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1040ez

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1040ez Publication 595 - Main Contents Table of Contents Capital Construction FundCCF Accounts Types of Accounts You Must Maintain Within a CCF Tax Treatment of CCF Deposits Tax Treatment of CCF Earnings Tax Treatment of CCF Withdrawals More Information How To Get Tax Help Capital Construction Fund The following sections discuss CCF accounts and the types of bookkeeping accounts you must maintain when you invest in a CCF account. 1040ez They also discuss the income tax treatment of CCF deposits, earnings, and withdrawals. 1040ez CCF Accounts This section explains who can open a CCF account and how to use the account to defer income tax. 1040ez Opening a CCF account. 1040ez   If you are a U. 1040ez S. 1040ez citizen and you own or lease one or more eligible vessels (defined later), you can open a CCF account. 1040ez However, before you open your CCF account, you must enter into an agreement with the Secretary of Commerce through the NMFS. 1040ez This agreement will establish the following. 1040ez Agreement vessels. 1040ez Eligible vessels named in the agreement that will be the basis for the deferral of income tax. 1040ez Planned use of withdrawals. 1040ez Use of CCF funds to acquire, build, or rebuild a vessel. 1040ez CCF depository. 1040ez Where your CCF funds will be held. 1040ez    You can request an application kit or get additional information from NMFS at the following address. 1040ez NOAA/NMFS, Financial Services Division, F/MB5 Capital Construction Fund Program 1315 East-West Highway Silver Spring, MD 20910-3282    You can obtain information on the Capital Construction Fund Program at the following website: www. 1040ez nmfs. 1040ez noaa. 1040ez gov/mb/financial_services/ccf. 1040ez htm. 1040ez    You can call NMFS to request an application kit or get additional information at (301) 713-2393 (ext. 1040ez 204). 1040ez Their fax number is (301) 713-1939. 1040ez Eligible vessels. 1040ez   There are two types of vessels that may be considered eligible, those weighing 5 tons or more and those weighing less than 5 tons. 1040ez For each type, certain requirements must be met. 1040ez Vessel weighing 5 tons or more. 1040ez   To be considered eligible, the vessel must meet all the following requirements. 1040ez Be built or rebuilt in the United States. 1040ez Be documented under the laws of the United States. 1040ez Be used commercially in the fisheries of the United States. 1040ez Be operated in the foreign or domestic commerce of the United States. 1040ez Vessel weighing less than 5 tons. 1040ez   A small vessel, weighing at least 2 net tons but less than 5 net tons, must meet all the following requirements to be considered eligible. 1040ez Be built or rebuilt in the United States. 1040ez Be owned by a U. 1040ez S. 1040ez citizen. 1040ez Have a home port in the United States. 1040ez Be used commercially in the fisheries of the United States. 1040ez Deferring tax on CCF deposits and earnings. 1040ez   You can use a CCF account to defer income tax by taking the following actions. 1040ez Making deposits to your CCF account from taxable income. 1040ez Excluding from income deposits assigned to certain accounts (discussed later). 1040ez Making withdrawals from your CCF account when you acquire, build, or rebuild fishing vessels. 1040ez Reducing the basis of fishing vessels you acquire, build, or rebuild to recapture amounts previously excluded from tax. 1040ez    Reporting requirements. 1040ez Beginning with the tax year in which you establish your agreement, you must report annual deposit and withdrawal activity to the NMFS on NOAA Form 34-82. 1040ez This form is due within 30 days after you file your federal income tax return even if no deposits or withdrawals are made. 1040ez For more information, contact the NMFS at the address or phone number given earlier. 1040ez Types of Accounts You Must Maintain Within a CCF This section discusses the three types of bookkeeping accounts you must maintain when you invest in a CCF account. 1040ez Your total CCF deposits and earnings for any given year are limited to the amount attributed to these three accounts for that year. 1040ez Capital account. 1040ez   The capital account consists primarily of amounts attributable to the following items. 1040ez Allowable depreciation deductions for agreement vessels. 1040ez Any nontaxable return of capital from either (a) or (b), below. 1040ez The sale or other disposition of agreement vessels. 1040ez Insurance or indemnity proceeds attributable to agreement vessels. 1040ez Any tax-exempt interest earned on state or local bonds in your CCF account. 1040ez Capital gain account. 1040ez   The capital gain account consists of amounts attributable to the following items reduced by any capital losses from assets held in your CCF account for more than 6 months. 1040ez Any capital gain from either of the following sources. 1040ez The sale or other disposition of agreement vessels held for more than 6 months. 1040ez Insurance or indemnity proceeds attributable to agreement vessels held for more than 6 months. 1040ez Any capital gain from assets held in your CCF account for more than 6 months. 1040ez Ordinary income account. 1040ez   The ordinary income account consists of amounts attributable to the following items. 1040ez Any earnings (without regard to the carryback of any net operating or net capital loss) from the operation of agreement vessels in the fisheries of the United States or in the foreign or domestic commerce of the United States. 1040ez Any capital gain from the following sources reduced by any capital losses from assets held in your CCF account for 6 months or less. 1040ez The sale or other disposition of agreement vessels held for 6 months or less. 1040ez Insurance or indemnity proceeds attributable to agreement vessels held for 6 months or less. 1040ez Any capital gain from assets held in your CCF account for 6 months or less. 1040ez Any ordinary income (such as depreciation recapture) from either of the following sources. 1040ez The sale or other disposition of agreement vessels. 1040ez Insurance or indemnity proceeds attributable to agreement vessels. 1040ez Any interest (not including tax-exempt interest from state and local bonds), most dividends, and other ordinary income earned on the assets in your CCF account. 1040ez Tax Treatment of CCF Deposits This section explains the tax treatment of income used as the basis for CCF deposits. 1040ez Capital gains. 1040ez   Do not report any transaction that produces a capital gain if you deposit the net proceeds into your CCF account. 1040ez This treatment applies to either of the following transactions. 1040ez The sale or other disposition of an agreement vessel. 1040ez The receipt of insurance or indemnity proceeds attributable to an agreement vessel. 1040ez Depreciation recapture. 1040ez   Do not report any transaction that produces depreciation recapture if you deposit the net proceeds into your CCF account. 1040ez This treatment applies to either of the following transactions. 1040ez The sale or other disposition of an agreement vessel. 1040ez The receipt of insurance or indemnity proceeds attributable to an agreement vessel. 1040ez Earnings from operations. 1040ez   Report earnings from the operation of agreement vessels on your Schedule C or C-EZ (Form 1040) even if you deposit part of these earnings into your CCF account. 1040ez You subtract any part of the earnings you deposited into your CCF account from the amount you would otherwise enter as taxable income on Form 1040, line 43 (for 2005). 1040ez Next to line 43, write “CCF” and the amount of the deposits. 1040ez Do not deduct these CCF deposits on Schedule C or C-EZ (Form 1040). 1040ez If you deposit earnings from operations into your CCF account and you must complete other forms such as Form 6251, Alternative Minimum Tax (Individuals), or a worksheet for Schedule D (Form 1040), you will need to make an extra computation. 1040ez When the other form instructs you to use the amount from Form 1040, line 41 (for 2005), do not use that amount. 1040ez Instead, add Form 1040, lines 42 and 43 (for 2005), and use that amount. 1040ez Self-employment tax. 1040ez   You must use your net profit or loss from your fishing business to figure your self-employment tax. 1040ez Do not reduce your net profit or loss by any earnings from operations you deposit into your CCF account. 1040ez    Partnerships and S corporations. 1040ez The deduction for partnership earnings from operations deposited into a CCF account is separately stated on Schedule K (Form 1065), line 13d, and allocated to the partners on Schedule K-1 (Form 1065), box 13 (for 2005). 1040ez   The deduction for S corporation earnings deposited into a CCF account is separately stated on Schedule K (Form 1120S), line 12d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 12 (for 2005). 1040ez Tax Treatment of CCF Earnings This section explains the tax treatment of the earnings from the assets in your CCF account when the earnings are redeposited or left in your account. 1040ez However, if you choose to withdraw the earnings in the year earned, you must generally pay income tax on them. 1040ez Capital gains. 1040ez   Do not report any capital gains from the sale of capital assets held in your CCF account. 1040ez This includes capital gain distributions reported to you on Form 1099-DIV or a substitute statement. 1040ez However, you should attach a statement to your tax return to list the payers and the amounts and to identify the capital gains as “CCF account earnings. 1040ez ” Interest and dividends. 1040ez   Do not report any ordinary income (such as interest and dividends) you earn on the assets in your CCF account. 1040ez However, you should attach a statement to your return to list the payers and the amounts and to identify them as “CCF account earnings. 1040ez ”   If you are required to file Schedule B (Form 1040), you can add these earnings to the list of payers and amounts on line 1 or line 5 and identify them as “CCF earnings. 1040ez ” Then, subtract the same amounts from the list and identify them as “CCF deposits. 1040ez ” Tax-exempt interest. 1040ez   Do not report tax-exempt interest from state or local bonds you held in your CCF account. 1040ez You are not required to report this interest on Form 1040, line 8b. 1040ez Tax Treatment of CCF Withdrawals This section discusses the tax treatment of amounts you withdraw from your CCF account during the year. 1040ez Qualified Withdrawals A qualified withdrawal from a CCF account is one that is approved by NMFS for either of the following uses. 1040ez Acquiring, building, or rebuilding qualified vessels (defined next). 1040ez Making principal payments on the mortgage of a qualified vessel. 1040ez NMFS will not approve amounts withdrawn to purchase nets not continuously attached to the vessel, such as seine nets, gill set-nets, and gill drift-nets. 1040ez NMFS will approve amounts withdrawn to purchase trawl nets. 1040ez Qualified vessel. 1040ez   This is any vessel that meets all of the following requirements. 1040ez The vessel was built or rebuilt in the United States. 1040ez The vessel is documented under the laws of the United States. 1040ez The person maintaining the CCF account agrees with the Secretary of Commerce that the vessel will be operated in United States foreign trade, Great Lakes trade, noncontiguous domestic trade, or the fisheries of the United States. 1040ez How to determine the source of qualified withdrawals. 1040ez   When you make a qualified withdrawal, the amount is treated as being withdrawn in the following order from the accounts listed below. 1040ez The capital account. 1040ez The capital gain account. 1040ez The ordinary income account. 1040ez Excluding qualified withdrawals from tax. 1040ez   Do not report on your income tax return any qualified withdrawals from your CCF account. 1040ez Reduce the depreciable basis of fishing vessels you acquire, build, or rebuild when you make a qualified withdrawal from either the capital gain or the ordinary income account. 1040ez Nonqualified Withdrawals A nonqualified withdrawal from a CCF account is generally any withdrawal that is not a qualified withdrawal. 1040ez Qualified withdrawals are defined under Qualified Withdrawals, earlier. 1040ez Examples. 1040ez   Examples of nonqualified withdrawals include the following amounts from either the ordinary income account or the capital gain account. 1040ez Amounts remaining in a CCF account upon termination of your agreement with NMFS. 1040ez Amounts you withdraw and use to make principal payments on the mortgage of a vessel if the basis of that vessel and the bases of other vessels you own have already been reduced to zero. 1040ez Amounts determined by the IRS to cause your CCF account balance to exceed the amount appropriate to meet your planned use of withdrawals. 1040ez You will generally be given 3 years to revise your plans to cover this excess balance. 1040ez Amounts you leave in your account for more than 25 years. 1040ez There is a graduated schedule under which the percentage applied to determine the amount of the nonqualified withdrawal increases from 20% in the 26th year to 100% in the 30th year. 1040ez How to determine the source of nonqualified withdrawals. 1040ez    When you make a nonqualified withdrawal from your CCF account, the amount is treated as being withdrawn in the following order from the accounts listed below. 1040ez The ordinary income account. 1040ez The capital gain account. 1040ez The capital account. 1040ez Paying tax on nonqualified withdrawals. 1040ez   In general, nonqualified withdrawals are taxed separately from your other gross income and at the highest marginal tax rate in effect for the year of withdrawal. 1040ez However, nonqualified withdrawals treated as made from the capital gain account are taxed at a rate that cannot exceed 15% for individuals and 34% for corporations. 1040ez    Partnerships and S corporations. 1040ez Taxable nonqualified partnership withdrawals are separately stated on Schedule K (Form 1065), line 20c, and allocated to the partners on Schedule K-1 (Form 1065), box 20 (for 2005). 1040ez Taxable nonqualified withdrawals by an S corporation are separately stated on Schedule K (Form 1120S), line 17d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 17. 1040ez Interest. 1040ez   You must pay interest on the additional tax due to nonqualified withdrawals that are treated as made from either the ordinary income or the capital gain account. 1040ez The interest period begins on the last date for paying tax for the year for which you deposited the amount you withdrew from your CCF account. 1040ez The period ends on the last date for paying tax for the year in which you make the nonqualified withdrawal. 1040ez The interest rate on the nonqualified withdrawal is simple interest. 1040ez The rate is subject to change annually and is published in the Federal Register. 1040ez    You also can call NMFS at (301) 713-2393 (ext. 1040ez 204) to get the current interest rate. 1040ez Interest deduction. 1040ez   You can deduct the interest you pay on a nonqualified withdrawal as a trade or business expense. 1040ez Reporting the additional tax and interest. 1040ez   Attach a statement to your income tax return showing your computation of the tax and the interest on a nonqualified withdrawal. 1040ez Include the tax and interest on Form 1040, line 63 (for 2005). 1040ez To the left of line 63, write in the amount of tax and interest and “CCF. 1040ez ” Tax benefit rule. 1040ez   If any portion of your nonqualified withdrawal is properly attributable to contributions (not earnings on the contributions) you made to the CCF account that did not reduce your tax liability for any tax year prior to the withdrawal year, the following tax treatment applies. 1040ez The part that did not reduce your tax liability for any year prior to the withdrawal year is not taxed. 1040ez That part is allowed as a net operating loss deduction. 1040ez More Information This section briefly discussed the CCF program. 1040ez For more detailed information, see the following legislative authorities. 1040ez Section 607 of the Merchant Marine Act of 1936, as amended (46 U. 1040ez S. 1040ez C. 1040ez 1177). 1040ez Chapter 2, Part 259 of title 50 of the Code of Federal Regulations (50 C. 1040ez F. 1040ez R. 1040ez , Part 259). 1040ez Subchapter A, Part 3 of title 26 of the Code of Federal Regulations (26 C. 1040ez F. 1040ez R. 1040ez , Part 3). 1040ez Section 7518 of the Internal Revenue Code (IRC 7518). 1040ez The application kit you can obtain from NMFS at the address or phone number given earlier may contain copies of some of these sources of additional information. 1040ez Also, see their web page at www. 1040ez nmfs. 1040ez noaa. 1040ez gov/mb/financial_services/ccf. 1040ez htm. 1040ez How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. 1040ez By selecting the method that is best for you, you will have quick and easy access to tax help. 1040ez Contacting your Taxpayer Advocate. 1040ez   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. 1040ez   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. 1040ez While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. 1040ez   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778, Call, write, or fax the Taxpayer Advocate office in your area, Call 1-800-829-4059 if you are a TTY/TDD user, or Visit www. 1040ez irs. 1040ez gov/advocate. 1040ez   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). 1040ez Free tax services. 1040ez   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. 1040ez It contains a list of free tax publications and an index of tax topics. 1040ez It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. 1040ez Internet. 1040ez You can access the IRS website 24 hours a day, 7 days a week, at www. 1040ez irs. 1040ez gov to: E-file your return. 1040ez Find out about commercial tax preparation and e-file services available free to eligible taxpayers. 1040ez Check the status of your refund. 1040ez Click on Where's My Refund. 1040ez Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). 1040ez Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. 1040ez Download forms, instructions, and publications. 1040ez Order IRS products online. 1040ez Research your tax questions online. 1040ez Search publications online by topic or keyword. 1040ez View Internal Revenue Bulletins (IRBs) published in the last few years. 1040ez Figure your withholding allowances using our Form W-4 calculator. 1040ez Sign up to receive local and national tax news by email. 1040ez Get information on starting and operating a small business. 1040ez Phone. 1040ez Many services are available by phone. 1040ez Ordering forms, instructions, and publications. 1040ez Call 1-800-829-3676 to order current-year forms, instructions, and publications and prior-year forms and instructions. 1040ez You should receive your order within 10 days. 1040ez Asking tax questions. 1040ez Call the IRS with your tax questions at 1-800-829-1040. 1040ez Solving problems. 1040ez You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. 1040ez An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. 1040ez Call your local Taxpayer Assistance Center for an appointment. 1040ez To find the number, go to www. 1040ez irs. 1040ez gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. 1040ez TTY/TDD equipment. 1040ez If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. 1040ez TeleTax topics. 1040ez Call 1-800-829-4477 and press 2 to listen to pre-recorded messages covering various tax topics. 1040ez Refund information. 1040ez If you would like to check the status of your refund, call 1-800-829-4477 and press 1 for automated refund information and follow the recorded instructions or call 1-800-829-1954. 1040ez Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). 1040ez Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. 1040ez Evaluating the quality of our telephone services. 1040ez To ensure that IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. 1040ez One method is for a second IRS representative to sometimes listen in on or record telephone calls. 1040ez Another is to ask some callers to complete a short survey at the end of the call. 1040ez Walk-in. 1040ez Many products and services are available on a walk-in basis. 1040ez Products. 1040ez You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. 1040ez Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD-ROM or photocopy from reproducible proofs. 1040ez Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. 1040ez Services. 1040ez You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. 1040ez An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. 1040ez If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you're more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. 1040ez No appointment is necessary, but if you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. 1040ez A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. 1040ez To find the number, go to www. 1040ez irs. 1040ez gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. 1040ez Mail. 1040ez You can send your order for forms, instructions, and publications to the address below and receive a response within 10 business days after your request is received. 1040ez National Distribution Center P. 1040ez O. 1040ez Box 8903 Bloomington, IL 61702-8903 CD-ROM for tax products. 1040ez You can order Publication 1796, IRS Tax Products on CD-ROM, and obtain: A CD that is released twice so you have the latest products. 1040ez The first release ships in late December and the final release ships in late February. 1040ez Current-year forms, instructions, and publications. 1040ez Prior-year forms, instructions, and publications. 1040ez Tax Map: an electronic research tool and finding aid. 1040ez Tax law frequently asked questions (FAQs). 1040ez Tax Topics from the IRS telephone response system. 1040ez Fill-in, print, and save features for most tax forms. 1040ez Internal Revenue Bulletins. 1040ez Toll-free and email technical support. 1040ez Buy the CD-ROM from National Technical Information Service (NTIS) at www. 1040ez irs. 1040ez gov/cdorders for $25 (no handling fee) or call 1-877-233-6767 toll free to buy the CD-ROM for $25 (plus a $5 handling fee). 1040ez CD-ROM for small businesses. 1040ez Publication 3207, Small Business Resource Guide CD-ROM, has a new look and enhanced navigation features. 1040ez This CD includes: Helpful information, such as how to prepare a business plan, find financing for your business, and much more. 1040ez All the business tax forms, instructions, and publications needed to successfully manage a business. 1040ez Tax law changes. 1040ez IRS Tax Map to help you find forms, instructions, and publications by searching on a keyword or topic. 1040ez Web links to various government agencies, business associations, and IRS organizations. 1040ez “Rate the Product” survey—your opportunity to suggest changes for future editions. 1040ez An updated version of this CD is available each year in early April. 1040ez You can get a free copy by calling 1-800-829-3676 or by visiting www. 1040ez irs. 1040ez gov/smallbiz. 1040ez Prev  Up  Next   Home   More Online Publications
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Understanding Your CP187 Notice

You received this notice to remind you of the amount you owe in tax, penalty and interest.


What you need to do

  • Read your notice carefully ― it will explain how much money you owe on your taxes.

You may want to...


Answers to Common Questions

  • Am I charged interest on the money I owe?
    Yes, interest accrues on your unpaid balance until you pay it in full.

  • Do I receive a penalty if I cannot pay the full amount?
    Yes, you receive a late payment penalty.

  • What happens if I cannot pay the full amount I owe?
    You can arrange to make a payment plan with us if you cannot pay the full amount you owe.

  • How can I set up a payment plan?
    Call the toll-free number listed on the top right corner of your notice to discuss payment options or learn more about payment arrangements here.

  • What’s a Federal Tax Deposit Coupon Book? Do I need one?
    The coupon book allows you to make deposits at your bank of various business taxes such as income tax withholding, Social Security tax and Medicare tax collected from your employees’ pay. You can also make your tax liability deposits electronically through the Electronic Federal Tax Deposit System. If your employment taxes are less than $2500 each quarter, you can submit your employment tax payment with your Form 941, Employer’s QUARTERLY Federal Tax Return.

  •  


  • Tips for next year

    Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions for which you may qualify. In many cases, you can file free. Learn more about how to file electronically here.


    Understanding your notice

    Your notice may look different from the sample because the information contained in your notice is tailored to your situation.

    Notice CP187, Page 1

    Notice CP187, Page 2

    Notice CP187, Page 3

Page Last Reviewed or Updated: 09-Dec-2013

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 1040ez

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