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Filing Tax Returns
ndividuals with income above a minimum level, corporations, partnerships, estates and trusts must file annual reports with federal and state
authorities that are called
. Returns vary greatly depending on the type of filer and the level of complication of their return. On the return, the
should report all income and
, calculate the amount of tax owed, report payments and credits and calculate the balance due. Listed below are some of the most commonly asked questions about filing tax returns answered by the Experts.
If the Internal Revenue Service (IRS) puts a large tax lien on a person and claims that they made over $300,000 from sources that they have never even heard of, is there any way to recover some of the money that has been taken from them?
Generally, the first thing a person should do is request a tax account transcript from the IRS for every year that tax is being claimed for. They could call 1-800-829-1040 to request the transcripts. The next step would be to prove that the income the IRS is claiming that the individual earned was not earned by them.
If a person has had their wages garnished for several years by the IRS for nonpayment of taxes, and it is becoming more of a burden than they can handle due to health and economic issues, how can they stop the IRS from taking money from their checks?
The person could try submitting an Offer in Compromise (OIC) which offers to settle the debt for less than face value. While it is subject to IRS acceptance or rejection, the offer can be as low as 10% of the debt. Assistance from a Certified Public Accountant (CPA), Enrolled Agent or Tax Attorney, would be advised but not required. The necessary forms can be viewed at
A person who hasn’t filed a tax return for five years finally files and then finds out that the IRS owes them a refund. Would the IRS still charge this individual any penalties, late fees or interest?
Typically, the IRS would not charge them penalties and interest. However, they could impose a “failure to file” penalty. Usually an individual is allowed to file tax returns for the current year and the three years prior to it. But it is wiser for the individual to file the tax returns for all these years on their own before the IRS contacts them and insists that they file.
If a person’s spouse is in prison, how would they file their tax return?
Typically, when filing a joint return, both spouses must sign the return. However, if one of them cannot sign for reasons apart from disease and injury, the other spouse can sign it on their behalf only if they have a valid power of attorney. Proof of the power of attorney must then be attached to the return on filing it. In addition, the spouse must provide a statement that includes the form number of the return, the tax year and the reason one spouse cannot sign the return. If you are unsure how to go about this, it is better to consult with a
Tax Professional before you begin the process.
Can a married couple who filed their joint tax return last year file their returns separately the next tax year?
In general, this is an accepted practice. However, if there are any tax carryovers or considerations from the previous year, both spouses will have to show it on their
returns. For example, any taxable recovery would need to be divided and shown on each return. Most
returns are due by April 15th. Corporate returns are due two and a half months after the partnership’s year end. Tax exempt entities’ returns are due four and a half months following their year end. All returns may be extended, with extensions available by filing a form requesting the extension.
If you have any more questions on tax returns, put them to Tax Professionals for useful insights and information to help your case.
Recent Filing Returns Questions
My ex-husband and I divorced in 2002. I am the custodial parent,
My ex-husband and I divorced in 2002. I am the custodial parent, he is non-custodial. In 2012, when his child support amount was increased, the appeals judge added a stipulation to our divorce decree, stating that my ex-husband should pay the increased amount but also get to claim my son on his tax return. In 2012 and 2013, my ex claimed my son for the first time.
I recently read an article that said I would be able to take the EIC, even though my ex claimed my son as a dependent, since my son lived with me during all 12 months of the year and met all other tests for a qualifying child under the EIC guidelines. While researching this, I found the article's claim to be incorrect. In fact, only one of us can claim my son for all tax purposes listed in pub 501. However, I would like some clarification on the information in publication 501, page 14, under the section titled "Children of Divorced or separated parents." It states that the non-custodial parent can claim a child as a dependent if 4 statements are true (the first 3 of which ARE true in our particular case). It is the 4th statement that concerns me. If I understand correctly, it states that for any post-2008 divorce decree, the non-custodial parent cannot attach a divorce/custody decree INSTEAD of form 8832, which is to be signed by the custodial parent (me, in this case).
Since I did not agree with the added stipulation to our divorce decree in 2012 (as my son lived with me for all twelve months and because I continued to pay well over half of his support), I believe that by rights I should get to claim my son as a dependent and as a qualifying child for EIC. I am just now filing returns for 2012 and 2013. I am NOT inclined to sign this form 8832. If I proceed with claiming my son, the IRS will find that my ex-husband claimed him as well. They will then apply the rules, which will result in my having the right to claim my son on my return. So, ultimately, if I do not sign form 8832, it seems that the IRS rules trump court orders. Do I understand this correctly? Can I proceed with claiming my son?
I live in NJ and I'm opening up a Electronic Repair shop, I
I live in NJ and I'm opening up a Electronic Repair shop, I have many questions regarding taxes. I need help with filing all the forms required by the state and additional questions on hiring and paying my staff.
I am one of eight beneficiaries of an irrevocable trust.
I am one of eight beneficiaries of an irrevocable trust. Three of the beneficiaries are trustees. I discovered recently that the trustees had not filed income tax or paid any taxes (although the income was high enough) since they took over the trust which
now has been about 13 years. (Only have records for the last 8 years) I got the trustee who is suppose to be handling these types of things to go to H &R Block. He paid the one year only (2012) saying he did not have enough money to pay the other years. This
year at annual meeting I asked if he had paid the remaining taxes. He said he only filed for 2013 and H &R Block manager told him all he had to do is to continue to pay taxes each year going forward since IRS will probably not check on the previous years..
My questions: Can you imagine an H &R Block manager making such a statement? Isn't it tax evasion for the trustee to know that he should have filed and paid taxes and fail to do so? Wouldn't there be some breaking of law,like accessory after the fact, for
the H&R Block rep to be giving that kind of advice?
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