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Do My 2007 Taxes Online

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Do My 2007 Taxes Online

Do my 2007 taxes online 11. Do my 2007 taxes online   Employer-Provided Educational Assistance Table of Contents Introduction Working condition fringe benefit. Do my 2007 taxes online Introduction If you receive educational assistance benefits from your employer under an educational assistance program, you can exclude up to $5,250 of those benefits each year. Do my 2007 taxes online This means your employer should not include those benefits with your wages, tips, and other compensation shown in box 1 of your Form W-2. Do my 2007 taxes online This also means that you do not have to include the benefits on your income tax return. Do my 2007 taxes online You cannot use any of the tax-free education expenses paid for by your employer as the basis for any other deduction or credit, including the American opportunity credit and lifetime learning credit. Do my 2007 taxes online Educational assistance program. Do my 2007 taxes online   To qualify as an educational assistance program, the plan must be written and must meet certain other requirements. Do my 2007 taxes online Your employer can tell you whether there is a qualified program where you work. Do my 2007 taxes online Educational assistance benefits. Do my 2007 taxes online   Tax-free educational assistance benefits include payments for tuition, fees and similar expenses, books, supplies, and equipment. Do my 2007 taxes online Education generally includes any form of instruction or training that improves or develops your capabilities. Do my 2007 taxes online The payments do not have to be for work-related courses or courses that are part of a degree program. Do my 2007 taxes online   Educational assistance benefits do not include payments for the following items. Do my 2007 taxes online Meals, lodging, or transportation. Do my 2007 taxes online Tools or supplies (other than textbooks) that you can keep after completing the course of instruction. Do my 2007 taxes online Courses involving sports, games, or hobbies unless they: Have a reasonable relationship to the business of your employer, or Are required as part of a degree program. Do my 2007 taxes online Benefits over $5,250. Do my 2007 taxes online   If your employer pays more than $5,250 in educational assistance benefits for you during the year, you must generally pay tax on the amount over $5,250. Do my 2007 taxes online Your employer should include in your wages (Form W-2, box 1) the amount that you must include in income. Do my 2007 taxes online Working condition fringe benefit. Do my 2007 taxes online    However, if the benefits over $5,250 also qualify as a working condition fringe benefit, your employer does not have to include them in your wages. Do my 2007 taxes online A working condition fringe benefit is a benefit which, had you paid for it, you could deduct as an employee business expense. Do my 2007 taxes online For more information on working condition fringe benefits, see Working Condition Benefits in chapter 2 of Publication 15-B, Employer's Tax Guide to Fringe Benefits. Do my 2007 taxes online Prev  Up  Next   Home   More Online Publications
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Responsible Parties and Nominees

Responsible Parties

All EIN applications (mail, fax, electronic) must disclose the name and Taxpayer Identification Number (SSN, ITIN, or EIN) of the true principal officer, general partner, grantor, owner or trustor. This individual or entity, which the IRS will call the “responsible party,” controls, manages, or directs the applicant entity and the disposition of its funds and assets. If there is more than one responsible party, the entity may list whichever party the entity wants the IRS to recognize as the responsible party. 

According to the Instructions for the current revision of the application, the “responsible party” is defined as follows:

For entities with shares or interests traded on a public exchange, or which are registered with the Securities and Exchange Commission, “responsible party” is (a) the principal officer, if the business is a corporation, (b) a general partner, if a partnership, (c) the owner of an entity that is disregarded as separate from its owner (disregarded entities owned by a corporation enter the corporation’s name and EIN), or (d) a grantor, owner, or trustor if a trust.

For all other entities, “responsible party” is  the person who has a level of control over, or entitlement to, the funds or assets in the entity that, as a practical matter, enables the individual, directly or indirectly, to control, manage or direct the entity and the disposition of its funds and assets. The ability to fund the entity or the entitlement to the property of the entity alone, however, without any corresponding authority to control, manage, or direct the entity (such as in the case of a minor child beneficiary), does not cause the individual to be a responsible party.

Nominees

A “nominee” is someone who is given limited authority to act on behalf of an entity, usually for a limited period of time, and usually during the formation of the entity.  The “principal officer, general partner,” etc., as defined by the IRS, is the true “responsible party” for the entity, instead of a nominee. The “responsible party” is the individual or entity that controls, manages, or directs the entity and the disposition of the entity’s funds and assets, unlike a nominee, who is given little or no authority over the entity’s assets. 

The Internal Revenue Service has become aware that nominee individuals are being listed as principal officers, general partners, grantors, owners, and trustors in the Employer Identification Number (EIN) application process. A nominee is not one of these people. Rather, nominees are temporarily authorized to act on behalf of entities during the formation process. The use of nominees in the EIN application process prevents the IRS from gathering appropriate information on entity ownership, and has been found to facilitate tax non-compliance by entities and their owners.

The IRS does not authorize the use of nominees to obtain EINs. All EIN applications (mail, fax, electronic) must disclose the name and Taxpayer Identification Number (SSN, ITIN, or EIN) of the true principal officer, general partner, grantor, owner or trustor. This individual or entity, which the IRS will call the “responsible party,” controls, manages, or directs the applicant entity and the disposition of its funds and assets.

To properly submit a Form SS-4, the form and authorization should include the name, Taxpayer Identification Number and signature of the responsible party. Third party designees filing online applications are reminded of their obligation to retain a complete signed copy of the paper Form SS-4 and signed authorization statement for each entity application filed with the IRS. Nominees do not have the authority to authorize third party designees to file Forms SS-4, and should not be listed on the Form SS-4.

If a nominee is used in the state formation process and the true responsible party has not yet been identified, the entity must identify that individual before applying for an EIN.

The IRS will continue to pursue enforcement actions to prevent the misuse of EIN applications.

If you used a nominee for the EIN Application process, visit Correcting Business Information Where a Nominee Was Used to learn how to correct your information.

Page Last Reviewed or Updated: 03-Jan-2014

The Do My 2007 Taxes Online

Do my 2007 taxes online 7. Do my 2007 taxes online   Filing Information Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: What, When, and Where To FileResident Aliens Nonresident Aliens Amended Returns and Claims for Refund Other Forms You May Have To File PenaltiesCivil Penalties Criminal Penalties Introduction This chapter provides the basic filing information that you may need. Do my 2007 taxes online Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. Do my 2007 taxes online Useful Items - You may want to see: Forms (and Instructions) 1040 U. Do my 2007 taxes online S. Do my 2007 taxes online Individual Income Tax Return 1040A U. Do my 2007 taxes online S. Do my 2007 taxes online Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. Do my 2007 taxes online S. Do my 2007 taxes online Nonresident Alien Income Tax Return 1040NR-EZ U. Do my 2007 taxes online S. Do my 2007 taxes online Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. Do my 2007 taxes online What, When, and Where To File What return you must file as well as when and where you file that return, depends on your status at the end of the tax year as a resident or a nonresident alien. Do my 2007 taxes online Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. Do my 2007 taxes online The due date for filing the return and paying any tax due is April 15 of the year following the year for which you are filing a return (but see the Tip, later). Do my 2007 taxes online Under U. Do my 2007 taxes online S. Do my 2007 taxes online immigration law, a lawful permanent resident who is required to file a tax return as a resident and fails to do so may be regarded as having abandoned status and may lose permanent resident status. Do my 2007 taxes online Extensions of time to file. Do my 2007 taxes online   You are allowed an automatic extension to June 15 to file if your main place of business and the home you live in are outside the United States and Puerto Rico on April 15. Do my 2007 taxes online You can get an extension of time to October 15 to file your return if you get an extension by April 15 (June 15 if you qualify for the June 15 extension). Do my 2007 taxes online Use Form 4868 to get the extension to October 15. Do my 2007 taxes online In addition to this 6-month extension, taxpayers who are out of the country (as defined in the Form 4868 instructions) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). Do my 2007 taxes online To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Do my 2007 taxes online Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address:  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. Do my 2007 taxes online   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350 (for U. Do my 2007 taxes online S. Do my 2007 taxes online citizens and resident aliens abroad who expect to qualify for special tax treatment). Do my 2007 taxes online    If the due date for filing falls on a Saturday, Sunday, or legal holiday, the due date is the next day which is not a Saturday, Sunday, or legal holiday. Do my 2007 taxes online You may be able to file your return electronically. Do my 2007 taxes online See IRS e-file in your form instructions. Do my 2007 taxes online Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. Do my 2007 taxes online If you are any of the following, you must file a return. Do my 2007 taxes online A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. Do my 2007 taxes online (But see Exceptions , later. Do my 2007 taxes online ) You must file even if: Your income did not come from a trade or business conducted in the United States, You have no income from U. Do my 2007 taxes online S. Do my 2007 taxes online sources, or Your income is exempt from income tax. Do my 2007 taxes online A nonresident alien individual not engaged in a trade or business in the United States with U. Do my 2007 taxes online S. Do my 2007 taxes online income on which the tax liability was not satisfied by the withholding of tax at the source. Do my 2007 taxes online A representative or agent responsible for filing the return of an individual described in (1) or (2). Do my 2007 taxes online A fiduciary for a nonresident alien estate or trust. Do my 2007 taxes online You must also file if you want to: Claim a refund of overwithheld or overpaid tax, or Claim the benefit of any deductions or credits. Do my 2007 taxes online For example, if you have no U. Do my 2007 taxes online S. Do my 2007 taxes online business activities but have income from real property that you choose to treat as effectively connected income (discussed in chapter 4), you must timely file a true and accurate return to take any allowable deductions against that income. Do my 2007 taxes online For information on what is timely, see When to file for deductions and credits under When To File, later. Do my 2007 taxes online Exceptions. Do my 2007 taxes online   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. Do my 2007 taxes online Your only U. Do my 2007 taxes online S. Do my 2007 taxes online trade or business was the performance of personal services, and Your wages were less than $3,900, and You have no other need to file a return to claim a refund of overwithheld taxes, to satisfy additional withholding at source, or to claim income exempt or partly exempt by treaty. Do my 2007 taxes online You were a nonresident alien student, teacher, or trainee who was temporarily present in the United States under an “F,” “J,” “M,” or “Q” visa and you have no income that is subject to tax, such as wages, tips, scholarship and fellowship grants, dividends, etc. Do my 2007 taxes online Even if you have left the United States and filed a Form 1040-C, U. Do my 2007 taxes online S. Do my 2007 taxes online Departing Alien Income Tax Return, on departure, you still must file an annual U. Do my 2007 taxes online S. Do my 2007 taxes online income tax return. Do my 2007 taxes online If you are married and both you and your spouse are required to file, you must each file a separate return. Do my 2007 taxes online Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. Do my 2007 taxes online You do not claim any dependents. Do my 2007 taxes online You cannot be claimed as a dependent on someone else's U. Do my 2007 taxes online S. Do my 2007 taxes online tax return. Do my 2007 taxes online If you were married, you do not claim an exemption for your spouse. Do my 2007 taxes online Your taxable income is less than $100,000. Do my 2007 taxes online The only itemized deduction you can claim is for state and local income taxes. Do my 2007 taxes online Note. Do my 2007 taxes online Residents of India who were students or business apprentices may be able to take the standard deduction instead of the itemized deduction for state and local income taxes. Do my 2007 taxes online See chapter 5. Do my 2007 taxes online Your only U. Do my 2007 taxes online S. Do my 2007 taxes online source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. Do my 2007 taxes online (If you had taxable interest or dividend income, you cannot use this form. Do my 2007 taxes online ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. Do my 2007 taxes online You are not claiming any tax credits. Do my 2007 taxes online This is not an “expatriation return. Do my 2007 taxes online ” See Expatriation Tax in chapter 4. Do my 2007 taxes online The only taxes you owe are: The income tax from the Tax Table. Do my 2007 taxes online The social security and Medicare tax from Form 4137 or Form 8919. Do my 2007 taxes online You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. Do my 2007 taxes online You are not filing Form 8959, to figure the amount of Additional Medicare Tax you owe and/or the amount of Additional Medicare Tax withheld by your employer, if any. Do my 2007 taxes online If you do not meet all of the above conditions, you must file Form 1040NR. Do my 2007 taxes online When To File If you are an employee and you receive wages subject to U. Do my 2007 taxes online S. Do my 2007 taxes online income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. Do my 2007 taxes online For the 2013 calendar year, file your return by April 15, 2014. Do my 2007 taxes online If you are not an employee who receives wages subject to U. Do my 2007 taxes online S. Do my 2007 taxes online income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Do my 2007 taxes online For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. Do my 2007 taxes online ) Extensions of time to file. Do my 2007 taxes online   If you cannot file your return by the due date, file Form 4868 or use one of the electronic filing options explained in the Form 4868 instructions. Do my 2007 taxes online For the 2013 calendar year, this will extend the due date to October 15, 2014 (December 15, 2014, if the regular due date of your return is June 16, 2014). Do my 2007 taxes online You must file the extension by the regular due date of your return. Do my 2007 taxes online   In addition to the 6-month extension to October 15, taxpayers whose main place of business is outside the United States and Puerto Rico and who live outside those jurisdictions can request a discretionary 2-month extension of time to file their returns (to December 15 for calendar year taxpayers). Do my 2007 taxes online To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Do my 2007 taxes online Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. Do my 2007 taxes online When to file for deductions and credits. Do my 2007 taxes online   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. Do my 2007 taxes online For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. Do my 2007 taxes online However, if you did not file a 2012 tax return and 2013 is not the first year for which you are required to file one, your 2013 return is timely for this purpose if it is filed by the earlier of: The date that is 16 months after the due date for filing your 2013 return, or The date the IRS notifies you that your 2013 return has not been filed and that you cannot claim certain deductions and credits. Do my 2007 taxes online The allowance of the following credits is not affected by this time requirement. Do my 2007 taxes online Credit for withheld taxes. Do my 2007 taxes online Credit for excise tax on certain uses of gasoline and special fuels. Do my 2007 taxes online Credit for tax paid by a mutual fund (or other regulated investment company) or a real estate investment trust on undistributed long-term capital gains. Do my 2007 taxes online Protective return. Do my 2007 taxes online   If your activities in the United States were limited and you do not believe that you had any gross income effectively connected with a U. Do my 2007 taxes online S. Do my 2007 taxes online trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. Do my 2007 taxes online By filing a protective return, you protect your right to receive the benefit of deductions and credits in the event it is later determined that some or all of your income is effectively connected. Do my 2007 taxes online You are not required to report any effectively connected income or any deductions on the protective return, but you must give the reason the return is being filed. Do my 2007 taxes online   If you believe some of your activities resulted in effectively connected income, file your return reporting that income and related deductions by the regular due date. Do my 2007 taxes online To protect your right to claim deductions or credits resulting from other activities, attach a statement to that return explaining that you wish to protect your right to claim deductions and credits if it is later determined that the other activities produced effectively connected income. Do my 2007 taxes online   You can follow the same procedure if you believe you have no U. Do my 2007 taxes online S. Do my 2007 taxes online tax liability because of a U. Do my 2007 taxes online S. Do my 2007 taxes online tax treaty. Do my 2007 taxes online Be sure to also complete item L on page 5 of Form 1040NR. Do my 2007 taxes online Waiver of filing deadline. Do my 2007 taxes online   The IRS may waive the filing deadline if you establish that, based on the facts and circumstances, you acted reasonably and in good faith in failing to file a U. Do my 2007 taxes online S. Do my 2007 taxes online income tax return (including a protective return) and you cooperate with the IRS in determining your U. Do my 2007 taxes online S. Do my 2007 taxes online income tax liability for the tax year for which you did not file a return. Do my 2007 taxes online Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. Do my 2007 taxes online  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. Do my 2007 taxes online O. Do my 2007 taxes online Box 1303 Charlotte, NC 28201-1303 Aliens from the U. Do my 2007 taxes online S. Do my 2007 taxes online Virgin Islands. Do my 2007 taxes online    If you are a bona fide resident of the U. Do my 2007 taxes online S. Do my 2007 taxes online Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. Do my 2007 taxes online S. Do my 2007 taxes online Virgin Islands and file your income tax returns at the following address. Do my 2007 taxes online Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. Do my 2007 taxes online Thomas, VI 00802   Report all income from U. Do my 2007 taxes online S. Do my 2007 taxes online sources, as well as income from other sources, on your return. Do my 2007 taxes online For information on filing U. Do my 2007 taxes online S. Do my 2007 taxes online Virgin Islands returns, contact the U. Do my 2007 taxes online S. Do my 2007 taxes online Virgin Islands Bureau of Internal Revenue. Do my 2007 taxes online   Chapter 8 discusses withholding from U. Do my 2007 taxes online S. Do my 2007 taxes online wages of U. Do my 2007 taxes online S. Do my 2007 taxes online Virgin Islanders. Do my 2007 taxes online Aliens from Guam or the Commonwealth of the Northern Mariana Islands. Do my 2007 taxes online   If you are a bona fide resident of Guam or the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you must file your return with, and pay any tax due to, Guam or the CNMI. Do my 2007 taxes online Report all income, including income from U. Do my 2007 taxes online S. Do my 2007 taxes online sources, on your return. Do my 2007 taxes online It is not necessary to file a separate U. Do my 2007 taxes online S. Do my 2007 taxes online income tax return. Do my 2007 taxes online    Bona fide residents of Guam should file their Guam returns at the following address. Do my 2007 taxes online   Department of Revenue and Taxation Government of Guam P. Do my 2007 taxes online O. Do my 2007 taxes online Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. Do my 2007 taxes online   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. Do my 2007 taxes online O. Do my 2007 taxes online Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. Do my 2007 taxes online 570, Tax Guide for Individuals With Income From U. Do my 2007 taxes online S. Do my 2007 taxes online Possessions, for information on where to file your return. Do my 2007 taxes online Amended Returns and Claims for Refund If you find changes in your income, deductions, or credits after you mail your return, file Form 1040X, Amended U. Do my 2007 taxes online S. Do my 2007 taxes online Individual Income Tax Return. Do my 2007 taxes online Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. Do my 2007 taxes online If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. Do my 2007 taxes online ) to Form 1040X. Do my 2007 taxes online Print “Amended” across the top. Do my 2007 taxes online Ordinarily, an amended return claiming a refund must be filed within 3 years from the date your return was filed or within 2 years from the time the tax was paid, whichever is later. Do my 2007 taxes online A return filed before the final due date is considered to have been filed on the due date. Do my 2007 taxes online Other Forms You May Have To File You may be required to file information returns to report certain foreign income or assets, or monetary transactions. Do my 2007 taxes online FinCen Form 105 FinCEN Form 105 (formerly Customs Form 4790), Report of International Transportation of Currency or Monetary Instruments, must be filed by each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped, currency or other monetary instruments in a total amount of more than $10,000 at one time from the United States to any place outside the United States, or into the United States from any place outside the United States. Do my 2007 taxes online The filing requirement also applies to each person who receives in the United States currency or monetary instruments totaling more than $10,000 at one time from any place outside of the United States. Do my 2007 taxes online The term “monetary instruments” means the following: Coin and currency of the United States or of any other country, Travelers' checks in any form, Investment securities or stock in bearer form or otherwise in such form that title to them passes upon delivery, Negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title to them passes upon delivery, and Checks, promissory notes, and money orders which are signed but on which the name of the payee has been omitted. Do my 2007 taxes online However, the term does not include: Checks or money orders made payable to the order of a named person which have not been endorsed or which contain restrictive endorsements, Warehouse receipts, or Bills of lading. Do my 2007 taxes online A transfer of funds through normal banking procedures (wire transfer) that does not involve the physical transportation of currency or monetary instruments is not required to be reported on FinCEN Form 105. Do my 2007 taxes online Filing requirements. Do my 2007 taxes online   FinCEN Form 105 filing requirements follow. Do my 2007 taxes online Recipients. Do my 2007 taxes online   Each person who receives currency or other monetary instruments in the United States must file FinCEN Form 105 within 15 days after receipt, with the Customs officer in charge at any port of entry or departure, or by mail at the following address. Do my 2007 taxes online Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. Do my 2007 taxes online   If the currency or other monetary instrument does not accompany the person entering or departing the United States, FinCEN Form 105 can be filed by mail at the above address on or before the date of entry, departure, mailing, or shipping. Do my 2007 taxes online Travelers. Do my 2007 taxes online   Travelers must file FinCEN Form 105 with the Customs officer in charge at any Customs port of entry or departure, when entering or departing the United States. Do my 2007 taxes online Penalties. Do my 2007 taxes online   Civil and criminal penalties are provided for failing to file a report, filing a report containing material omissions or misstatements, or filing a false or fraudulent report. Do my 2007 taxes online Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. Do my 2007 taxes online More information. Do my 2007 taxes online   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. Do my 2007 taxes online Form 8938 You may have to file Form 8938, Statement of Specified Foreign Financial Assets, to report the ownership of specified foreign financial asset(s) if you are one of the following individuals. Do my 2007 taxes online A resident alien of the United States for any part of the tax year. Do my 2007 taxes online A resident alien of the United States who elects to be treated as a resident of a foreign country under the provisions of a U. Do my 2007 taxes online S. Do my 2007 taxes online income tax treaty. Do my 2007 taxes online See Effect of Tax Treaties in chapter 1. Do my 2007 taxes online A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. Do my 2007 taxes online See chapter 1 for information about this election. Do my 2007 taxes online A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. Do my 2007 taxes online See Publication 570, Tax Guide for Individuals With Income From U. Do my 2007 taxes online S. Do my 2007 taxes online Possessions, for a definition of bona fide resident. Do my 2007 taxes online You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). Do my 2007 taxes online The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. Do my 2007 taxes online Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. Do my 2007 taxes online S. Do my 2007 taxes online person. Do my 2007 taxes online You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. Do my 2007 taxes online More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. Do my 2007 taxes online Penalties The law provides penalties for failure to file returns or pay taxes as required. Do my 2007 taxes online Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. Do my 2007 taxes online You may also have to pay a penalty if you substantially understate your tax, file a frivolous tax submission, or fail to supply your taxpayer identification number. Do my 2007 taxes online If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. Do my 2007 taxes online Filing late. Do my 2007 taxes online   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. Do my 2007 taxes online The penalty is based on the tax not paid by the due date (without regard to extensions). Do my 2007 taxes online The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. Do my 2007 taxes online Fraud. Do my 2007 taxes online   If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. Do my 2007 taxes online Return over 60 days late. Do my 2007 taxes online   If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. Do my 2007 taxes online Exception. Do my 2007 taxes online   You will not have to pay the penalty if you show that you failed to file on time because of reasonable cause and not because of willful neglect. Do my 2007 taxes online Paying tax late. Do my 2007 taxes online   You will have to pay a failure-to-pay penalty of ½ of 1% (. Do my 2007 taxes online 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. Do my 2007 taxes online This penalty does not apply during the automatic 6-month extension of time to file period, if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. Do my 2007 taxes online   The monthly rate of the failure-to-pay penalty is half the usual rate (. Do my 2007 taxes online 25% instead of . Do my 2007 taxes online 50%) if an installment agreement is in effect for that month. Do my 2007 taxes online You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. Do my 2007 taxes online   If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. Do my 2007 taxes online If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued. Do my 2007 taxes online   This penalty cannot be more than 25% of your unpaid tax. Do my 2007 taxes online You will not have to pay the penalty if you can show that you had a good reason for not paying your tax on time. Do my 2007 taxes online Combined penalties. Do my 2007 taxes online   If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. Do my 2007 taxes online However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. Do my 2007 taxes online Accuracy-related penalty. Do my 2007 taxes online   You may have to pay an accuracy-related penalty if you underpay your tax because: You show negligence or disregard of rules or regulations, You substantially understate your income tax, You claim tax benefits for a transaction that lacks economic substance, or You fail to disclose a foreign financial asset. Do my 2007 taxes online The penalty is equal to 20% of the underpayment. Do my 2007 taxes online The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. Do my 2007 taxes online The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. Do my 2007 taxes online Negligence or disregard. Do my 2007 taxes online   The term “negligence” includes a failure to make a reasonable attempt to comply with the tax law or to exercise ordinary and reasonable care in preparing a return. Do my 2007 taxes online Negligence also includes failure to keep adequate books and records. Do my 2007 taxes online You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. Do my 2007 taxes online   The term “disregard” includes any careless, reckless, or intentional disregard. Do my 2007 taxes online Adequate disclosure. Do my 2007 taxes online   You can avoid the penalty for disregard of rules or regulations if you adequately disclose on your return a position that has at least a reasonable basis. Do my 2007 taxes online See Disclosure statement , later. Do my 2007 taxes online   This exception will not apply to an item that is attributable to a tax shelter. Do my 2007 taxes online In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. Do my 2007 taxes online Substantial understatement of income tax. Do my 2007 taxes online   You understate your tax if the tax shown on your return is less than the correct tax. Do my 2007 taxes online The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. Do my 2007 taxes online However, the amount of the understatement is reduced to the extent the understatement is due to: Substantial authority, or Adequate disclosure and a reasonable basis. Do my 2007 taxes online   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. Do my 2007 taxes online However, there is a reduction for a position with substantial authority, but only if you reasonably believed that your tax treatment was more likely than not the proper treatment. Do my 2007 taxes online Substantial authority. Do my 2007 taxes online   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. Do my 2007 taxes online Consideration will be given to court opinions, Treasury regulations, revenue rulings, revenue procedures, and notices and announcements issued by the IRS and published in the Internal Revenue Bulletin that involve the same or similar circumstances as yours. Do my 2007 taxes online Disclosure statement. Do my 2007 taxes online   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. Do my 2007 taxes online You must also have a reasonable basis for treating the item the way you did. Do my 2007 taxes online   In cases of substantial understatement only, items that meet the requirements of Revenue Procedure 2012-51, 2012-51 IRB 719 (or later update) are considered adequately disclosed on your return without filing Form 8275. Do my 2007 taxes online   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. Do my 2007 taxes online Transaction lacking economic substance. Do my 2007 taxes online   For more information on economic substance, see section 7701(o). Do my 2007 taxes online Foreign financial asset. Do my 2007 taxes online   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. Do my 2007 taxes online Reasonable cause. Do my 2007 taxes online   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. Do my 2007 taxes online You must also show that you acted in good faith. Do my 2007 taxes online This does not apply to a transaction that lacks economic substance. Do my 2007 taxes online Filing erroneous claim for refund or credit. Do my 2007 taxes online   You may have to pay a penalty if you file an erroneous claim for refund or credit. Do my 2007 taxes online The penalty is equal to 20% of the disallowed amount of the claim, unless you can show a reasonable basis for the way you treated an item. Do my 2007 taxes online However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. Do my 2007 taxes online The penalty will not be figured on any part of the disallowed amount of the claim that relates to the earned income credit or on which the accuracy-related or fraud penalties are charged. Do my 2007 taxes online Frivolous tax submission. Do my 2007 taxes online   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. Do my 2007 taxes online A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax you reported is substantially incorrect. Do my 2007 taxes online For more information on frivolous returns, frivolous submissions, and a list of positions that are identified as frivolous, see Notice 2010-33, 2010-17 IRB 609 available at www. Do my 2007 taxes online irs. Do my 2007 taxes online gov/irb/2010-17_irb/ar13. Do my 2007 taxes online html. Do my 2007 taxes online   You will have to pay the penalty if you filed this kind of return or submission based on a frivolous position or a desire to delay or interfere with the administration of federal tax laws. Do my 2007 taxes online This includes altering or striking out the preprinted language above the space provided for your signature. Do my 2007 taxes online   This penalty is added to any other penalty provided by law. Do my 2007 taxes online Fraud. Do my 2007 taxes online   If there is any underpayment of tax on your return due to fraud, a penalty of 75% of the underpayment due to fraud will be added to your tax. Do my 2007 taxes online Failure to supply taxpayer identification number. Do my 2007 taxes online   If you do not include your social security number (SSN) or individual taxpayer identification number (ITIN) or the SSN or ITIN of another person where required on a return, statement, or other document, you will be subject to a penalty of $50 for each failure. Do my 2007 taxes online You will also be subject to a penalty of $50 if you do not give your SSN or ITIN to another person when it is required on a return, statement, or other document. Do my 2007 taxes online   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. Do my 2007 taxes online The number must be shown on the Form 1099-INT or other statement the bank sends you. Do my 2007 taxes online If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. Do my 2007 taxes online (You also may be subject to “backup” withholding of income tax. Do my 2007 taxes online )   You will not have to pay the penalty if you are able to show that the failure was due to reasonable cause and not willful neglect. Do my 2007 taxes online Criminal Penalties You may be subject to criminal prosecution (brought to trial) for actions such as: Tax evasion, Willful failure to file a return, supply information, or pay any tax due, Fraud and false statements, or Preparing and filing a fraudulent return. Do my 2007 taxes online Prev  Up  Next   Home   More Online Publications