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2012 Tax How Com

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2012 Tax How Com

2012 tax how com Publication 938 - Main Content Table of Contents Who May Request Information How To Request Information Who May Request Information The persons listed below, or their agent or representative, should follow the procedures in this publication to request tax information from the representative of the REMIC or the issuer of the CDO. 2012 tax how com Any broker who holds a REMIC regular interest or CDO for itself or as a nominee for an actual holder. 2012 tax how com A middleman who holds a REMIC regular interest or CDO as a nominee for an actual holder and who is required to file an information return with respect to the regular interest or CDO. 2012 tax how com The following persons, if they hold their REMIC regular interest or CDO directly and not through a nominee. 2012 tax how com A corporation. 2012 tax how com A fiscal year taxpayer. 2012 tax how com A dealer in securities or commodities required to register as such under the laws of the United States or a state. 2012 tax how com A real estate investment trust (as defined in section 856). 2012 tax how com An entity registered at all times during the tax year under the Investment Company Act of 1940. 2012 tax how com A common trust fund (as defined in section 584(a)). 2012 tax how com A financial institution such as a mutual savings bank, savings and loan association, building and loan association, cooperative bank, homestead association, credit union, industrial loan association or bank, or other similar organization. 2012 tax how com Any trust that is exempt from tax under section 664(c) (a charitable remainder annuity trust or a charitable remainder unitrust). 2012 tax how com A REMIC. 2012 tax how com Note. 2012 tax how com A person listed in (3) above who holds an interest through a nominee (instead of directly from the REMIC or the issuer of the CDO) should request the information from the nominee instead of from the REMIC or the issuer of the CDO. 2012 tax how com The request should be made of the nominee in the same manner as specified below for requesting information from the representative. 2012 tax how com How To Request Information Use the directory to find the representative of the REMIC or issuer of the CDO. 2012 tax how com You can request information from the representative or issuer by telephone or mail. 2012 tax how com If only an address is listed in the directory, you must request the information in writing. 2012 tax how com Your request must specify the calendar quarters and the classes of REMIC regular interests or CDOs for which you need the information. 2012 tax how com The representative or issuer must provide the information to you by the later of: The 30th day after the close of the calendar quarter for which you request the information, or The 14th day after the receipt of your request. 2012 tax how com The representative or issuer can provide the information to you by telephone, by written statement sent by first class mail, by printing the information in a publication that is generally read by and available to persons who may request the information (for example, a webpage), or by any other method agreed to by both parties. 2012 tax how com If the information is published, the representative or issuer must notify you by telephone or in writing of the publication in which the information will appear, the date of its appearance, and, if possible, the page number. 2012 tax how com Prev  Up  Next   Home   More Online Publications
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Tax Relief for Victims of Severe Storms, Tornadoes, Flooding, Mudslides and Landslides in West Virginia

Updated 4/19/2012 to include Harrison, Preston and Wayne counties

WVA-2012-1, March 19, 2012

CHARLESTON — Victims of the severe storms, tornadoes, flooding, mudslides and landslides that began on Feb. 29, 2012 in parts of West Virginia may qualify for tax relief from the Internal Revenue Service.

The President has declared Harrison, Lincoln, Marion, Preston, Taylor and Wayne counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Feb. 29, and on or before May 31, have been postponed to May 31, 2012. This includes the April 17 deadline for filing 2011 individual income tax returns, making income tax payments and making 2011 contributions to an individual retirement account (IRA).  

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Feb. 29, and on or before March 15, as long as the deposits are made by March 15, 2012.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until May 31 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Feb. 29 and on or before May 31.

The IRS also gives affected taxpayers until May 31 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Feb. 29 and on or before May 31.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Feb. 29 and on or before March 15 provided the taxpayer makes these deposits by March 15.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “West Virginia/Severe Storms, Tornadoes, Flooding, Mudslides, and Landslides” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 800-TAX-FORM (800-829-3676). The IRS toll-free number for general tax questions is 800-829-1040.

Related Information

Page Last Reviewed or Updated: 06-Mar-2014

The 2012 Tax How Com

2012 tax how com Publication 4681 - Introductory Material Table of Contents Reminder IntroductionOrdering forms and publications. 2012 tax how com Tax questions. 2012 tax how com Useful Items - You may want to see: Common Situations Covered In This Publication Reminder Future Developments. 2012 tax how com  Information about any future developments affecting Publication 4681 (such as legislation enacted after we release it) will be posted at www. 2012 tax how com irs. 2012 tax how com gov/pub4681. 2012 tax how com Photographs of missing children. 2012 tax how com   The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 2012 tax how com Photographs of missing children selected by the Center may appear in this publication on pages that otherwise would be blank. 2012 tax how com 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. 2012 tax how com Introduction This publication explains the federal tax treatment of canceled debts, foreclosures, repossessions, and abandonments. 2012 tax how com Generally, if you owe a debt to someone else and they cancel or forgive that debt for less than its full amount, you are treated for income tax purposes as having income and may have to pay tax on this income. 2012 tax how com Note. 2012 tax how com This publication generally refers to debt that is canceled, forgiven, or discharged for less than the full amount of the debt as “canceled debt. 2012 tax how com ” Sometimes a debt, or part of a debt, that you do not have to pay is not considered canceled debt. 2012 tax how com These exceptions are discussed later under Exceptions . 2012 tax how com Sometimes a canceled debt may be excluded from your income. 2012 tax how com But if you do exclude canceled debt from income, you may be required to reduce your “tax attributes. 2012 tax how com ” These exclusions and the reduction of tax attributes associated with them are discussed later under Exclusions . 2012 tax how com Foreclosure and repossession are remedies that your lender may exercise if you fail to make payments on your loan and you have previously granted that lender a mortgage or other security interest in some of your property. 2012 tax how com These remedies allow the lender to seize or sell the property securing the loan. 2012 tax how com When your property is foreclosed upon or repossessed and sold, you are treated as having sold the property and you may recognize taxable gain. 2012 tax how com Whether you also recognize income from canceled debt depends in part on whether you are personally liable for the debt and in part on whether the outstanding loan balance is more than the fair market value (FMV) of the property. 2012 tax how com Figuring your gain or loss and income from canceled debt arising from a foreclosure or repossession is discussed later under Foreclosures and Repossessions . 2012 tax how com Generally, you abandon property when you voluntarily and permanently give up possession and use of property you own with the intention of ending your ownership but without passing it on to anyone else. 2012 tax how com Figuring your gain or loss and income from canceled debt arising from an abandonment is discussed later under Abandonments . 2012 tax how com This publication also includes detailed examples with filled-in forms. 2012 tax how com Comments and suggestions. 2012 tax how com    We welcome your comments about this publication and your suggestions for future editions. 2012 tax how com   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 2012 tax how com NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 2012 tax how com Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 2012 tax how com   You can send your comments from www. 2012 tax how com irs. 2012 tax how com gov/formspubs. 2012 tax how com Click on “More Information” and then on “Comment on Tax Forms and Publications”. 2012 tax how com   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. 2012 tax how com Ordering forms and publications. 2012 tax how com    Visit www. 2012 tax how com irs. 2012 tax how com 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. 2012 tax how com Internal Revenue Service 1201 N. 2012 tax how com Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 2012 tax how com    If you have a tax question, check the information available on IRS. 2012 tax how com gov or call 1-800-829-1040. 2012 tax how com We cannot answer tax questions sent to either of the above addresses. 2012 tax how com Useful Items - You may want to see: Publication 225 Farmer's Tax Guide 334 Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) 523 Selling Your Home 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 542 Corporations 544 Sales and Other Dispositions of Assets 551 Basis of Assets 908 Bankruptcy Tax Guide Form (and Instructions) 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) 1099-C Cancellation of Debt 1099-DIV Dividends and Distributions 3800 General Business Credit Common Situations Covered In This Publication The sections of this publication that apply to you depend on the type of debt canceled, the tax attributes you have, and whether or not you continue to own the property that was subject to the debt. 2012 tax how com Some examples of common circumstances are provided in the following paragraphs to help guide you through this publication. 2012 tax how com These examples do not cover every situation but are intended to provide general guidance for the most common situations. 2012 tax how com Nonbusiness credit card debt cancellation. 2012 tax how com    If you had a nonbusiness credit card debt canceled, you may be able to exclude the canceled debt from income if the cancellation occurred in a title 11 bankruptcy case or you were insolvent immediately before the cancellation. 2012 tax how com You should read Bankruptcy or Insolvency under Exclusions in chapter 1 to see if you can exclude the canceled debt from income under one of those provisions. 2012 tax how com If you can exclude part or all of the canceled debt from income, you should also read Bankruptcy and Insolvency under Reduction of Tax Attributes in chapter 1. 2012 tax how com Personal vehicle repossession. 2012 tax how com    If you had a personal vehicle repossessed and disposed of by the lender during the year, you will need to determine your gain or nondeductible loss on the disposition. 2012 tax how com This is explained in chapter 2 . 2012 tax how com If the lender also canceled all or part of the remaining amount of the loan, you may be able to exclude the canceled debt from income if the cancellation occurred in a title 11 bankruptcy case or you were insolvent immediately before the cancellation. 2012 tax how com You should read Bankruptcy or Insolvency under Exclusions in chapter 1 to see if you can exclude the canceled debt from income under one of those provisions. 2012 tax how com If you can exclude part or all of the canceled debt from income, you should also read Bankruptcy and Insolvency under Reduction of Tax Attributes in chapter 1. 2012 tax how com Main home foreclosure or abandonment. 2012 tax how com    If a lender foreclosed on your main home during the year, you will need to determine your gain or loss on the foreclosure. 2012 tax how com Foreclosures are explained in chapter 2 and abandonments are explained in chapter 3. 2012 tax how com If the lender also canceled all or part of the remaining amount on the mortgage loan and you were personally liable for the debt, you should also read Qualified Principal Residence Indebtedness under Exclusions in chapter 1 to see if you can exclude part or all of the canceled debt from income. 2012 tax how com Detailed Example 2 and Example 3 in chapter 4 use filled-in forms to help explain these provisions. 2012 tax how com Main home loan modification (workout agreement). 2012 tax how com    If a lender agrees to a mortgage loan modification (a “workout”) that includes a reduction in the principal balance of the loan, you should read Qualified Principal Residence Indebtedness under Exclusions in chapter 1 to see if you can exclude part or all of the canceled debt from income. 2012 tax how com If you can exclude part or all of the canceled debt from income, you should also read Qualified Principal Residence Indebtedness under Reduction of Tax Attributes in chapter 1. 2012 tax how com Detailed Example 1 in chapter 4 uses filled-in forms to help explain the tax implications of a mortgage workout scenario. 2012 tax how com Prev  Up  Next   Home   More Online Publications