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Irs 1040ez 2011 Form

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Irs 1040ez 2011 Form

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IRS Opens Online FATCA Registration System

IR-2013-69, Aug. 19, 2013

WASHINGTON — The Internal Revenue Service today announced the opening of a new online registration system for financial institutions that need to register with the IRS under the Foreign Account Tax Compliance Act (FATCA).

Financial institutions that must register with the IRS to meet their FATCA obligations can now begin the process of registering by creating an account and providing required information. Financial institutions will also be able to provide required information for their branches of operation and other members of their expanded affiliate groups in which the financial institution is the lead organization.

The registration system, designed to enable secure account management, is a web-based application with around-the-clock availability.

Within a secure environment, the new registration system enables financial institutions to:

  • establish online accounts;
  • customize home pages to manage accounts;
  • designate points of contact to handle registrations;
  • oversee member and/or branch information; and
  • receive automatic notifications of status changes.

Financial institutions are encouraged to become familiar with the system, create their online accounts and begin submitting their information. Starting in January 2014, financial institutions will be expected to finalize their registration information by logging into their accounts, making any necessary changes and submitting the information as final.

As registrations are finalized and approved in 2014, registering financial institutions will receive a notice of registration acceptance and will be issued a global intermediary identification number.

The IRS will electronically post the first IRS Foreign Financial Institution (FFI) List in June 2014, and will update the list monthly. To ensure inclusion in the June 2014 IRS FFI List, financial institutions will need to finalize their registrations by April 25, 2014. 

Access to the FATCA registration system and related support information can be found on the FATCA page of IRS.gov.

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Page Last Reviewed or Updated: 04-Sep-2013

The Irs 1040ez 2011 Form

Irs 1040ez 2011 form 7. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. Irs 1040ez 2011 form Useful Items - You may want to see: Forms (and Instructions) 1040 U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form Individual Income Tax Return 1040A U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form Nonresident Alien Income Tax Return 1040NR-EZ U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. Irs 1040ez 2011 form 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). Irs 1040ez 2011 form Under U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form Extensions of time to file. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form 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). Irs 1040ez 2011 form Use Form 4868 to get the extension to October 15. Irs 1040ez 2011 form 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). Irs 1040ez 2011 form To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form S. Irs 1040ez 2011 form citizens and resident aliens abroad who expect to qualify for special tax treatment). Irs 1040ez 2011 form    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. Irs 1040ez 2011 form You may be able to file your return electronically. Irs 1040ez 2011 form See IRS e-file in your form instructions. Irs 1040ez 2011 form Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. Irs 1040ez 2011 form If you are any of the following, you must file a return. Irs 1040ez 2011 form A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. Irs 1040ez 2011 form (But see Exceptions , later. Irs 1040ez 2011 form ) 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. Irs 1040ez 2011 form S. Irs 1040ez 2011 form sources, or Your income is exempt from income tax. Irs 1040ez 2011 form A nonresident alien individual not engaged in a trade or business in the United States with U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form income on which the tax liability was not satisfied by the withholding of tax at the source. Irs 1040ez 2011 form A representative or agent responsible for filing the return of an individual described in (1) or (2). Irs 1040ez 2011 form A fiduciary for a nonresident alien estate or trust. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form For example, if you have no U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form For information on what is timely, see When to file for deductions and credits under When To File, later. Irs 1040ez 2011 form Exceptions. Irs 1040ez 2011 form   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. Irs 1040ez 2011 form Your only U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form Even if you have left the United States and filed a Form 1040-C, U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form Departing Alien Income Tax Return, on departure, you still must file an annual U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form income tax return. Irs 1040ez 2011 form If you are married and both you and your spouse are required to file, you must each file a separate return. Irs 1040ez 2011 form Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. Irs 1040ez 2011 form You do not claim any dependents. Irs 1040ez 2011 form You cannot be claimed as a dependent on someone else's U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form tax return. Irs 1040ez 2011 form If you were married, you do not claim an exemption for your spouse. Irs 1040ez 2011 form Your taxable income is less than $100,000. Irs 1040ez 2011 form The only itemized deduction you can claim is for state and local income taxes. Irs 1040ez 2011 form Note. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form See chapter 5. Irs 1040ez 2011 form Your only U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. Irs 1040ez 2011 form (If you had taxable interest or dividend income, you cannot use this form. Irs 1040ez 2011 form ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. Irs 1040ez 2011 form You are not claiming any tax credits. Irs 1040ez 2011 form This is not an “expatriation return. Irs 1040ez 2011 form ” See Expatriation Tax in chapter 4. Irs 1040ez 2011 form The only taxes you owe are: The income tax from the Tax Table. Irs 1040ez 2011 form The social security and Medicare tax from Form 4137 or Form 8919. Irs 1040ez 2011 form You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form If you do not meet all of the above conditions, you must file Form 1040NR. Irs 1040ez 2011 form When To File If you are an employee and you receive wages subject to U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. Irs 1040ez 2011 form For the 2013 calendar year, file your return by April 15, 2014. Irs 1040ez 2011 form If you are not an employee who receives wages subject to U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Irs 1040ez 2011 form For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. Irs 1040ez 2011 form ) Extensions of time to file. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form 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). Irs 1040ez 2011 form You must file the extension by the regular due date of your return. Irs 1040ez 2011 form   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). Irs 1040ez 2011 form To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form When to file for deductions and credits. Irs 1040ez 2011 form   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. Irs 1040ez 2011 form For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form The allowance of the following credits is not affected by this time requirement. Irs 1040ez 2011 form Credit for withheld taxes. Irs 1040ez 2011 form Credit for excise tax on certain uses of gasoline and special fuels. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form Protective return. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form S. Irs 1040ez 2011 form trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form   You can follow the same procedure if you believe you have no U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form tax liability because of a U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form tax treaty. Irs 1040ez 2011 form Be sure to also complete item L on page 5 of Form 1040NR. Irs 1040ez 2011 form Waiver of filing deadline. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form S. Irs 1040ez 2011 form income tax return (including a protective return) and you cooperate with the IRS in determining your U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form income tax liability for the tax year for which you did not file a return. Irs 1040ez 2011 form Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. Irs 1040ez 2011 form  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. Irs 1040ez 2011 form O. Irs 1040ez 2011 form Box 1303 Charlotte, NC 28201-1303 Aliens from the U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form Virgin Islands. Irs 1040ez 2011 form    If you are a bona fide resident of the U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form Virgin Islands and file your income tax returns at the following address. Irs 1040ez 2011 form Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. Irs 1040ez 2011 form Thomas, VI 00802   Report all income from U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form sources, as well as income from other sources, on your return. Irs 1040ez 2011 form For information on filing U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form Virgin Islands returns, contact the U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form Virgin Islands Bureau of Internal Revenue. Irs 1040ez 2011 form   Chapter 8 discusses withholding from U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form wages of U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form Virgin Islanders. Irs 1040ez 2011 form Aliens from Guam or the Commonwealth of the Northern Mariana Islands. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form Report all income, including income from U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form sources, on your return. Irs 1040ez 2011 form It is not necessary to file a separate U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form income tax return. Irs 1040ez 2011 form    Bona fide residents of Guam should file their Guam returns at the following address. Irs 1040ez 2011 form   Department of Revenue and Taxation Government of Guam P. Irs 1040ez 2011 form O. Irs 1040ez 2011 form Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. Irs 1040ez 2011 form   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. Irs 1040ez 2011 form O. Irs 1040ez 2011 form Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. Irs 1040ez 2011 form 570, Tax Guide for Individuals With Income From U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form Possessions, for information on where to file your return. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form S. Irs 1040ez 2011 form Individual Income Tax Return. Irs 1040ez 2011 form Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. Irs 1040ez 2011 form If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. Irs 1040ez 2011 form ) to Form 1040X. Irs 1040ez 2011 form Print “Amended” across the top. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form A return filed before the final due date is considered to have been filed on the due date. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form Filing requirements. Irs 1040ez 2011 form   FinCEN Form 105 filing requirements follow. Irs 1040ez 2011 form Recipients. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form Travelers. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form Penalties. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. Irs 1040ez 2011 form More information. Irs 1040ez 2011 form   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form A resident alien of the United States for any part of the tax year. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form S. Irs 1040ez 2011 form income tax treaty. Irs 1040ez 2011 form See Effect of Tax Treaties in chapter 1. Irs 1040ez 2011 form A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. Irs 1040ez 2011 form See chapter 1 for information about this election. Irs 1040ez 2011 form A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. Irs 1040ez 2011 form See Publication 570, Tax Guide for Individuals With Income From U. Irs 1040ez 2011 form S. Irs 1040ez 2011 form Possessions, for a definition of bona fide resident. Irs 1040ez 2011 form You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). Irs 1040ez 2011 form 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. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form S. Irs 1040ez 2011 form person. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. Irs 1040ez 2011 form Penalties The law provides penalties for failure to file returns or pay taxes as required. Irs 1040ez 2011 form Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. Irs 1040ez 2011 form Filing late. Irs 1040ez 2011 form   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. Irs 1040ez 2011 form The penalty is based on the tax not paid by the due date (without regard to extensions). Irs 1040ez 2011 form The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. Irs 1040ez 2011 form Fraud. Irs 1040ez 2011 form   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%. Irs 1040ez 2011 form Return over 60 days late. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form Exception. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form Paying tax late. Irs 1040ez 2011 form   You will have to pay a failure-to-pay penalty of ½ of 1% (. Irs 1040ez 2011 form 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form   The monthly rate of the failure-to-pay penalty is half the usual rate (. Irs 1040ez 2011 form 25% instead of . Irs 1040ez 2011 form 50%) if an installment agreement is in effect for that month. Irs 1040ez 2011 form You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form   This penalty cannot be more than 25% of your unpaid tax. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form Combined penalties. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form Accuracy-related penalty. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form The penalty is equal to 20% of the underpayment. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. Irs 1040ez 2011 form Negligence or disregard. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form Negligence also includes failure to keep adequate books and records. Irs 1040ez 2011 form You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. Irs 1040ez 2011 form   The term “disregard” includes any careless, reckless, or intentional disregard. Irs 1040ez 2011 form Adequate disclosure. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form See Disclosure statement , later. Irs 1040ez 2011 form   This exception will not apply to an item that is attributable to a tax shelter. Irs 1040ez 2011 form In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. Irs 1040ez 2011 form Substantial understatement of income tax. Irs 1040ez 2011 form   You understate your tax if the tax shown on your return is less than the correct tax. Irs 1040ez 2011 form The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form Substantial authority. Irs 1040ez 2011 form   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form Disclosure statement. Irs 1040ez 2011 form   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. Irs 1040ez 2011 form You must also have a reasonable basis for treating the item the way you did. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. Irs 1040ez 2011 form Transaction lacking economic substance. Irs 1040ez 2011 form   For more information on economic substance, see section 7701(o). Irs 1040ez 2011 form Foreign financial asset. Irs 1040ez 2011 form   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. Irs 1040ez 2011 form Reasonable cause. Irs 1040ez 2011 form   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. Irs 1040ez 2011 form You must also show that you acted in good faith. Irs 1040ez 2011 form This does not apply to a transaction that lacks economic substance. Irs 1040ez 2011 form Filing erroneous claim for refund or credit. Irs 1040ez 2011 form   You may have to pay a penalty if you file an erroneous claim for refund or credit. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form Frivolous tax submission. Irs 1040ez 2011 form   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form irs. Irs 1040ez 2011 form gov/irb/2010-17_irb/ar13. Irs 1040ez 2011 form html. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form This includes altering or striking out the preprinted language above the space provided for your signature. Irs 1040ez 2011 form   This penalty is added to any other penalty provided by law. Irs 1040ez 2011 form Fraud. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form Failure to supply taxpayer identification number. Irs 1040ez 2011 form   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. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. Irs 1040ez 2011 form The number must be shown on the Form 1099-INT or other statement the bank sends you. Irs 1040ez 2011 form If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. Irs 1040ez 2011 form (You also may be subject to “backup” withholding of income tax. Irs 1040ez 2011 form )   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. Irs 1040ez 2011 form 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. Irs 1040ez 2011 form Prev  Up  Next   Home   More Online Publications