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Can You File 1040ez Online

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Can You File 1040ez Online

Can you file 1040ez online 1. Can you file 1040ez online   Filing and Paying Business Taxes Table of Contents Introduction Useful Items - You may want to see: Identification NumbersNew EIN. Can you file 1040ez online Employee. Can you file 1040ez online Other payee. Can you file 1040ez online Income TaxDo I Have To File an Income Tax Return? How Do I File? IRS e-file (Electronic Filing) When Is My Tax Return Due? How Do I Pay Income Tax? Self-Employment (SE) TaxHow to become insured under social security. Can you file 1040ez online Earning credits in 2013 and 2014. Can you file 1040ez online Employment Taxes Excise Taxes Information ReturnsWaiver of penalties. Can you file 1040ez online Penalties. Can you file 1040ez online Introduction This chapter explains the business taxes you may have to pay and the forms you may have to file. Can you file 1040ez online It also discusses taxpayer identification numbers. Can you file 1040ez online Table 1-1 lists the benefits of filing electronically. Can you file 1040ez online Table 1-2 lists the federal taxes you may have to pay, their due dates, and the forms you use to report them. Can you file 1040ez online Table 1-3 provides checklists that highlight the typical forms and schedules you may need to file if you ever go out of business. Can you file 1040ez online You may want to get Publication 509, Tax Calendars. Can you file 1040ez online It has tax calendars that tell you when to file returns and make tax payments. Can you file 1040ez online Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Can you file 1040ez online S. Can you file 1040ez online Individual Income Tax Return 1040-ES Estimated Tax for Individuals Sch C (Form 1040) Profit or Loss From Business Sch C-EZ (Form 1040) Net Profit From Business Sch SE (Form 1040) Self-Employment Tax See chapter 12 for information about getting publications and forms. Can you file 1040ez online Identification Numbers This section explains three types of taxpayer identification numbers, who needs them, when to use them, and how to get them. Can you file 1040ez online Social security number (SSN). Can you file 1040ez online   Generally, use your SSN as your taxpayer identification number. Can you file 1040ez online You must put this number on each of your individual income tax forms, such as Form 1040 and its schedules. Can you file 1040ez online   To apply for an SSN, use Form SS-5, Application for a Social Security Card. Can you file 1040ez online This form is available at Social Security Administration (SSA) offices or by calling 1-800-772-1213. Can you file 1040ez online It is also available from the SSA website at www. Can you file 1040ez online socialsecurity. Can you file 1040ez online gov. Can you file 1040ez online Individual taxpayer identification number (ITIN). Can you file 1040ez online   The IRS will issue an ITIN if you are a nonresident or resident alien and you do not have and are not eligible to get an SSN. Can you file 1040ez online In general, if you need to obtain an ITIN, you must attach Form W-7, Application for IRS Individual Taxpayer Identification Number, with your signed, original, completed tax return and any other required documentation and mail them to the following address. Can you file 1040ez online  Internal Revenue Service ITIN Operation P. Can you file 1040ez online O. Can you file 1040ez online Box 149342 Austin, TX 78714-9342 The exceptions are covered in detail in the instructions for Form W-7. Can you file 1040ez online If you must include another person's SSN on your return and that person does not have and cannot get an SSN, enter that person's ITIN. Can you file 1040ez online The application is also available in Spanish. Can you file 1040ez online The form is available at IRS. Can you file 1040ez online gov or you can call 1-800-829-3676 to order the form. Can you file 1040ez online    An ITIN is for tax use only. Can you file 1040ez online It does not entitle the holder to social security benefits or change the holder's employment or immigration status. Can you file 1040ez online Employer identification number (EIN). Can you file 1040ez online   You must also have an EIN to use as a taxpayer identification number if you do either of the following. Can you file 1040ez online Pay wages to one or more employees. Can you file 1040ez online File pension or excise tax returns. Can you file 1040ez online   If you must have an EIN, include it along with your SSN on your Schedule C or C-EZ. Can you file 1040ez online   You can apply for an EIN: Online by clicking on the Employer ID Numbers (EINs) link at www. Can you file 1040ez online irs. Can you file 1040ez online gov/businesses/small. Can you file 1040ez online The EIN is issued immediately once the application information is validated. Can you file 1040ez online By telephone at 1-800-829-4933. Can you file 1040ez online By mailing or faxing Form SS-4, Application for Employer Identification Number. Can you file 1040ez online New EIN. Can you file 1040ez online   You may need to get a new EIN if either the form or the ownership of your business changes. Can you file 1040ez online For more information, see Publication 1635, Understanding Your EIN. Can you file 1040ez online When you need identification numbers of other persons. Can you file 1040ez online   In operating your business, you will probably make certain payments you must report on information returns. Can you file 1040ez online These payments are discussed under Information Returns, later in this chapter. Can you file 1040ez online You must give the recipient of these payments (the payee) a statement showing the total amount paid during the year. Can you file 1040ez online You must include the payee's identification number and your identification number on the returns and statements. Can you file 1040ez online Employee. Can you file 1040ez online   If you have employees, you must get an SSN from each of them. Can you file 1040ez online Record the name and SSN of each employee exactly as they are shown on the employee's social security card. Can you file 1040ez online If the employee's name is not correct as shown on the card, the employee should request a new card from the SSA. Can you file 1040ez online This may occur if the employee's name was changed due to marriage or divorce. Can you file 1040ez online   Form W-4, Employee's Withholding Allowance Certificate, is completed by each employee so the correct federal income tax can be withheld from their pay. Can you file 1040ez online   If your employee does not have an SSN, he or she should file Form SS-5 with the SSA. Can you file 1040ez online Other payee. Can you file 1040ez online   If you make payments to someone who is not your employee and you must report the payments on an information return, get that person's SSN. Can you file 1040ez online If you must report payments to an organization, such as a corporation or partnership, you must get its EIN. Can you file 1040ez online   To get the payee's SSN or EIN, use Form W-9, Request for Taxpayer Identification Number and Certification. Can you file 1040ez online   A payee who does not provide you with an identification number may be subject to backup withholding. Can you file 1040ez online For information on backup withholding, see the Form W-9 instructions and the General Instructions for Certain Information Returns. Can you file 1040ez online Income Tax This part explains whether you have to file an income tax return and when you file it. Can you file 1040ez online It also explains how you pay the tax. Can you file 1040ez online Do I Have To File an Income Tax Return? You have to file an income tax return for 2013 if your net earnings from self-employment were $400 or more. Can you file 1040ez online If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 instructions. Can you file 1040ez online How Do I File? File your income tax return on Form 1040 and attach Schedule C or Schedule C-EZ. Can you file 1040ez online Enter the net profit or loss from Schedule C or Schedule C-EZ on page 1 of Form 1040. Can you file 1040ez online Use Schedule C to figure your net profit or loss from your business. Can you file 1040ez online If you operated more than one business as a sole proprietorship, you must attach a separate Schedule C for each business. Can you file 1040ez online You can use the simpler Schedule C-EZ if you operated only one business as a sole proprietorship, you did not have a net loss, and you meet the other requirements listed in Part I of the schedule. Can you file 1040ez online IRS e-file (Electronic Filing) Please click here for the text description of the image. Can you file 1040ez online E-file logo You may be able to file your tax returns electronically using an IRS e-file option. Can you file 1040ez online Table 1-1 lists the benefits of IRS e-file. Can you file 1040ez online IRS e-file uses automation to replace most of the manual steps needed to process paper returns. Can you file 1040ez online As a result, the processing of e-file returns is faster and more accurate than the processing of paper returns. Can you file 1040ez online As with a paper return, you are responsible for making sure your return contains accurate information and is filed on time. Can you file 1040ez online Using e-file does not affect your chances of an IRS examination of your return. Can you file 1040ez online You can file most commonly used business forms using IRS e-file. Can you file 1040ez online For more information, visit IRS. Can you file 1040ez online gov. Can you file 1040ez online Electronic signatures. Can you file 1040ez online   Paperless filing is easier than you think and it's available to most taxpayers who file electronically—including those first-time filers who were 16 or older at the end of 2013. Can you file 1040ez online If you file electronically using tax preparation software or a tax professional, you will participate in the Self-Select PIN (personal identification number) program. Can you file 1040ez online If you are married filing jointly, you and your spouse will each need to create a PIN and enter these PINs as your electronic signatures. Can you file 1040ez online    To create a PIN, you must know your adjusted gross income (AGI) from your originally filed 2012 income tax return (not from an amended return, Form 1040X, or any math error notice from the IRS). Can you file 1040ez online You will also need to provide your date of birth (DOB). Can you file 1040ez online Make sure your DOB is accurate and matches the information on record with the Social Security Administration before you e-file. Can you file 1040ez online To do this, check your annual Social Security Statement. Can you file 1040ez online   With a Self-Select PIN, there is nothing to sign and nothing to mail—not even your Forms W-2. Can you file 1040ez online For more details on the Self-Select PIN program, visit IRS. Can you file 1040ez online gov. Can you file 1040ez online State returns. Can you file 1040ez online   In most states, you can file an electronic state return simultaneously with your federal return. Can you file 1040ez online For more information, check with your local IRS office, state tax agency, tax professional, or IRS. Can you file 1040ez online gov. Can you file 1040ez online Refunds. Can you file 1040ez online   You can have your refund check mailed to you, or you can have your refund deposited directly to your checking or savings account. Can you file 1040ez online   With e-file, your refund will be issued in half the time as when filing on paper. Can you file 1040ez online Most refunds are issued within 3 weeks. Can you file 1040ez online If you choose Direct Deposit, you can receive your refund in as few as 10 days. Can you file 1040ez online Offset against debts. Can you file 1040ez online   As with a paper return, you may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a student loan, or child support. Can you file 1040ez online You will be notified if the refund you claimed has been offset against your debts. Can you file 1040ez online Refund inquiries. Can you file 1040ez online   You can check the status of your refund if it has been at least 24 hours (4 weeks if you mailed a paper return) from the date you filed your return. Can you file 1040ez online Be sure to have a copy of your tax return available because you will need to know the filing status, the first social security number shown on the return, and the exact whole-dollar amount of the refund. Can you file 1040ez online To check on your refund, do one of the following. Can you file 1040ez online Go to IRS. Can you file 1040ez online gov and click on Where's My Refund. Can you file 1040ez online Call 1-800-829-4477 for automated refund information, and follow the recorded instructions. Can you file 1040ez online Call 1-800-829-1954 during the hours shown in your form instructions. Can you file 1040ez online Balance due. Can you file 1040ez online   If you owe tax, you must pay it by April 15, 2014, to avoid late-payment penalties and interest. Can you file 1040ez online You can make your payment electronically by scheduling an electronic funds withdrawal from your checking or savings account or by credit card. Can you file 1040ez online Using an Authorized IRS e-file Provider Many tax professionals can electronically file paperless returns for their clients. Can you file 1040ez online You have two options. Can you file 1040ez online You can prepare your return, take it to an authorized IRS e-file provider, and have the provider transmit it electronically to the IRS. Can you file 1040ez online You can have an authorized IRS e-file provider prepare your return and transmit it for you electronically. Can you file 1040ez online You will be asked to complete Form 8879, IRS e-file Signature Authorization, to authorize the provider to enter your self-selected PIN on your return. Can you file 1040ez online Depending on the provider and the specific services requested, a fee may be charged. Can you file 1040ez online To find an authorized IRS e-file provider near you, go to IRS. Can you file 1040ez online gov or look for an “Authorized IRS e-file Provider” sign. Can you file 1040ez online Using Your Personal Computer A computer with Internet access is all you need to file your tax return using IRS e-file. Can you file 1040ez online When you use your personal computer, you can e-file your return from your home any time of the day or night. Can you file 1040ez online Sign your return electronically using a self-selected PIN to complete the process. Can you file 1040ez online There is no signature form to submit or Forms W-2 to send in. Can you file 1040ez online Free Internet filing options. Can you file 1040ez online   More taxpayers can now prepare and e-file their individual income tax returns free using commercial tax preparation software accessible through IRS. Can you file 1040ez online gov or www. Can you file 1040ez online usa. Can you file 1040ez online gov. Can you file 1040ez online The IRS is partnering with the tax software industry to offer free preparation and filing services to a significant number of taxpayers. Can you file 1040ez online Security and privacy certificate programs will assure tax data is safe and secure. Can you file 1040ez online To see if you qualify for these services, visit the Return Preparation and Filing Options page at IRS. Can you file 1040ez online gov. Can you file 1040ez online   If you cannot use the free services, you can buy tax preparation software at various electronics stores or computer and office supply stores. Can you file 1040ez online You can also download software from the Internet or prepare and file your return completely online by using tax preparation software available on the Internet. Can you file 1040ez online Filing Through Employers and Financial Institutions Some businesses offer free e-file to their employees, members, or customers. Can you file 1040ez online Others offer it for a fee. Can you file 1040ez online Ask your employer or financial institution if they offer IRS e-file as an employee, member, or customer benefit. Can you file 1040ez online Free Help With Your Return Free help in preparing your return is available nationwide from IRS-trained volunteers. Can you file 1040ez online The Volunteer Income Tax Assistance (VITA) program is designed to help low-income taxpayers, and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 or older with their tax returns. Can you file 1040ez online Some locations offer free electronic filing. Can you file 1040ez online Table 1-1. Can you file 1040ez online Benefits of IRS e-file Accuracy • Your chance of getting an error notice from the IRS is significantly reduced. Can you file 1040ez online Security • Your privacy and security are assured. Can you file 1040ez online Electronic signatures • Create your own personal identification number (PIN) and file a completely paperless return through your tax preparation software or tax professional. Can you file 1040ez online There is nothing to mail. Can you file 1040ez online Proof of acceptance • You receive an electronic acknowledgment within 48 hours that the IRS has accepted your return for processing. Can you file 1040ez online Fast refunds • You get your refund faster with Direct Deposit—in as few as 10 days. Can you file 1040ez online Free Internet filing options • Use IRS. Can you file 1040ez online gov to access commercial tax preparation and e-file services available at no cost to eligible taxpayers. Can you file 1040ez online Electronic payment options • Convenient, safe, and secure electronic payment options are available. Can you file 1040ez online E-file and pay your taxes in a single step. Can you file 1040ez online Schedule an electronic funds withdrawal from your checking or savings account (up to and including April 15, 2014) or pay by credit card. Can you file 1040ez online Federal/State filing • Prepare and file your federal and state tax returns together and double the benefits you get from e-file. Can you file 1040ez online When Is My Tax Return Due? Form 1040 for calendar year 2013 is due by April 15, 2014. Can you file 1040ez online If you use a fiscal year (explained in chapter 2), your return is due by the 15th day of the 4th month after the end of your fiscal year. Can you file 1040ez online If you file late, you may have to pay penalties and interest. Can you file 1040ez online If you cannot file your return on time, use Form 4868, Application for Automatic Extension of Time To File U. Can you file 1040ez online S. Can you file 1040ez online Individual Income Tax Return, to request an automatic 6-month extension. Can you file 1040ez online For calendar year taxpayers, this will extend the tax filing due date until October 15. Can you file 1040ez online Filing an extension does not extend the time to pay your taxes, only the time to file the tax return. Can you file 1040ez online How Do I Pay Income Tax? Federal income tax is a pay-as-you-go tax. Can you file 1040ez online You must pay it as you earn or receive income during the year. Can you file 1040ez online An employee usually has income tax withheld from his or her pay. Can you file 1040ez online If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. Can you file 1040ez online You generally have to make estimated tax payments if you expect to owe taxes, including self-employment tax (discussed later), of $1,000 or more when you file your return. Can you file 1040ez online Use Form 1040-ES to figure and pay the tax. Can you file 1040ez online If you do not have to make estimated tax payments, you can pay any tax due when you file your return. Can you file 1040ez online For more information on estimated tax, see Publication 505, Tax Withholding and Estimated Tax. Can you file 1040ez online What are my payment options?   You can pay your estimated tax electronically using various options. Can you file 1040ez online If you pay electronically, there is no need to mail in Form 1040-ES payment vouchers. Can you file 1040ez online These options include: Paying electronically through the Electronic Federal Tax Payment System (EFTPS). Can you file 1040ez online Paying by authorizing an electronic funds withdrawal when you file Form 1040 electronically. Can you file 1040ez online Paying by credit or debit card over the phone or by Internet. Can you file 1040ez online Other options include crediting an overpayment from your 2013 return to your 2014 estimated tax, or mailing a check or money order with a Form 1040-ES payment voucher. Can you file 1040ez online EFTPS    To enroll in EFTPS, go to www. Can you file 1040ez online eftps. Can you file 1040ez online gov or call 1-800-555-4477. Can you file 1040ez online When you request a new EIN and you will have a tax obligation, you are automatically enrolled in EFTPS. Can you file 1040ez online Benefits of EFTPS: The chance of an error in making your payments is reduced. Can you file 1040ez online You receive immediate confirmation of every transaction. Can you file 1040ez online Penalty for underpayment of tax. Can you file 1040ez online   If you did not pay enough income tax and self-employment tax for 2013 by withholding or by making estimated tax payments, you may have to pay a penalty on the amount not paid. Can you file 1040ez online The IRS will figure the penalty for you and send you a bill. Can you file 1040ez online Or you can use Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts, to see if you have to pay a penalty and to figure the penalty amount. Can you file 1040ez online For more information, see Publication 505. Can you file 1040ez online Self-Employment (SE) Tax Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Can you file 1040ez online It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. Can you file 1040ez online If you earned income as a statutory employee, you do not pay SE tax on that income. Can you file 1040ez online Social security coverage. Can you file 1040ez online   Social security benefits are available to self-employed persons just as they are to wage earners. Can you file 1040ez online Your payments of SE tax contribute to your coverage under the social security system. Can you file 1040ez online Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits. Can you file 1040ez online By not reporting all of your self-employment income, you could cause your social security benefits to be lower when you retire. Can you file 1040ez online How to become insured under social security. Can you file 1040ez online   You must be insured under the social security system before you begin receiving social security benefits. Can you file 1040ez online You are insured if you have the required number of credits (also called quarters of coverage), discussed next. Can you file 1040ez online Earning credits in 2013 and 2014. Can you file 1040ez online   For 2013, you received one credit, up to a maximum of four credits, for each $1,160 ($1,200 for 2014) of income subject to social security taxes. Can you file 1040ez online Therefore, for 2013, if you had income (self-employment and wages) of $4,640 that was subject to social security taxes, you receive four credits ($4,640 ÷ $1,160). Can you file 1040ez online   For an explanation of the number of credits you must have to be insured and the benefits available to you and your family under the social security program, consult your nearest Social Security Administration (SSA) office. Can you file 1040ez online    Making false statements to get or to increase social security benefits may subject you to penalties. Can you file 1040ez online The Social Security Administration (SSA) time limit for posting self-employment income. Can you file 1040ez online   Generally, the SSA will give you credit only for self-employment income reported on a tax return filed within 3 years, 3 months, and 15 days after the tax year you earned the income. Can you file 1040ez online If you file your tax return or report a change in your self-employment income after this time limit, the SSA may change its records, but only to remove or reduce the amount. Can you file 1040ez online The SSA will not change its records to increase your self-employment income. Can you file 1040ez online Who must pay self-employment tax. Can you file 1040ez online   You must pay SE tax and file Schedule SE (Form 1040) if either of the following applies. Can you file 1040ez online Your net earnings from self-employment (excluding church employee income) were $400 or more. Can you file 1040ez online You had church employee income of $108. Can you file 1040ez online 28 or more. Can you file 1040ez online The SE tax rules apply no matter how old you are and even if you are already receiving social security or Medicare benefits. Can you file 1040ez online SE tax rate. Can you file 1040ez online   For 2013, the SE tax rate on net earnings is 15. Can you file 1040ez online 3% (12. Can you file 1040ez online 4% social security tax plus 2. Can you file 1040ez online 9% Medicare tax). Can you file 1040ez online Maximum earnings subject to SE tax. Can you file 1040ez online   Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. Can you file 1040ez online 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. Can you file 1040ez online   All your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. Can you file 1040ez online 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. Can you file 1040ez online   If wages and tips you receive as an employee are subject to either social security or railroad retirement (tier 1) tax, or both, and total at least $113,700, do not pay the 12. Can you file 1040ez online 4% social security part of the SE tax on any of your net earnings. Can you file 1040ez online However, you must pay the 2. Can you file 1040ez online 9% Medicare part of the SE tax on all your net earnings. Can you file 1040ez online Deduct one-half of your SE tax as an adjustment to income on line 27 of Form 1040. Can you file 1040ez online   More information. Can you file 1040ez online   For information on methods of calculating SE tax, see Chapter 10, Self-Employment Tax. Can you file 1040ez online Table 1-2. Can you file 1040ez online Which Forms Must I File? IF you are liable for: THEN use Form: DUE by:1 Income tax 1040 and Schedule C or C-EZ2 15th day of 4th month after end of  tax year. Can you file 1040ez online Self-employment tax Schedule SE File with Form 1040. Can you file 1040ez online Estimated tax 1040-ES 15th day of 4th, 6th, and 9th months of tax year, and 15th day of 1st month after the end of tax year. Can you file 1040ez online Social security and Medicare taxes and income tax withholding 941 or 944 April 30, July 31, October 31, and January 313. Can you file 1040ez online     See Publication 15. Can you file 1040ez online Providing information on social security and Medicare taxes and income tax withholding W-2 (to employee)  W-2 and W-3 (to the Social Security Administration) January 313. Can you file 1040ez online   Last day of February (March 31 if filing electronically)3. Can you file 1040ez online Federal unemployment (FUTA) tax 940 January 313. Can you file 1040ez online     April 30, July 31, October 31, and January 31, but only if the liability for unpaid tax is more than $500. Can you file 1040ez online Filing information returns for payments to nonemployees and transactions with other persons See Information Returns Forms 1099 – to the recipient by January 31 and to the IRS by February 28 (March 31 if filing electronically). Can you file 1040ez online     Other forms – see the General Instructions for Certain Information Returns. Can you file 1040ez online Excise tax See Excise Taxes See the instructions to the forms. Can you file 1040ez online 1 If a due date falls on a Saturday, Sunday, or legal holiday, file by the next day that is not a Saturday, Sunday, or legal holiday. Can you file 1040ez online For more information, see Publication 509, Tax Calendars. Can you file 1040ez online 2 File a separate schedule for each business. Can you file 1040ez online 3 See the form instructions if you go out of business, change the form of your business, or stop paying wages. Can you file 1040ez online     Employment Taxes If you have employees, you will need to file forms to report employment taxes. Can you file 1040ez online Employment taxes include the following items. Can you file 1040ez online Social security and Medicare taxes. Can you file 1040ez online Federal income tax withholding. Can you file 1040ez online Federal unemployment (FUTA) tax. Can you file 1040ez online For more information, see Publication 15 (Circular E), Employer's Tax Guide. Can you file 1040ez online That publication explains your tax responsibilities as an employer. Can you file 1040ez online To help you determine whether the people working for you are your employees, see Publication 15-A, Employer's Supplemental Tax Guide. Can you file 1040ez online That publication has information to help you determine whether an individual is an independent contractor or an employee. Can you file 1040ez online If you incorrectly classify an employee as an independent contractor, you may be held liable for employment taxes for that worker plus a penalty. Can you file 1040ez online An independent contractor is someone who is self-employed. Can you file 1040ez online You do not generally have to withhold or pay any taxes on payments made to an independent contractor. Can you file 1040ez online Excise Taxes This section identifies some of the excise taxes you may have to pay and the forms you have to file if you do any of the following. Can you file 1040ez online Manufacture or sell certain products. Can you file 1040ez online Operate certain kinds of businesses. Can you file 1040ez online Use various kinds of equipment, facilities, or products. Can you file 1040ez online Receive payment for certain services. Can you file 1040ez online For more information on excise taxes, see Publication 510, Excise Taxes. Can you file 1040ez online Form 720. Can you file 1040ez online   The federal excise taxes reported on Form 720, Quarterly Federal Excise Tax Return, consist of several broad categories of taxes, including the following. Can you file 1040ez online Environmental taxes on the sale or use of ozone-depleting chemicals and imported products containing or manufactured with these chemicals. Can you file 1040ez online Communications and air transportation taxes. Can you file 1040ez online Fuel taxes. Can you file 1040ez online Tax on the first retail sale of heavy trucks, trailers, and tractors. Can you file 1040ez online Manufacturers taxes on the sale or use of a variety of different articles. Can you file 1040ez online Tax on indoor tanning services. Can you file 1040ez online Form 2290. Can you file 1040ez online   There is a federal excise tax on the use of certain trucks, truck tractors, and buses on public highways. Can you file 1040ez online The tax applies to vehicles having a taxable gross weight of 55,000 pounds or more. Can you file 1040ez online Report the tax on Form 2290, Heavy Highway Vehicle Use Tax Return. Can you file 1040ez online For more information, see the Instructions for Form 2290. Can you file 1040ez online Depositing excise taxes. Can you file 1040ez online   If you have to file a quarterly excise tax return on Form 720, you may have to deposit your excise taxes before the return is due. Can you file 1040ez online For details on depositing excise taxes, see the Instructions for Form 720. Can you file 1040ez online Information Returns If you make or receive payments in your business, you may have to report them to the IRS on information returns. Can you file 1040ez online The IRS compares the payments shown on the information returns with each person's income tax return to see if the payments were included in income. Can you file 1040ez online You must give a copy of each information return you are required to file to the recipient or payer. Can you file 1040ez online In addition to the forms described below, you may have to use other returns to report certain kinds of payments or transactions. Can you file 1040ez online For more details on information returns and when you have to file them, see the General Instructions for Certain Information Returns. Can you file 1040ez online Form 1099-MISC. Can you file 1040ez online   Use Form 1099-MISC, Miscellaneous Income, to report certain payments you make in your business. Can you file 1040ez online These payments include the following items. Can you file 1040ez online Payments of $600 or more for services performed for your business by people not treated as your employees, such as fees to subcontractors, attorneys, accountants, or directors. Can you file 1040ez online Rent payments of $600 or more, other than rents paid to real estate agents. Can you file 1040ez online Prizes and awards of $600 or more that are not for services, such as winnings on TV or radio shows. Can you file 1040ez online Royalty payments of $10 or more. Can you file 1040ez online Payments to certain crew members by operators of fishing boats. Can you file 1040ez online You also use Form 1099-MISC to report your sales of $5,000 or more of consumer goods to a person for resale anywhere other than in a permanent retail establishment. Can you file 1040ez online Form W-2. Can you file 1040ez online   You must file Form W-2, Wage and Tax Statement, to report payments to your employees, such as wages, tips, and other compensation, withheld income, social security, and Medicare taxes. Can you file 1040ez online You can file Form W-2 online. Can you file 1040ez online For more information about Form W-2, see the General Instructions for Forms W-2 and W-3. Can you file 1040ez online Penalties. Can you file 1040ez online   The law provides for the following penalties if you do not file Form 1099-MISC or Form W-2 or do not correctly report the information. Can you file 1040ez online For more information, see the General Instructions for Certain Information Returns. Can you file 1040ez online Failure to file information returns. Can you file 1040ez online This penalty applies if you do not file information returns by the due date, do not include all required information, or report incorrect information. Can you file 1040ez online Failure to furnish correct payee statements. Can you file 1040ez online This penalty applies if you do not furnish a required statement to a payee by the required date, do not include all required information, or report incorrect information. Can you file 1040ez online Waiver of penalties. Can you file 1040ez online   These penalties will not apply if you can show that the failure was due to reasonable cause and not willful neglect. Can you file 1040ez online   In addition, there is no penalty for failure to include all required information, or for including incorrect information, on a de minimis (small) number of information returns if you correct the errors by August 1 of the year the returns are due. Can you file 1040ez online (A de minimis number of returns is the greater of 10 or ½ of 1% of the total number of returns you are required to file for the year. Can you file 1040ez online ) Form 8300. Can you file 1040ez online   You must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, if you receive more than $10,000 in cash in one transaction, or two or more related business transactions. Can you file 1040ez online Cash includes U. Can you file 1040ez online S. Can you file 1040ez online and foreign coin and currency. Can you file 1040ez online It also includes certain monetary instruments such as cashier's and traveler's checks and money orders. Can you file 1040ez online Cash does not include a check drawn on an individual's personal account (personal check). Can you file 1040ez online For more information, see Publication 1544, Reporting Cash Payments of Over $10,000 (Received in a Trade or Business). Can you file 1040ez online Penalties. Can you file 1040ez online   There are civil and criminal penalties, including up to 5 years in prison, for not filing Form 8300, filing (or causing the filing of) a false or fraudulent Form 8300, or structuring a transaction to evade reporting requirements. Can you file 1040ez online Table 1-3. Can you file 1040ez online Going Out of Business Checklists (Note. Can you file 1040ez online The following checklists highlight the typical final forms and schedules you may need to file if you ever go out of business. Can you file 1040ez online For more information, see the instructions for the listed forms. Can you file 1040ez online ) IF you are liable for:   THEN you may need to: Income tax □ File Schedule C or C-EZ with your Form 1040 for the year in which you go out of business. Can you file 1040ez online   □ File Form 4797 with your Form 1040 for each year in which you sell or exchange property used in your business or in which the business use of certain section 179 or listed property drops to 50% or less. Can you file 1040ez online   □ File Form 8594 with your Form 1040 if you sold your business. Can you file 1040ez online Self-employment tax □ File Schedule SE with your Form 1040 for the year in which you go out of business. Can you file 1040ez online Employment taxes □ File Form 941 (or Form 944) for the calendar quarter in which you make final wage payments. Can you file 1040ez online Note. Can you file 1040ez online Do not forget to check the box and enter the date final wages were paid on line 15 of Form 941 or line 14 of Form 944. Can you file 1040ez online   □ File Form 940 for the calendar year in which final wages were paid. Can you file 1040ez online Note. Can you file 1040ez online Do not forget to check box d, Final: Business closed or stopped paying wages, under Type of Return. Can you file 1040ez online Information returns □ Provide Forms W-2 to your employees for the calendar year in which you make final wage payments. Can you file 1040ez online Note. Can you file 1040ez online These forms are generally due by the due date of your final Form 941 or Form 944. Can you file 1040ez online   □ File Form W-3 to file Forms W-2. Can you file 1040ez online Note. Can you file 1040ez online These forms are generally due within 1 month after the due date of your final Form 941 or Form 944. Can you file 1040ez online   □ Provide Forms 1099-MISC to each person to whom you have paid at least $600 for services (including parts and materials) during the calendar year in which you go out of business. Can you file 1040ez online   □ File Form 1096 to file Forms 1099-MISC. Can you file 1040ez online Prev  Up  Next   Home   More Online Publications

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The Can You File 1040ez Online

Can you file 1040ez online 2. Can you file 1040ez online   Tax Shelters and Other Reportable Transactions Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Abusive Tax SheltersRules To Curb Abusive Tax Shelters Investor Reporting Penalties Whether To Invest Introduction Investments that yield tax benefits are sometimes called “tax shelters. Can you file 1040ez online ” In some cases, Congress has concluded that the loss of revenue is an acceptable side effect of special tax provisions designed to encourage taxpayers to make certain types of investments. Can you file 1040ez online In many cases, however, losses from tax shelters produce little or no benefit to society, or the tax benefits are exaggerated beyond those intended. Can you file 1040ez online Those cases are called “abusive tax shelters. Can you file 1040ez online ” An investment that is considered a tax shelter is subject to restrictions, including the requirement that it be disclosed, as discussed later. Can you file 1040ez online Topics - This chapter discusses: Abusive Tax Shelters , Rules To Curb Abusive Tax Shelters , Investor Reporting , Penalties , and Whether To Invest . Can you file 1040ez online Useful Items - You may want to see: Publication 538 Accounting Periods and Methods 556 Examination of Returns, Appeal Rights, and Claims for Refund 561 Determining the Value of Donated Property 925 Passive Activity and At-Risk Rules Form (and Instructions) 8275 Disclosure Statement 8275-R Regulation Disclosure Statement 8283 Noncash Charitable Contributions 8886 Reportable Transaction Disclosure Statement See chapter 5, How To Get Tax Help , for information about getting these publications and forms. Can you file 1040ez online Abusive Tax Shelters Abusive tax shelters are marketing schemes involving artificial transactions with little or no economic reality. Can you file 1040ez online They often make use of unrealistic allocations, inflated appraisals, losses in connection with nonrecourse loans, mismatching of income and deductions, financing techniques that do not conform to standard commercial business practices, or mischaracterization of the substance of the transaction. Can you file 1040ez online Despite appearances to the contrary, the taxpayer generally risks little. Can you file 1040ez online Abusive tax shelters commonly involve package deals designed from the start to generate losses, deductions, or credits that will be far more than present or future investment. Can you file 1040ez online Or, they may promise investors from the start that future inflated appraisals will enable them, for example, to reap charitable contribution deductions based on those appraisals. Can you file 1040ez online (But see the appraisal requirements discussed under Rules To Curb Abusive Tax Shelters , later. Can you file 1040ez online ) They are commonly marketed in terms of the ratio of tax deductions allegedly available to each dollar invested. Can you file 1040ez online This ratio (or “write-off”) is frequently said to be several times greater than one-to-one. Can you file 1040ez online Because there are many abusive tax shelters, it is not possible to list all the factors you should consider in determining whether an offering is an abusive tax shelter. Can you file 1040ez online However, you should ask the following questions, which might provide a clue to the abusive nature of the plan. Can you file 1040ez online Do the tax benefits far outweigh the economic benefits? Is this a transaction you would seriously consider, apart from the tax benefits, if you hoped to make a profit? Do shelter assets really exist and, if so, are they insured for less than their purchase price? Is there a nontax justification for the way profits and losses are allocated to partners? Do the facts and supporting documents make economic sense? In that connection, are there sales and resales of the tax shelter property at ever increasing prices? Does the investment plan involve a gimmick, device, or sham to hide the economic reality of the transaction? Does the promoter offer to backdate documents after the close of the year? Are you instructed to backdate checks covering your investment? Is your debt a real debt or are you assured by the promoter that you will never have to pay it? Does this transaction involve laundering United States source income through foreign corporations incorporated in a tax haven and owned by United States shareholders? Rules To Curb Abusive Tax Shelters Congress has enacted a series of income tax laws designed to halt the growth of abusive tax shelters. Can you file 1040ez online These provisions include the following. Can you file 1040ez online Disclosure of reportable transactions. Can you file 1040ez online   You must disclose information for each reportable transaction in which you participate. Can you file 1040ez online See Reportable Transaction Disclosure Statement , later. Can you file 1040ez online   Material advisors with respect to any reportable transaction must disclose information about the transaction on Form 8918, Material Advisor Disclosure Statement. Can you file 1040ez online To determine whether you are a material advisor to a transaction, see the Instructions for Form 8918. Can you file 1040ez online   Material advisors will receive a reportable transaction number for the disclosed reportable transaction. Can you file 1040ez online They must provide this number to all persons to whom they acted as a material advisor. Can you file 1040ez online They must provide the number at the time the transaction is entered into. Can you file 1040ez online If they do not have the number at that time, they must provide it within 60 days from the date the number is mailed to them. Can you file 1040ez online For information on penalties for failure to disclose and failure to maintain lists, see Internal Revenue Code sections 6707, 6707A, and 6708. Can you file 1040ez online Requirement to maintain list. Can you file 1040ez online   Material advisors must maintain a list of persons to whom they provide material aid, assistance, or advice on any reportable transaction. Can you file 1040ez online The list must be available for inspection by the IRS, and the information required to be included on the list generally must be kept for 7 years. Can you file 1040ez online See Regulations section 301. Can you file 1040ez online 6112-1 for more information (including what information is required to be included on the list). Can you file 1040ez online Confidentiality privilege. Can you file 1040ez online   The confidentiality privilege between you and a federally authorized tax practitioner does not apply to written communications made after October 21, 2004, regarding the promotion of your direct or indirect participation in any tax shelter. Can you file 1040ez online Appraisal requirement for donated property. Can you file 1040ez online   If you claim a deduction of more than $5,000 for an item or group of similar items of donated property, you generally must get a qualified appraisal from a qualified appraiser and complete and attach section B of Form 8283 to your return. Can you file 1040ez online If you claim a deduction of more than $500,000 for the donated property, you generally must attach the qualified appraisal to your return. Can you file 1040ez online If you file electronically, see Form 8453, U. Can you file 1040ez online S. Can you file 1040ez online Individual Income Tax Transmittal for an IRS e-file Return, and its instructions. Can you file 1040ez online For more information about appraisals, including exceptions, see Publication 561. Can you file 1040ez online Passive activity loss and credit limits. Can you file 1040ez online   The passive activity loss and credit rules limit the amount of losses and credits that can be claimed from passive activities and limit the amount that can offset nonpassive income, such as certain portfolio income from investments. Can you file 1040ez online For more detailed information about determining and reporting income, losses, and credits from passive activities, see Publication 925. Can you file 1040ez online Interest on penalties. Can you file 1040ez online   If you are assessed an accuracy-related or civil fraud penalty (as discussed under Penalties , later), interest will be imposed on the amount of the penalty from the due date of the return (including any extensions) to the date you pay the penalty. Can you file 1040ez online Accounting method restriction. Can you file 1040ez online   Tax shelters generally cannot use the cash method of accounting. Can you file 1040ez online Uniform capitalization rules. Can you file 1040ez online   The uniform capitalization rules generally apply to producing property or acquiring it for resale. Can you file 1040ez online Under those rules, the direct cost and part of the indirect cost of the property must be capitalized or included in inventory. Can you file 1040ez online For more information, see Publication 538. Can you file 1040ez online Denial of deduction for interest on an underpayment due to a reportable transaction. Can you file 1040ez online   You cannot deduct any interest you paid or accrued on any part of an underpayment of tax due to an understatement arising from a reportable transaction (discussed later) if the relevant facts affecting the tax treatment of the item are not adequately disclosed. Can you file 1040ez online This rule applies to reportable transactions entered into in tax years beginning after October 22, 2004. Can you file 1040ez online Authority for Disallowance of Tax Benefits The IRS has published guidance concluding that the claimed tax benefits of various abusive tax shelters should be disallowed. Can you file 1040ez online The guidance is the conclusion of the IRS on how the law is applied to a particular set of facts. Can you file 1040ez online Guidance is published in the Internal Revenue Bulletin for taxpayers' information and also for use by IRS officials. Can you file 1040ez online So, if your return is examined and an abusive tax shelter is identified and challenged, published guidance dealing with that type of shelter, which disallows certain claimed tax shelter benefits, could serve as the basis for the examining official's challenge of the tax benefits you claimed. Can you file 1040ez online In such a case, the examiner will not compromise even if you or your representative believes you have authority for the positions taken on your tax return. Can you file 1040ez online The courts have generally been unsympathetic to taxpayers involved in abusive tax shelter schemes and have ruled in favor of the IRS in the majority of the cases in which these shelters have been challenged. Can you file 1040ez online Investor Reporting You may be required to file a reportable transaction disclosure statement. Can you file 1040ez online Reportable Transaction Disclosure Statement Use Form 8886 to disclose information for each reportable transaction (discussed later) in which you participated. Can you file 1040ez online Generally, you must attach Form 8886 to your return for each tax year in which you participated in the transaction. Can you file 1040ez online Under certain circumstances, a transaction must be disclosed within 90 days of the transaction being identified as a listed transaction or a transaction of interest (discussed later). Can you file 1040ez online In addition, for the first year Form 8886 is attached to your return, you must send a copy of the form to: Internal Revenue Service OTSA Mail Stop 4915 1973 North Rulon White Blvd. Can you file 1040ez online  Ogden, UT 84404 If you file your return electronically, the copy sent to OTSA must show exactly the same information, word for word, provided with the electronically filed return and it must be provided on the official IRS Form 8886 or an exact copy of the form. Can you file 1040ez online If you use a computer-generated or substitute Form 8886, it must be an exact copy of the official IRS form. Can you file 1040ez online If you fail to file Form 8886 as required or fail to include any required information on the form, you may have to pay a penalty. Can you file 1040ez online See Penalty for failure to disclose a reportable transaction , later under Penalties. Can you file 1040ez online The following discussion briefly describes reportable transactions. Can you file 1040ez online For more details, see the Instructions for Form 8886. Can you file 1040ez online Reportable transaction. Can you file 1040ez online   A reportable transaction is any of the following. Can you file 1040ez online A listed transaction. Can you file 1040ez online A confidential transaction. Can you file 1040ez online A transaction with contractual protection. Can you file 1040ez online A loss transaction. Can you file 1040ez online A transaction of interest entered into after November 1, 2006. Can you file 1040ez online Note. Can you file 1040ez online Transactions with a brief asset holding period were removed from the definition of reportable transaction for transactions entered into after August 2, 2007. Can you file 1040ez online Listed transaction. Can you file 1040ez online   A listed transaction is the same as, or substantially similar to, one of the types of transactions the IRS has determined to be a tax-avoidance transaction. Can you file 1040ez online These transactions have been identified in notices, regulations, and other published guidance issued by the IRS. Can you file 1040ez online For a list of existing guidance, see Notice 2009-59 in Internal Revenue Bulletin 2009-31, available at www. Can you file 1040ez online irs. Can you file 1040ez online gov/irb/2009-31_IRB/ar07. Can you file 1040ez online html. Can you file 1040ez online Confidential transaction. Can you file 1040ez online   A confidential transaction is offered to you under conditions of confidentiality and for which you have paid an advisor a minimum fee. Can you file 1040ez online A transaction is offered under conditions of confidentiality if the advisor who is paid the fee places a limit on your disclosure of the tax treatment or tax structure of the transaction and the limit protects the confidentiality of the advisor's tax strategies. Can you file 1040ez online The transaction is treated as confidential even if the conditions of confidentiality are not legally binding on you. Can you file 1040ez online Transaction with contractual protection. Can you file 1040ez online   Generally, a transaction with contractual protection is one in which you or a related party has the right to a full or partial refund of fees if all or part of the intended tax consequences of the transaction are not sustained, or a transaction for which the fees are contingent on your realizing the tax benefits from the transaction. Can you file 1040ez online For information on exceptions, see Revenue Procedure 2007-20 in Internal Revenue Bulletin 2007-7, available at www. Can you file 1040ez online irs. Can you file 1040ez online gov/irb/2007-07_IRB/ar15. Can you file 1040ez online html. Can you file 1040ez online Loss transaction. Can you file 1040ez online   For individuals, a loss transaction is one that results in a deductible loss if the gross amount of the loss is at least $2 million in a single tax year or $4 million in any combination of tax years. Can you file 1040ez online A loss from a foreign currency transaction under Internal Revenue Code section 988 is a loss transaction if the gross amount of the loss is at least $50,000 in a single tax year, whether or not the loss flows through from an S corporation or partnership. Can you file 1040ez online   Certain losses (such as losses from casualties, thefts, and condemnations) are excepted from this category and do not have to be reported on Form 8886. Can you file 1040ez online For information on other exceptions, see Revenue Procedure 2004-66 in Internal Revenue Bulletin 2004-50, as modified and superseded by Revenue Procedure 2013-11, (or future published guidance) available at www. Can you file 1040ez online irs. Can you file 1040ez online gov/irb/2004-50_IRB/ar11. Can you file 1040ez online html. Can you file 1040ez online Transaction of interest. Can you file 1040ez online   A transaction of interest is a transaction entered into after November 1, 2006, that is the same as, or substantially similar to, one of the types of transactions that the IRS has identified by notice, regulation, or other form of published guidance as a transaction of interest. Can you file 1040ez online The IRS has identified the following transactions of interest. Can you file 1040ez online “Toggling” grantor trusts as described in Notice 2007-73, 2007-36 I. Can you file 1040ez online R. Can you file 1040ez online B. Can you file 1040ez online 545, available at www. Can you file 1040ez online irs. Can you file 1040ez online gov/irb/2007-36_IRB/ar20. Can you file 1040ez online html. Can you file 1040ez online Certain transactions involving contributions of a successor member interest in a limited liability company as described in Notice 2007-72, 2007-36 I. Can you file 1040ez online R. Can you file 1040ez online B. Can you file 1040ez online 544, available at www. Can you file 1040ez online irs. Can you file 1040ez online gov/irb/2007-36_IRB/ar19. Can you file 1040ez online html. Can you file 1040ez online Certain transactions involving the sale or other disposition of all interests in a charitable remainder trust and claiming little or no taxable gain as described in Notice 2008-99, 2008-47 I. Can you file 1040ez online R. Can you file 1040ez online B. Can you file 1040ez online 1194, available at www. Can you file 1040ez online irs. Can you file 1040ez online gov/irb/2008-47_IRB/ar11. Can you file 1040ez online html. Can you file 1040ez online Certain transactions involving a U. Can you file 1040ez online S. Can you file 1040ez online taxpayer owning controlled foreign corporations (CFCs) that hold stock of a lower-tier CFC through a domestic partnership to avoid reporting income as described in Notice 2009-7, 2009-3 I. Can you file 1040ez online R. Can you file 1040ez online B. Can you file 1040ez online 312, available at www. Can you file 1040ez online irs. Can you file 1040ez online gov/irb/2009-03_IRB/ar10. Can you file 1040ez online html. Can you file 1040ez online   For updates to this list, go to www. Can you file 1040ez online irs. Can you file 1040ez online gov/Businesses/Corporations/Abusive-Tax-Shelters-and-Transactions. Can you file 1040ez online Penalties Investing in an abusive tax shelter may lead to substantial expenses. Can you file 1040ez online First, the promoter generally charges a substantial fee. Can you file 1040ez online If your return is examined by the IRS and a tax deficiency is determined, you will be faced with payment of more tax, interest on the underpayment, possibly a 20%, 30%, or even 40% accuracy-related penalty, or a 75% civil fraud penalty. Can you file 1040ez online You may also be subject to the penalty for failure to pay tax. Can you file 1040ez online These penalties are explained in the following paragraphs. Can you file 1040ez online Accuracy-related penalties. Can you file 1040ez online   An accuracy-related penalty of 20% can be imposed for underpayments of tax due to: Negligence or disregard of rules or regulations, Substantial understatement of tax, Substantial valuation misstatement (increased to 40% for gross valuation misstatement), Transaction lacking economic substance (increased to 40% for undisclosed transaction lacking economic substance), or Undisclosed foreign financial asset understatement (40% in all cases). Can you file 1040ez online Except for a transaction lacking economic substance, this penalty will not be imposed if you can show you had reasonable cause for any understatement of tax and that you acted in good faith. Can you file 1040ez online Your failure to disclose a reportable transaction is a strong indication that you failed to act in good faith. Can you file 1040ez online   If you are charged an accuracy-related penalty, interest will be imposed on the amount of the penalty from the due date of the return (including extensions) to the date you pay the penalty. Can you file 1040ez online   The 20% penalties do not apply to any underpayment attributable to a reportable transaction understatement subject to an accuracy-related penalty (discussed later). Can you file 1040ez online Negligence or disregard of rules or regulations. Can you file 1040ez online   The penalty for negligence or disregard of rules or regulations is imposed only on the part of the underpayment due to negligence or disregard of rules or regulations. Can you file 1040ez online The penalty will not be charged if you can show you had reasonable cause for understating your tax and that you acted in good faith. Can you file 1040ez online    Negligence includes any failure to make a reasonable attempt to comply with the provisions of the Internal Revenue Code. Can you file 1040ez online It also includes any failure to keep adequate books and records. Can you file 1040ez online A return position that has a reasonable basis is not negligence. Can you file 1040ez online   Disregard includes any careless, reckless, or intentional disregard of rules or regulations. Can you file 1040ez online   The penalty for disregard of rules and regulations can be avoided if all the following are true. Can you file 1040ez online You keep adequate books and records. Can you file 1040ez online You have a reasonable basis for your position on the tax issue. Can you file 1040ez online You make an adequate disclosure of your position. Can you file 1040ez online Use Form 8275 to make your disclosure and attach it to your return. Can you file 1040ez online To disclose a position contrary to a regulation, use Form 8275-R. Can you file 1040ez online Use Form 8886 to disclose a reportable transaction (discussed earlier). Can you file 1040ez online Substantial understatement of tax. Can you file 1040ez online   An understatement is considered to be substantial if it is more than the greater of: 10% of the tax required to be shown on the return, or $5,000. Can you file 1040ez online An “understatement” is the amount of tax required to be shown on your return for a tax year minus the amount of tax shown on the return, reduced by any rebates. Can you file 1040ez online The term “rebate” generally means a decrease in the tax shown on your original return as the result of your filing an amended return or claim for refund. Can you file 1040ez online   For items other than tax shelters, you can file Form 8275 or Form 8275-R to disclose items that could cause a substantial understatement of income tax. Can you file 1040ez online In that way, you can avoid the substantial understatement penalty if you have a reasonable basis for your position on the tax issue. Can you file 1040ez online Disclosure of the tax shelter item on a tax return does not reduce the amount of the understatement. Can you file 1040ez online   Also, the understatement penalty will not be imposed if you can show there was reasonable cause for the underpayment caused by the understatement and that you acted in good faith. Can you file 1040ez online An important factor in establishing reasonable cause and good faith will be the extent of your effort to determine your proper tax liability under the law. Can you file 1040ez online Substantial valuation misstatement. Can you file 1040ez online   In general, you are liable for a 20% penalty for a substantial valuation misstatement if all the following are true. Can you file 1040ez online The value or adjusted basis of any property claimed on the return is 150% or more of the correct amount. Can you file 1040ez online You underpaid your tax by more than $5,000 because of the misstatement. Can you file 1040ez online You cannot establish that you had reasonable cause for the underpayment and that you acted in good faith. Can you file 1040ez online   You may be assessed a penalty of 40% for a gross valuation misstatement. Can you file 1040ez online If you misstate the value or the adjusted basis of property by 200% or more of the amount determined to be correct, you will be assessed a penalty of 40%, instead of 20%, of the amount you underpaid because of the gross valuation misstatement. Can you file 1040ez online The penalty rate is also 40% if the property's correct value or adjusted basis is zero. Can you file 1040ez online Transaction lacking economic substance. Can you file 1040ez online   The economic substance doctrine only applies to an individual that entered into a transaction in connection with a trade or business or an activity engaged in for the production of income. Can you file 1040ez online For transactions entered into after March 30, 2010, a transaction has economic substance for you as an individual taxpayer only if: The transaction changes your economic position in a meaningful way (apart from federal income tax effects), or You have a substantial purpose (apart from federal income tax effects) for entering into the transaction. Can you file 1040ez online   For purposes of determining whether economic substance exists, a transaction's profit potential will only be taken into account if the present value of the reasonably expected pre-tax profit from the transaction is substantial compared to the present value of the expected net tax benefits that would be allowed if the transaction were respected. Can you file 1040ez online   If any part of your underpayment is due to any disallowance of claimed tax benefits by reason of a transaction lacking economic substance or failing to meet the requirements of any similar rule of law, that part of your underpayment will be subject to the 20% accuracy-related penalty even if you had a reasonable cause and acted in good faith concerning that part. Can you file 1040ez online   Additionally, the penalty increases to 40% if you do not adequately disclose on your return or in a statement attached to your return the relevant facts affecting the tax treatment of a transaction that lacks economic substance. Can you file 1040ez online Relevant facts include any facts affecting the tax treatment of the transaction. Can you file 1040ez online    Any excessive amount of an erroneous claim for an income tax refund or credit (other than a refund or credit related to the earned income credit) that results from a transaction found to be lacking economic substance will not be treated as having a reasonable basis and could be subject to a 20% penalty. Can you file 1040ez online Undisclosed foreign financial asset understatement. Can you file 1040ez online   For tax years beginning after March 18, 2010, you may be liable for a 40% penalty for an understatement of your tax liability due to an undisclosed foreign financial asset. Can you file 1040ez online An undisclosed foreign financial asset is any asset for which an information return, required to be provided under Internal Revenue Code section 6038, 6038B, 6038D, 6046A, or 6048 for any taxable year, is not provided. Can you file 1040ez online The penalty applies to any part of an underpayment related to the following undisclosed foreign financial assets. Can you file 1040ez online Any foreign business you control, reportable on Form 5471, Information Return of U. Can you file 1040ez online S. Can you file 1040ez online Persons With Respect To Certain Foreign Corporations, or Form 8865, Return of U. Can you file 1040ez online S. Can you file 1040ez online Persons With Respect to Certain Foreign Partnerships. Can you file 1040ez online Certain transfers of property to a foreign corporation or partnership, reportable on Form 926, Return by a U. Can you file 1040ez online S. Can you file 1040ez online Transferor of Property to a Foreign Corporation, or certain distributions to a foreign person, reportable on Form 8865. Can you file 1040ez online Your ownership interest in certain foreign financial assets, temporarily reportable on Form 8275 or 8275-R. Can you file 1040ez online    Instead of, or in addition to, Form 8275 or 8275-R, you may have to file Form 8938, Statement of Specified Foreign Financial Assets, with your tax return. Can you file 1040ez online See the Instructions for Form 8938 for details. Can you file 1040ez online    Your acquisition, disposition, or substantial change in ownership interest in a foreign partnership, reportable on Form 8865. Can you file 1040ez online Creation or transfer of money or property to certain foreign trusts, reportable on Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. Can you file 1040ez online Penalty for incorrect appraisals. Can you file 1040ez online   The person who prepares an appraisal of the value of property may have to pay a penalty if: He or she knows, or reasonably should have known, that the appraisal would be used in connection with a return or claim for refund; and The claimed value of the property on a return or claim for refund based on that appraisal results in a substantial valuation misstatement or a gross valuation misstatement as discussed earlier. Can you file 1040ez online For details on the penalty amount and exceptions, see Publication 561. Can you file 1040ez online Penalty for failure to disclose a reportable transaction. Can you file 1040ez online   If you fail to include any required information regarding a reportable transaction (discussed earlier) on a return or statement, you may have to pay a penalty of 75% of the decrease in tax shown on your return as a result of such transaction (or that would have resulted if the transaction were respected for federal tax purposes). Can you file 1040ez online For an individual, the minimum penalty is $5,000 and the maximum is $10,000 (or $100,000 for a listed transaction). Can you file 1040ez online This penalty is in addition to any other penalty that may be imposed. Can you file 1040ez online   The IRS may rescind or abate the penalty for failing to disclose a reportable transaction under certain limited circumstances but cannot rescind the penalty for failing to disclose a listed transaction. Can you file 1040ez online For information on rescission, see Revenue Procedure 2007-21 in Internal Revenue Bulletin 2007-9 available at www. Can you file 1040ez online irs. Can you file 1040ez online gov/irb/2007-09_IRB/ar12. Can you file 1040ez online html. Can you file 1040ez online Accuracy-related penalty for a reportable transaction understatement. Can you file 1040ez online   If you have a reportable transaction understatement, you may have to pay a penalty equal to 20% of the amount of that understatement. Can you file 1040ez online This applies to any item due to a listed transaction or other reportable transaction with a significant purpose of avoiding or evading federal income tax. Can you file 1040ez online The penalty is 30% rather than 20% for the part of any reportable transaction understatement if the transaction was not properly disclosed. Can you file 1040ez online You may not have to pay the 20% penalty if you meet the strengthened reasonable cause and good faith exception. Can you file 1040ez online The reasonable cause and good faith exception does not apply to any part of a reportable transaction understatement attributable to one or more transactions that lack economic substance. Can you file 1040ez online   This penalty does not apply to the part of an understatement on which the fraud penalty, gross valuation misstatement penalty, or penalty for nondisclosure of noneconomic substance transactions is imposed. Can you file 1040ez online Civil fraud penalty. Can you file 1040ez online   If any underpayment of tax on your return is due to fraud, a penalty of 75% of the underpayment will be added to your tax. Can you file 1040ez online Joint return. Can you file 1040ez online   The fraud penalty on a joint return applies to a spouse only if some part of the underpayment is due to the fraud of that spouse. Can you file 1040ez online Failure to pay tax. Can you file 1040ez online   If a deficiency is assessed and is not paid within 10 days of the demand for payment, an investor can be penalized with up to a 25% addition to tax if the failure to pay continues. Can you file 1040ez online Whether To Invest In light of the adverse tax consequences and the substantial amount of penalties and interest that will result if the claimed tax benefits are disallowed, you should consider tax shelter investments carefully and seek competent legal and financial advice. Can you file 1040ez online Prev  Up  Next   Home   More Online Publications