tax return for
its fiscal year ending May 31, 1992.
Firms can distribute training materials and a hypothetical client's tax return for
the group to analyze and critique.
To qualify for a waiver, a taxpayer must attach a statement to each late return for
which a waiver is requested agreeing to cooperate with the IRS upon request in determining and satisfying the taxpayer's tax liability for that tax year.
As a result, safety of principal is generally more important than return for
this balance sheet item, leaving the other assets to reflect the general business risk.
In the absence of a declarative, substantiated statement that the IRS "begins intensive processing and use of th[e] data" on, for example, a Form 8281 (Information Return for
Publicly Offered Original Issue Discount Instruments) before August 1, there is no basis -- let alone authority -- for disregarding the second tier of the penalty.
7 percent investment return for
the one-year period ended June 30, 2005, raising its portfolio's market value to a record $189.
Example 1: Individual taxpayer, R, files an income tax return for
the 2002 tax year on the due date of April 15, 2003.
Income Tax Return for
Certain Political Organizations; and Form 8868, Application for Extension of Time to File an Exempt Organization Return.
The CPA then learns that Del has retained an attorney after receiving a notice from the IRS stating that it had no record of receiving a return for
1999 and asking whether the taxpayer filed a return for
a Partnership, REMIC, or for Certain Trusts; and 8800, Application for Additional Extension of Time to File U.
It is this representative's duty to prepare and file a final federal income tax return for
the taxpayer for the year of his or her death.
6662(d)(1), an income tax understatement is substantial if it exceeds the greater of 10% of the tax required to be shown on the return for
the tax year, or $5,000.
This component applies to any portion of an underpayment attributable to an understatement of income tax exceeding the greater of (1) 10% of the tax required to be shown on the return for
the taxable year or (2) $5,000 ($10,000 for corporations other than S corporations and personal holding companies).
6662(d)(1) provides that there is a substantial understatement of income tax if the amount of the understatement exceeds the greater of 10% of the amount of tax required to be shown on the return for
the tax year or $5,000 ($10,000 in the case of a corporation other than an S corporation or a personal holding company).
SPEED>FILING contains an "auditing" feature that verifies data in the return, reducing the possibility the IRS will reject the return for
incompleteness or obvious errors.