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Where Can I Get 2012 Tax Forms

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Where Can I Get 2012 Tax Forms

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IRS Report on Avoiding Troubled Tax-Advantaged Bonds

The Internal Revenue Service office of Tax Exempt Bonds (TEB) released the report, Avoiding Troubled Tax-Advantaged Bonds. This report produced by the TEB Compliance Practice Research Team seeks to provide aid to issuers of tax-advantaged bonds municipal bonds. It identifies some considerations for issuers of such bonds and is TEB’s initial step toward producing public resource products that assist issuers in avoiding troubled transactions. For more than a decade, TEB observed some of the worst problems in the municipal industry and then witnessed the efforts taken (by leaders in state and local government, the professional communities that support them, and various regulatory bodies) to address them. Many of these complex compliance issues facing issuers of tax-advantaged municipal debt still exist.  

Publishing Avoiding Troubled Tax-Advantaged Bonds is a part of TEB’s continuing effort to provide practical steps and products that may be helpful to issuers of tax-advantaged municipal bonds. As such, we welcome comments and feedback from the tax-advantaged municipal bond community that provide further tools and clarification for issuers. Please submit your comments and feedback to TaxExemptBondQuestions@irs.gov inserting “Avoiding Troubled Tax-Advantaged Bonds Question” on the Subject: line.

The report covers three phases of the life cycle of bonds, each with various considerations, of which an issuer should be aware. These three identified phases are 1) the transaction development phase, 2) the transaction execution phase, and 3) the post-issuance phase. Watch for the TEB presentation of phase one “Transaction Development,” in an upcoming Webinar scheduled for this fall.

TEB hopes that the tax-exempt bond community will use this information to create related products beneficial to their members. These products will provide additional tools that facilitate issuer adoption of practices and procedures that avoid abusive or questionable transactions.

 

 

Page Last Reviewed or Updated: 26-Mar-2014

The Where Can I Get 2012 Tax Forms

Where can i get 2012 tax forms 10. Where can i get 2012 tax forms   Business Bad Debts Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Definition of Business Bad DebtAccrual method. Where can i get 2012 tax forms Cash method. Where can i get 2012 tax forms Debt acquired from a decedent. Where can i get 2012 tax forms Liquidation. Where can i get 2012 tax forms Types of Business Bad Debts When a Debt Becomes Worthless How To Claim a Business Bad DebtSpecific Charge-Off Method Nonaccrual-Experience Method Recovery of a Bad DebtNet operating loss (NOL) carryover. Where can i get 2012 tax forms Introduction You have a bad debt if you cannot collect money owed to you. Where can i get 2012 tax forms A bad debt is either a business bad debt or a nonbusiness bad debt. Where can i get 2012 tax forms This chapter discusses only business bad debts. Where can i get 2012 tax forms Generally, a business bad debt is one that comes from operating your trade or business. Where can i get 2012 tax forms You can deduct business bad debts on Schedule C (Form 1040) or your applicable business income tax return. Where can i get 2012 tax forms All other bad debts are nonbusiness bad debts and are deductible only as short-term capital losses. Where can i get 2012 tax forms For more information on nonbusiness bad debts, see Publication 550. Where can i get 2012 tax forms Topics - This chapter discusses: Definition of business bad debt When a debt becomes worthless How to claim a business bad debt Recovery of a bad debt Useful Items - You may want to see: Publication 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 556 Examination of Returns, Appeal Rights, and Claims for Refund Form (and Instructions) Schedule C (Form 1040) Profit or Loss From Business 1040X Amended U. Where can i get 2012 tax forms S. Where can i get 2012 tax forms Individual Income Tax Return 1045 Application for Tentative Refund 1139 Corporation Application for Tentative Refund 3115 Application for Change in Accounting Method See chapter 12 for information about getting publications and forms. Where can i get 2012 tax forms Definition of Business Bad Debt A business bad debt is a loss from the worthlessness of a debt that was either: Created or acquired in your trade or business, or Closely related to your trade or business when it became partly or totally worthless. Where can i get 2012 tax forms A debt is closely related to your trade or business if your primary motive for incurring the debt is business related. Where can i get 2012 tax forms Bad debts of a corporation (other than an S corporation) are always business bad debts. Where can i get 2012 tax forms Credit sales. Where can i get 2012 tax forms   Business bad debts are mainly the result of credit sales to customers. Where can i get 2012 tax forms Goods that have been sold, but not yet paid for, and services that have been performed, but not yet paid for, are recorded in your books as either accounts receivable or notes receivable. Where can i get 2012 tax forms After a reasonable period of time, if you have tried to collect the amount due, but are unable to do so, the uncollectible part becomes a business bad debt. Where can i get 2012 tax forms   Accounts or notes receivable valued at fair market value (FMV) when received are deductible only at that value, even though the FMV may be less than the face value. Where can i get 2012 tax forms If you purchased an account receivable for less than its face value, and the receivable subsequently becomes worthless, the most you are allowed to deduct is the amount you paid to acquire it. Where can i get 2012 tax forms    You can claim a business bad debt deduction only if the amount owed to you was previously included in gross income. Where can i get 2012 tax forms This applies to amounts owed to you from all sources of taxable income, including sales, services, rents, and interest. Where can i get 2012 tax forms Accrual method. Where can i get 2012 tax forms   If you use the accrual method of accounting, you generally report income as you earn it. Where can i get 2012 tax forms You can only claim a bad debt deduction for an uncollectible receivable if you have previously included the uncollectible amount in income. Where can i get 2012 tax forms   If you qualify, you can use the nonaccrual-experience method of accounting discussed later. Where can i get 2012 tax forms Under this method, you do not have to accrue income that, based on your experience, you do not expect to collect. Where can i get 2012 tax forms Cash method. Where can i get 2012 tax forms   If you use the cash method of accounting, you generally report income when you receive payment. Where can i get 2012 tax forms You cannot claim a bad debt deduction for amounts owed to you because you never included those amounts in income. Where can i get 2012 tax forms For example, a cash basis architect cannot claim a bad debt deduction if a client fails to pay the bill because the architect's fee was never included in income. Where can i get 2012 tax forms Debts from a former business. Where can i get 2012 tax forms   If you sell your business but retain its receivables, these debts are business debts because they arose out of your trade or business. Where can i get 2012 tax forms If any of these receivables subsequently become worthless, the loss is still a business bad debt. Where can i get 2012 tax forms Debt acquired from a decedent. Where can i get 2012 tax forms   The character of a loss from debts of a business acquired from a decedent is determined in the same way as debts acquired on the purchase of a business. Where can i get 2012 tax forms The executor of the decedent's estate treats any loss from the debts as a business bad debt if the debts were closely related to the decedent's trade or business when they became worthless. Where can i get 2012 tax forms Otherwise, a loss from these debts becomes a nonbusiness bad debt for the decedent's estate. Where can i get 2012 tax forms Liquidation. Where can i get 2012 tax forms   If you liquidate your business and some of the accounts receivable that you retain become worthless, they become business bad debts. Where can i get 2012 tax forms Types of Business Bad Debts Business bad debts may result from the following. Where can i get 2012 tax forms Loans to clients and suppliers. Where can i get 2012 tax forms   If you loan money to a client, supplier, employee, or distributor for a business reason and you are unable to collect the loan after attempting to do so, you have a business bad debt. Where can i get 2012 tax forms Debts owed by political parties. Where can i get 2012 tax forms   If a political party (or other organization that accepts contributions or spends money to influence elections) owes you money and the debt becomes worthless, you can claim a bad debt deduction only if all of the following requirements are met. Where can i get 2012 tax forms You use the accrual method of accounting. Where can i get 2012 tax forms The debt arose from the sale of goods or services in the ordinary course of your trade or business. Where can i get 2012 tax forms More than 30% of your receivables accrued in the year of the sale were from sales to political parties. Where can i get 2012 tax forms You made substantial and continuing efforts to collect on the debt. Where can i get 2012 tax forms Loan or capital contribution. Where can i get 2012 tax forms   You cannot claim a bad debt deduction for a loan you made to a corporation if, based on the facts and circumstances, the loan is actually a contribution to capital. Where can i get 2012 tax forms Debts of an insolvent partner. Where can i get 2012 tax forms   If your business partnership breaks up and one of your former partners becomes insolvent, you may have to pay more than your pro rata share of the partnership's debts. Where can i get 2012 tax forms If you pay any part of the insolvent partner's share of the debts, you can claim a bad debt deduction for the amount you paid that is attributable to the insolvent partner's share. Where can i get 2012 tax forms Business loan guarantee. Where can i get 2012 tax forms   If you guarantee a debt that subsequently becomes worthless, the debt can qualify as a business bad debt if all the following requirements are met. Where can i get 2012 tax forms You made the guarantee in the course of your trade or business. Where can i get 2012 tax forms You have a legal duty to pay the debt. Where can i get 2012 tax forms You made the guarantee before the debt became worthless. Where can i get 2012 tax forms You meet this requirement if you reasonably expected you would not have to pay the debt without full reimbursement from the borrower. Where can i get 2012 tax forms You received reasonable consideration for making the guarantee. Where can i get 2012 tax forms You meet this requirement if you made the guarantee in accord with normal business practice or for a good faith business purpose. Where can i get 2012 tax forms Example. Where can i get 2012 tax forms Jane Zayne owns the Zayne Dress Company. Where can i get 2012 tax forms She guaranteed payment of a $20,000 note for Elegant Fashions, a dress outlet. Where can i get 2012 tax forms Elegant Fashions is one of Zayne's largest clients. Where can i get 2012 tax forms Elegant Fashions later defaulted on the loan. Where can i get 2012 tax forms As a result, Ms. Where can i get 2012 tax forms Zayne paid the remaining balance of the loan in full to the bank. Where can i get 2012 tax forms She can claim a business bad debt deduction only for the amount she paid, since her guarantee was made in the course of her trade or business for a good faith business purpose. Where can i get 2012 tax forms She was motivated by the desire to retain one of her better clients and keep a sales outlet. Where can i get 2012 tax forms Deductible in the year paid. Where can i get 2012 tax forms   If you make a payment on a loan you guaranteed, you can deduct it in the year paid, unless you have rights against the borrower. Where can i get 2012 tax forms Rights against a borrower. Where can i get 2012 tax forms   When you make payment on a loan you guaranteed, you may have the right to take the place of the lender. Where can i get 2012 tax forms The debt is then owed to you. Where can i get 2012 tax forms If you have this right, or some other right to demand payment from the borrower, you cannot claim a bad debt deduction until these rights become partly or totally worthless. Where can i get 2012 tax forms Joint debtor. Where can i get 2012 tax forms   If two or more debtors jointly owe you money, your inability to collect from one does not enable you to deduct a proportionate amount as a bad debt. Where can i get 2012 tax forms Sale of mortgaged property. Where can i get 2012 tax forms   If mortgaged or pledged property is sold for less than the debt, the unpaid, uncollectible balance of the debt is a bad debt. Where can i get 2012 tax forms When a Debt Becomes Worthless A debt becomes worthless when there is no longer any chance the amount owed will be paid. Where can i get 2012 tax forms This may occur when the debt is due or prior to that date. Where can i get 2012 tax forms To demonstrate worthlessness, you must only show that you have taken reasonable steps to collect the debt but were unable to do so. Where can i get 2012 tax forms It is not necessary to go to court if you can show that a judgment from the court would be uncollectible. Where can i get 2012 tax forms Bankruptcy of your debtor is generally good evidence of the worthlessness of at least a part of an unsecured and unpreferred debt. Where can i get 2012 tax forms Property received for debt. Where can i get 2012 tax forms   If you receive property in partial settlement of a debt, reduce the debt by the property's FMV, which becomes the property's basis. Where can i get 2012 tax forms You can deduct the remaining debt as a bad debt if and when it becomes worthless. Where can i get 2012 tax forms   If you later sell the property for more than its basis, any gain on the sale is due to the appreciation of the property. Where can i get 2012 tax forms It is not a recovery of a bad debt. Where can i get 2012 tax forms For information on the sale of an asset, see Publication 544. Where can i get 2012 tax forms How To Claim a Business Bad Debt There are two methods to claim a business bad debt. Where can i get 2012 tax forms The specific charge-off method. Where can i get 2012 tax forms The nonaccrual-experience method. Where can i get 2012 tax forms Generally, you must use the specific charge-off method. Where can i get 2012 tax forms However, you may use the nonaccrual-experience method if you meet the requirements discussed later under Nonaccrual-Experience Method . Where can i get 2012 tax forms Specific Charge-Off Method If you use the specific charge-off method, you can deduct specific business bad debts that become either partly or totally worthless during the tax year. Where can i get 2012 tax forms However, with respect to partly worthless bad debts, your deduction is limited to the amount you charged off on your books during the year. Where can i get 2012 tax forms Partly worthless debts. Where can i get 2012 tax forms   You can deduct specific bad debts that become partly uncollectible during the tax year. Where can i get 2012 tax forms Your tax deduction is limited to the amount you charge off on your books during the year. Where can i get 2012 tax forms You do not have to charge off and deduct your partly worthless debts annually. Where can i get 2012 tax forms You can delay the charge off until a later year. Where can i get 2012 tax forms However, you cannot deduct any part of a debt after the year it becomes totally worthless. Where can i get 2012 tax forms Significantly modified debt. Where can i get 2012 tax forms   An exception to the charge-off rule exists for debt which has been significantly modified and on which the holder recognized gain. Where can i get 2012 tax forms For more information, see Regulations section 1. Where can i get 2012 tax forms 166-3(a)(3). Where can i get 2012 tax forms Deduction disallowed. Where can i get 2012 tax forms   Generally, you can claim a partial bad debt deduction only in the year you make the charge-off on your books. Where can i get 2012 tax forms If, under audit, the IRS does not allow your deduction and the debt becomes partly worthless in a later tax year, you can deduct the amount you charged off in that year plus the disallowed amount charged off in the earlier year. Where can i get 2012 tax forms The charge-off in the earlier year, unless reversed on your books, fulfills the charge-off requirement for the later year. Where can i get 2012 tax forms Totally worthless debts. Where can i get 2012 tax forms   If a debt becomes totally worthless in the current tax year, you can deduct the entire amount, less any amount deducted in an earlier tax year when the debt was only partly worthless. Where can i get 2012 tax forms   You do not have to make an actual charge-off on your books to claim a bad debt deduction for a totally worthless debt. Where can i get 2012 tax forms However, you may want to do so. Where can i get 2012 tax forms If you do not and the IRS later rules the debt is only partly worthless, you will not be allowed a deduction for the debt in that tax year because a deduction of a partly worthless bad debt is limited to the amount actually charged off. Where can i get 2012 tax forms See Partly worthless debts, earlier. Where can i get 2012 tax forms Filing a claim for refund. Where can i get 2012 tax forms   If you did not deduct a bad debt on your original return for the year it became worthless, you can file a claim for a credit or refund. Where can i get 2012 tax forms If the bad debt was totally worthless, you must file the claim by the later of the following dates. Where can i get 2012 tax forms 7 years from the date your original return was due (not including extensions). Where can i get 2012 tax forms 2 years from the date you paid the tax. Where can i get 2012 tax forms   If the claim is for a partly worthless bad debt, you must file the claim by the later of the following dates. Where can i get 2012 tax forms 3 years from the date you filed your original return. Where can i get 2012 tax forms 2 years from the date you paid the tax. Where can i get 2012 tax forms You may have longer to file the claim if you were unable to manage your financial affairs due to a physical or mental impairment. Where can i get 2012 tax forms Such an impairment requires proof of existence. Where can i get 2012 tax forms   For details and more information about filing a claim, see Publication 556. Where can i get 2012 tax forms Use one of the following forms to file a claim. Where can i get 2012 tax forms For more information, see the instructions for the applicable form. Where can i get 2012 tax forms Table 10-1. Where can i get 2012 tax forms Forms Used To File a Claim IF you filed as a. Where can i get 2012 tax forms . Where can i get 2012 tax forms . Where can i get 2012 tax forms THEN file. Where can i get 2012 tax forms . Where can i get 2012 tax forms . Where can i get 2012 tax forms Sole proprietor or farmer Form 1040X Corporation Form 1120X S corporation Form 1120S and check box H(4) Partnership Form 1065X if filing on paper or  Form 1065 and check box G(5) if filing electronically Nonaccrual-Experience Method If you use an accrual method of accounting and qualify under the rules explained in this section, you can use the nonaccrual-experience method for bad debts. Where can i get 2012 tax forms Under this method, you do not accrue service related income you expect to be uncollectible. Where can i get 2012 tax forms Because the expected uncollectible amounts are not included in income, these amounts are not later deducted from income. Where can i get 2012 tax forms Generally, you can use the nonaccrual-experience method for accounts receivable for services you performed only if: The services are provided in the fields of accounting, actuarial science, architecture, consulting, engineering, health, law, or the performing arts, or You meet the $5 million gross receipts test for all prior years. Where can i get 2012 tax forms Service related income. Where can i get 2012 tax forms   You can use the nonaccrual-experience method only for amounts earned by performing services. Where can i get 2012 tax forms You cannot use this method for amounts owed to you from activities such as lending money, selling goods, or acquiring receivables or other rights to receive payment. Where can i get 2012 tax forms Gross receipts test. Where can i get 2012 tax forms   To find out if you meet the $5 million gross receipts test for all prior years, you must figure the average annual gross receipts for each prior year. Where can i get 2012 tax forms If your average annual gross receipts for any year exceeds $5 million, you cannot use the non-accural experience method. Where can i get 2012 tax forms   The average annual gross receipts for any year is the average of gross receipts from the year in question and the 2 previous years. Where can i get 2012 tax forms For example, if you were figuring the average annual gross receipts for 2013, you would average your gross receipts for 2011, 2012, and 2013. Where can i get 2012 tax forms Interest or penalty charged. Where can i get 2012 tax forms   Generally, you cannot use the nonaccrual-experience method for amounts due on which you charge interest or a late payment penalty. Where can i get 2012 tax forms However, do not treat a discount offered for early payment as the charging of interest or a penalty if both the following apply. Where can i get 2012 tax forms You otherwise accrue the full amount due as gross income at the time you provide the services. Where can i get 2012 tax forms You treat the discount allowed for early payment as an adjustment to gross income in the year of payment. Where can i get 2012 tax forms Change in accounting method. Where can i get 2012 tax forms   Generally, you must obtain consent to change to a nonaccrual-experience method (other than one of the safe harbor methods) or to change from one method to another. Where can i get 2012 tax forms See Form 3115 and the Instructions for Form 3115 for more information. Where can i get 2012 tax forms Recovery of a Bad Debt If you claim a deduction for a bad debt on your income tax return and later recover (collect) all or part of it, you may have to include all or part of the recovery in gross income. Where can i get 2012 tax forms The amount you include is limited to the amount you actually deducted. Where can i get 2012 tax forms However, you can exclude the amount deducted that did not reduce your tax. Where can i get 2012 tax forms Report the recovery as “Other income” on the appropriate business form or schedule. Where can i get 2012 tax forms See Recoveries in Publication 525 for more information. Where can i get 2012 tax forms Net operating loss (NOL) carryover. Where can i get 2012 tax forms   If a bad debt deduction increases an NOL carryover that has not expired before the beginning of the tax year in which the recovery takes place, you treat the deduction as having reduced your tax. Where can i get 2012 tax forms A bad debt deduction that contributes to a NOL helps lower taxes in the year to which you carry the NOL. Where can i get 2012 tax forms For more information about NOLs, see Publication 536. Where can i get 2012 tax forms Also, see the Instructions for Form 1045, and the Instructions for Form 1139. Where can i get 2012 tax forms Prev  Up  Next   Home   More Online Publications