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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
I am an independent contractor based in NJ. I work completely
I am an independent contractor based in NJ. I work completely out of my home providing business consulting and support to small businesses, some of these clients being in other states. All work is performed out of my home via phone or web-based applications.
My question is since a client might have a business based in another state, are the fees I charge considered to be income earned in NJ or in the client's state? Do I need to be filing returns in every state I have a client in?
My s-Corp has been inactive (state of Minnesota) since 2008.
My s-Corp has been inactive (state of Minnesota) since 2008. I have been filing returns with no activity/no dollars starting in 2008 thru 2011. This was in case I wanted to reactivate the corp. However, in 2012 I had intended to close the business. Question: I did not check the "final return" box on the 2012 1120s nor the schedule K-1s, do I need to final an amended 2012 return, file a 2013 return (nor past due), or some other process?
(FYI, I have validated with the MN Sec. of State office the business is inactive and with the MN Dept of Revune that no further forms or actions are required for the state.)
I have an S corp with business in multiple states. Can you
I have an S corp with business in multiple states. Can you pl let me know which states accepts Fed Extension and which states need separate extension to file s corp return
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