed in Part III because they are not imported taxable products and would have been included in the Part II list for electronic items not specifically identified, but for their listing in Part III. H&r block 2012 taxes ODC weight. H&r block 2012 taxes   The Table ODC weight of a product is the weight, determined by the Commissioner, of the ODCs used as materials in the manufacture of the product under the predominant method of manufacturing. H&r block 2012 taxes The ODC weight is listed in Part II in pounds per single unit of product unless otherwise specified. H&r block 2012 taxes Modifying the table. H&r block 2012 taxes   A manufacturer or importer of a product may request the IRS add a product and its ODC weight to the table. H&r block 2012 taxes They also may request the IRS remove a product from the table, or change or specify the ODC weight of a product. H&r block 2012 taxes To request a modification, see Regulations section 52. H&r block 2012 taxes 4682-3(g) for the mailing address and information that must be included in the request. H&r block 2012 taxes Floor Stocks Tax Tax is imposed on any ODC held (other than by the manufacturer or importer of the ODC) on January 1 for sale or use in further manufacturing. H&r block 2012 taxes The person holding title (as determined under local law) to the ODC is liable for the tax, whether or not delivery has been made. H&r block 2012 taxes These chemicals are taxable without regard to the type or size of storage container in which the ODCs are held. H&r block 2012 taxes The tax may apply to an ODC whether it is in a 14-ounce can or a 30-pound tank. H&r block 2012 taxes You are liable for the floor stocks tax if you hold any of the following on January 1. H&r block 2012 taxes At least 400 pounds of ODCs other than halons or methyl chloroform, At least 50 pounds of halons, or At least 1,000 pounds of methyl chloroform. H&r block 2012 taxes If you are liable for the tax, prepare an inventory on January 1 of the taxable ODCs held on that date for sale or for use in further manufacturing. H&r block 2012 taxes You must pay this floor stocks tax by June 30 of each year. H&r block 2012 taxes Report the tax on Form 6627 and Part II of Form 720 for the second calendar quarter. H&r block 2012 taxes For the tax rates, see the Form 6627 instructions. H&r block 2012 taxes ODCs not subject to floor stocks tax. H&r block 2012 taxes   The floor stocks tax is not imposed on any of the following ODCs. H&r block 2012 taxes ODCs mixed with other ingredients that contribute to achieving the purpose for which the mixture will be used, unless the mixture contains only ODCs and one or more stabilizers. H&r block 2012 taxes ODCs contained in a manufactured article in which the ODCs will be used for their intended purpose without being released from the article. H&r block 2012 taxes ODCs that have been reclaimed or recycled. H&r block 2012 taxes ODCs sold in a qualifying sale for: Use as a feedstock, Export, or Use as a propellant in a metered-dose inhaler. H&r block 2012 taxes Prev  Up  Next   Home   More Online Publications