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File 2011 taxes online free 2. File 2011 taxes online free   Tax Shelters and Other Reportable Transactions Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Abusive Tax SheltersRules To Curb Abusive Tax Shelters Investor Reporting Penalties Whether To Invest Introduction Investments that yield tax benefits are sometimes called “tax shelters. File 2011 taxes online free ” In some cases, Congress has concluded that the loss of revenue is an acceptable side effect of special tax provisions designed to encourage taxpayers to make certain types of investments. File 2011 taxes online free In many cases, however, losses from tax shelters produce little or no benefit to society, or the tax benefits are exaggerated beyond those intended. File 2011 taxes online free Those cases are called “abusive tax shelters. File 2011 taxes online free ” An investment that is considered a tax shelter is subject to restrictions, including the requirement that it be disclosed, as discussed later. File 2011 taxes online free Topics - This chapter discusses: Abusive Tax Shelters , Rules To Curb Abusive Tax Shelters , Investor Reporting , Penalties , and Whether To Invest . File 2011 taxes online free Useful Items - You may want to see: Publication 538 Accounting Periods and Methods 556 Examination of Returns, Appeal Rights, and Claims for Refund 561 Determining the Value of Donated Property 925 Passive Activity and At-Risk Rules Form (and Instructions) 8275 Disclosure Statement 8275-R Regulation Disclosure Statement 8283 Noncash Charitable Contributions 8886 Reportable Transaction Disclosure Statement See chapter 5, How To Get Tax Help , for information about getting these publications and forms. File 2011 taxes online free Abusive Tax Shelters Abusive tax shelters are marketing schemes involving artificial transactions with little or no economic reality. File 2011 taxes online free They often make use of unrealistic allocations, inflated appraisals, losses in connection with nonrecourse loans, mismatching of income and deductions, financing techniques that do not conform to standard commercial business practices, or mischaracterization of the substance of the transaction. File 2011 taxes online free Despite appearances to the contrary, the taxpayer generally risks little. File 2011 taxes online free Abusive tax shelters commonly involve package deals designed from the start to generate losses, deductions, or credits that will be far more than present or future investment. File 2011 taxes online free Or, they may promise investors from the start that future inflated appraisals will enable them, for example, to reap charitable contribution deductions based on those appraisals. File 2011 taxes online free (But see the appraisal requirements discussed under Rules To Curb Abusive Tax Shelters , later. File 2011 taxes online free ) They are commonly marketed in terms of the ratio of tax deductions allegedly available to each dollar invested. File 2011 taxes online free This ratio (or “write-off”) is frequently said to be several times greater than one-to-one. File 2011 taxes online free Because there are many abusive tax shelters, it is not possible to list all the factors you should consider in determining whether an offering is an abusive tax shelter. File 2011 taxes online free However, you should ask the following questions, which might provide a clue to the abusive nature of the plan. File 2011 taxes online free Do the tax benefits far outweigh the economic benefits? Is this a transaction you would seriously consider, apart from the tax benefits, if you hoped to make a profit? Do shelter assets really exist and, if so, are they insured for less than their purchase price? Is there a nontax justification for the way profits and losses are allocated to partners? Do the facts and supporting documents make economic sense? In that connection, are there sales and resales of the tax shelter property at ever increasing prices? Does the investment plan involve a gimmick, device, or sham to hide the economic reality of the transaction? Does the promoter offer to backdate documents after the close of the year? Are you instructed to backdate checks covering your investment? Is your debt a real debt or are you assured by the promoter that you will never have to pay it? Does this transaction involve laundering United States source income through foreign corporations incorporated in a tax haven and owned by United States shareholders? Rules To Curb Abusive Tax Shelters Congress has enacted a series of income tax laws designed to halt the growth of abusive tax shelters. File 2011 taxes online free These provisions include the following. File 2011 taxes online free Disclosure of reportable transactions. File 2011 taxes online free   You must disclose information for each reportable transaction in which you participate. File 2011 taxes online free See Reportable Transaction Disclosure Statement , later. File 2011 taxes online free   Material advisors with respect to any reportable transaction must disclose information about the transaction on Form 8918, Material Advisor Disclosure Statement. File 2011 taxes online free To determine whether you are a material advisor to a transaction, see the Instructions for Form 8918. File 2011 taxes online free   Material advisors will receive a reportable transaction number for the disclosed reportable transaction. File 2011 taxes online free They must provide this number to all persons to whom they acted as a material advisor. File 2011 taxes online free They must provide the number at the time the transaction is entered into. File 2011 taxes online free If they do not have the number at that time, they must provide it within 60 days from the date the number is mailed to them. File 2011 taxes online free For information on penalties for failure to disclose and failure to maintain lists, see Internal Revenue Code sections 6707, 6707A, and 6708. File 2011 taxes online free Requirement to maintain list. File 2011 taxes online free   Material advisors must maintain a list of persons to whom they provide material aid, assistance, or advice on any reportable transaction. File 2011 taxes online free The list must be available for inspection by the IRS, and the information required to be included on the list generally must be kept for 7 years. File 2011 taxes online free See Regulations section 301. File 2011 taxes online free 6112-1 for more information (including what information is required to be included on the list). File 2011 taxes online free Confidentiality privilege. File 2011 taxes online free   The confidentiality privilege between you and a federally authorized tax practitioner does not apply to written communications made after October 21, 2004, regarding the promotion of your direct or indirect participation in any tax shelter. File 2011 taxes online free Appraisal requirement for donated property. File 2011 taxes online free   If you claim a deduction of more than $5,000 for an item or group of similar items of donated property, you generally must get a qualified appraisal from a qualified appraiser and complete and attach section B of Form 8283 to your return. File 2011 taxes online free If you claim a deduction of more than $500,000 for the donated property, you generally must attach the qualified appraisal to your return. File 2011 taxes online free If you file electronically, see Form 8453, U. File 2011 taxes online free S. File 2011 taxes online free Individual Income Tax Transmittal for an IRS e-file Return, and its instructions. File 2011 taxes online free For more information about appraisals, including exceptions, see Publication 561. File 2011 taxes online free Passive activity loss and credit limits. File 2011 taxes online free   The passive activity loss and credit rules limit the amount of losses and credits that can be claimed from passive activities and limit the amount that can offset nonpassive income, such as certain portfolio income from investments. File 2011 taxes online free For more detailed information about determining and reporting income, losses, and credits from passive activities, see Publication 925. File 2011 taxes online free Interest on penalties. File 2011 taxes online free   If you are assessed an accuracy-related or civil fraud penalty (as discussed under Penalties , later), interest will be imposed on the amount of the penalty from the due date of the return (including any extensions) to the date you pay the penalty. File 2011 taxes online free Accounting method restriction. File 2011 taxes online free   Tax shelters generally cannot use the cash method of accounting. File 2011 taxes online free Uniform capitalization rules. File 2011 taxes online free   The uniform capitalization rules generally apply to producing property or acquiring it for resale. File 2011 taxes online free Under those rules, the direct cost and part of the indirect cost of the property must be capitalized or included in inventory. File 2011 taxes online free For more information, see Publication 538. File 2011 taxes online free Denial of deduction for interest on an underpayment due to a reportable transaction. File 2011 taxes online free   You cannot deduct any interest you paid or accrued on any part of an underpayment of tax due to an understatement arising from a reportable transaction (discussed later) if the relevant facts affecting the tax treatment of the item are not adequately disclosed. File 2011 taxes online free This rule applies to reportable transactions entered into in tax years beginning after October 22, 2004. File 2011 taxes online free Authority for Disallowance of Tax Benefits The IRS has published guidance concluding that the claimed tax benefits of various abusive tax shelters should be disallowed. File 2011 taxes online free The guidance is the conclusion of the IRS on how the law is applied to a particular set of facts. File 2011 taxes online free Guidance is published in the Internal Revenue Bulletin for taxpayers' information and also for use by IRS officials. File 2011 taxes online free So, if your return is examined and an abusive tax shelter is identified and challenged, published guidance dealing with that type of shelter, which disallows certain claimed tax shelter benefits, could serve as the basis for the examining official's challenge of the tax benefits you claimed. File 2011 taxes online free In such a case, the examiner will not compromise even if you or your representative believes you have authority for the positions taken on your tax return. File 2011 taxes online free The courts have generally been unsympathetic to taxpayers involved in abusive tax shelter schemes and have ruled in favor of the IRS in the majority of the cases in which these shelters have been challenged. File 2011 taxes online free Investor Reporting You may be required to file a reportable transaction disclosure statement. File 2011 taxes online free Reportable Transaction Disclosure Statement Use Form 8886 to disclose information for each reportable transaction (discussed later) in which you participated. File 2011 taxes online free Generally, you must attach Form 8886 to your return for each tax year in which you participated in the transaction. File 2011 taxes online free Under certain circumstances, a transaction must be disclosed within 90 days of the transaction being identified as a listed transaction or a transaction of interest (discussed later). File 2011 taxes online free In addition, for the first year Form 8886 is attached to your return, you must send a copy of the form to: Internal Revenue Service OTSA Mail Stop 4915 1973 North Rulon White Blvd. File 2011 taxes online free  Ogden, UT 84404 If you file your return electronically, the copy sent to OTSA must show exactly the same information, word for word, provided with the electronically filed return and it must be provided on the official IRS Form 8886 or an exact copy of the form. File 2011 taxes online free If you use a computer-generated or substitute Form 8886, it must be an exact copy of the official IRS form. File 2011 taxes online free If you fail to file Form 8886 as required or fail to include any required information on the form, you may have to pay a penalty. File 2011 taxes online free See Penalty for failure to disclose a reportable transaction , later under Penalties. File 2011 taxes online free The following discussion briefly describes reportable transactions. File 2011 taxes online free For more details, see the Instructions for Form 8886. File 2011 taxes online free Reportable transaction. File 2011 taxes online free   A reportable transaction is any of the following. File 2011 taxes online free A listed transaction. File 2011 taxes online free A confidential transaction. File 2011 taxes online free A transaction with contractual protection. File 2011 taxes online free A loss transaction. File 2011 taxes online free A transaction of interest entered into after November 1, 2006. File 2011 taxes online free Note. File 2011 taxes online free Transactions with a brief asset holding period were removed from the definition of reportable transaction for transactions entered into after August 2, 2007. File 2011 taxes online free Listed transaction. File 2011 taxes online free   A listed transaction is the same as, or substantially similar to, one of the types of transactions the IRS has determined to be a tax-avoidance transaction. File 2011 taxes online free These transactions have been identified in notices, regulations, and other published guidance issued by the IRS. File 2011 taxes online free For a list of existing guidance, see Notice 2009-59 in Internal Revenue Bulletin 2009-31, available at www. File 2011 taxes online free irs. File 2011 taxes online free gov/irb/2009-31_IRB/ar07. File 2011 taxes online free html. File 2011 taxes online free Confidential transaction. File 2011 taxes online free   A confidential transaction is offered to you under conditions of confidentiality and for which you have paid an advisor a minimum fee. File 2011 taxes online free A transaction is offered under conditions of confidentiality if the advisor who is paid the fee places a limit on your disclosure of the tax treatment or tax structure of the transaction and the limit protects the confidentiality of the advisor's tax strategies. File 2011 taxes online free The transaction is treated as confidential even if the conditions of confidentiality are not legally binding on you. File 2011 taxes online free Transaction with contractual protection. File 2011 taxes online free   Generally, a transaction with contractual protection is one in which you or a related party has the right to a full or partial refund of fees if all or part of the intended tax consequences of the transaction are not sustained, or a transaction for which the fees are contingent on your realizing the tax benefits from the transaction. File 2011 taxes online free For information on exceptions, see Revenue Procedure 2007-20 in Internal Revenue Bulletin 2007-7, available at www. File 2011 taxes online free irs. File 2011 taxes online free gov/irb/2007-07_IRB/ar15. File 2011 taxes online free html. File 2011 taxes online free Loss transaction. File 2011 taxes online free   For individuals, a loss transaction is one that results in a deductible loss if the gross amount of the loss is at least $2 million in a single tax year or $4 million in any combination of tax years. File 2011 taxes online free A loss from a foreign currency transaction under Internal Revenue Code section 988 is a loss transaction if the gross amount of the loss is at least $50,000 in a single tax year, whether or not the loss flows through from an S corporation or partnership. File 2011 taxes online free   Certain losses (such as losses from casualties, thefts, and condemnations) are excepted from this category and do not have to be reported on Form 8886. File 2011 taxes online free For information on other exceptions, see Revenue Procedure 2004-66 in Internal Revenue Bulletin 2004-50, as modified and superseded by Revenue Procedure 2013-11, (or future published guidance) available at www. File 2011 taxes online free irs. File 2011 taxes online free gov/irb/2004-50_IRB/ar11. File 2011 taxes online free html. File 2011 taxes online free Transaction of interest. File 2011 taxes online free   A transaction of interest is a transaction entered into after November 1, 2006, that is the same as, or substantially similar to, one of the types of transactions that the IRS has identified by notice, regulation, or other form of published guidance as a transaction of interest. File 2011 taxes online free The IRS has identified the following transactions of interest. File 2011 taxes online free “Toggling” grantor trusts as described in Notice 2007-73, 2007-36 I. File 2011 taxes online free R. File 2011 taxes online free B. File 2011 taxes online free 545, available at www. File 2011 taxes online free irs. File 2011 taxes online free gov/irb/2007-36_IRB/ar20. File 2011 taxes online free html. File 2011 taxes online free Certain transactions involving contributions of a successor member interest in a limited liability company as described in Notice 2007-72, 2007-36 I. File 2011 taxes online free R. File 2011 taxes online free B. File 2011 taxes online free 544, available at www. File 2011 taxes online free irs. File 2011 taxes online free gov/irb/2007-36_IRB/ar19. File 2011 taxes online free html. File 2011 taxes online free Certain transactions involving the sale or other disposition of all interests in a charitable remainder trust and claiming little or no taxable gain as described in Notice 2008-99, 2008-47 I. File 2011 taxes online free R. File 2011 taxes online free B. File 2011 taxes online free 1194, available at www. File 2011 taxes online free irs. File 2011 taxes online free gov/irb/2008-47_IRB/ar11. File 2011 taxes online free html. File 2011 taxes online free Certain transactions involving a U. File 2011 taxes online free S. File 2011 taxes online free taxpayer owning controlled foreign corporations (CFCs) that hold stock of a lower-tier CFC through a domestic partnership to avoid reporting income as described in Notice 2009-7, 2009-3 I. File 2011 taxes online free R. File 2011 taxes online free B. File 2011 taxes online free 312, available at www. File 2011 taxes online free irs. File 2011 taxes online free gov/irb/2009-03_IRB/ar10. File 2011 taxes online free html. File 2011 taxes online free   For updates to this list, go to www. File 2011 taxes online free irs. File 2011 taxes online free gov/Businesses/Corporations/Abusive-Tax-Shelters-and-Transactions. File 2011 taxes online free Penalties Investing in an abusive tax shelter may lead to substantial expenses. File 2011 taxes online free First, the promoter generally charges a substantial fee. File 2011 taxes online free If your return is examined by the IRS and a tax deficiency is determined, you will be faced with payment of more tax, interest on the underpayment, possibly a 20%, 30%, or even 40% accuracy-related penalty, or a 75% civil fraud penalty. File 2011 taxes online free You may also be subject to the penalty for failure to pay tax. File 2011 taxes online free These penalties are explained in the following paragraphs. File 2011 taxes online free Accuracy-related penalties. File 2011 taxes online free   An accuracy-related penalty of 20% can be imposed for underpayments of tax due to: Negligence or disregard of rules or regulations, Substantial understatement of tax, Substantial valuation misstatement (increased to 40% for gross valuation misstatement), Transaction lacking economic substance (increased to 40% for undisclosed transaction lacking economic substance), or Undisclosed foreign financial asset understatement (40% in all cases). File 2011 taxes online free Except for a transaction lacking economic substance, this penalty will not be imposed if you can show you had reasonable cause for any understatement of tax and that you acted in good faith. File 2011 taxes online free Your failure to disclose a reportable transaction is a strong indication that you failed to act in good faith. File 2011 taxes online free   If you are charged an accuracy-related penalty, interest will be imposed on the amount of the penalty from the due date of the return (including extensions) to the date you pay the penalty. File 2011 taxes online free   The 20% penalties do not apply to any underpayment attributable to a reportable transaction understatement subject to an accuracy-related penalty (discussed later). File 2011 taxes online free Negligence or disregard of rules or regulations. File 2011 taxes online free   The penalty for negligence or disregard of rules or regulations is imposed only on the part of the underpayment due to negligence or disregard of rules or regulations. File 2011 taxes online free The penalty will not be charged if you can show you had reasonable cause for understating your tax and that you acted in good faith. File 2011 taxes online free    Negligence includes any failure to make a reasonable attempt to comply with the provisions of the Internal Revenue Code. File 2011 taxes online free It also includes any failure to keep adequate books and records. File 2011 taxes online free A return position that has a reasonable basis is not negligence. File 2011 taxes online free   Disregard includes any careless, reckless, or intentional disregard of rules or regulations. File 2011 taxes online free   The penalty for disregard of rules and regulations can be avoided if all the following are true. File 2011 taxes online free You keep adequate books and records. File 2011 taxes online free You have a reasonable basis for your position on the tax issue. File 2011 taxes online free You make an adequate disclosure of your position. File 2011 taxes online free Use Form 8275 to make your disclosure and attach it to your return. File 2011 taxes online free To disclose a position contrary to a regulation, use Form 8275-R. File 2011 taxes online free Use Form 8886 to disclose a reportable transaction (discussed earlier). File 2011 taxes online free Substantial understatement of tax. File 2011 taxes online free   An understatement is considered to be substantial if it is more than the greater of: 10% of the tax required to be shown on the return, or $5,000. File 2011 taxes online free An “understatement” is the amount of tax required to be shown on your return for a tax year minus the amount of tax shown on the return, reduced by any rebates. File 2011 taxes online free The term “rebate” generally means a decrease in the tax shown on your original return as the result of your filing an amended return or claim for refund. File 2011 taxes online free   For items other than tax shelters, you can file Form 8275 or Form 8275-R to disclose items that could cause a substantial understatement of income tax. File 2011 taxes online free In that way, you can avoid the substantial understatement penalty if you have a reasonable basis for your position on the tax issue. File 2011 taxes online free Disclosure of the tax shelter item on a tax return does not reduce the amount of the understatement. File 2011 taxes online free   Also, the understatement penalty will not be imposed if you can show there was reasonable cause for the underpayment caused by the understatement and that you acted in good faith. File 2011 taxes online free An important factor in establishing reasonable cause and good faith will be the extent of your effort to determine your proper tax liability under the law. File 2011 taxes online free Substantial valuation misstatement. File 2011 taxes online free   In general, you are liable for a 20% penalty for a substantial valuation misstatement if all the following are true. File 2011 taxes online free The value or adjusted basis of any property claimed on the return is 150% or more of the correct amount. File 2011 taxes online free You underpaid your tax by more than $5,000 because of the misstatement. File 2011 taxes online free You cannot establish that you had reasonable cause for the underpayment and that you acted in good faith. File 2011 taxes online free   You may be assessed a penalty of 40% for a gross valuation misstatement. File 2011 taxes online free If you misstate the value or the adjusted basis of property by 200% or more of the amount determined to be correct, you will be assessed a penalty of 40%, instead of 20%, of the amount you underpaid because of the gross valuation misstatement. File 2011 taxes online free The penalty rate is also 40% if the property's correct value or adjusted basis is zero. File 2011 taxes online free Transaction lacking economic substance. File 2011 taxes online free   The economic substance doctrine only applies to an individual that entered into a transaction in connection with a trade or business or an activity engaged in for the production of income. File 2011 taxes online free For transactions entered into after March 30, 2010, a transaction has economic substance for you as an individual taxpayer only if: The transaction changes your economic position in a meaningful way (apart from federal income tax effects), or You have a substantial purpose (apart from federal income tax effects) for entering into the transaction. File 2011 taxes online free   For purposes of determining whether economic substance exists, a transaction's profit potential will only be taken into account if the present value of the reasonably expected pre-tax profit from the transaction is substantial compared to the present value of the expected net tax benefits that would be allowed if the transaction were respected. File 2011 taxes online free   If any part of your underpayment is due to any disallowance of claimed tax benefits by reason of a transaction lacking economic substance or failing to meet the requirements of any similar rule of law, that part of your underpayment will be subject to the 20% accuracy-related penalty even if you had a reasonable cause and acted in good faith concerning that part. File 2011 taxes online free   Additionally, the penalty increases to 40% if you do not adequately disclose on your return or in a statement attached to your return the relevant facts affecting the tax treatment of a transaction that lacks economic substance. File 2011 taxes online free Relevant facts include any facts affecting the tax treatment of the transaction. File 2011 taxes online free    Any excessive amount of an erroneous claim for an income tax refund or credit (other than a refund or credit related to the earned income credit) that results from a transaction found to be lacking economic substance will not be treated as having a reasonable basis and could be subject to a 20% penalty. File 2011 taxes online free Undisclosed foreign financial asset understatement. File 2011 taxes online free   For tax years beginning after March 18, 2010, you may be liable for a 40% penalty for an understatement of your tax liability due to an undisclosed foreign financial asset. File 2011 taxes online free An undisclosed foreign financial asset is any asset for which an information return, required to be provided under Internal Revenue Code section 6038, 6038B, 6038D, 6046A, or 6048 for any taxable year, is not provided. File 2011 taxes online free The penalty applies to any part of an underpayment related to the following undisclosed foreign financial assets. File 2011 taxes online free Any foreign business you control, reportable on Form 5471, Information Return of U. File 2011 taxes online free S. File 2011 taxes online free Persons With Respect To Certain Foreign Corporations, or Form 8865, Return of U. File 2011 taxes online free S. File 2011 taxes online free Persons With Respect to Certain Foreign Partnerships. File 2011 taxes online free Certain transfers of property to a foreign corporation or partnership, reportable on Form 926, Return by a U. File 2011 taxes online free S. File 2011 taxes online free Transferor of Property to a Foreign Corporation, or certain distributions to a foreign person, reportable on Form 8865. File 2011 taxes online free Your ownership interest in certain foreign financial assets, temporarily reportable on Form 8275 or 8275-R. File 2011 taxes online free    Instead of, or in addition to, Form 8275 or 8275-R, you may have to file Form 8938, Statement of Specified Foreign Financial Assets, with your tax return. File 2011 taxes online free See the Instructions for Form 8938 for details. File 2011 taxes online free    Your acquisition, disposition, or substantial change in ownership interest in a foreign partnership, reportable on Form 8865. File 2011 taxes online free Creation or transfer of money or property to certain foreign trusts, reportable on Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. File 2011 taxes online free Penalty for incorrect appraisals. File 2011 taxes online free   The person who prepares an appraisal of the value of property may have to pay a penalty if: He or she knows, or reasonably should have known, that the appraisal would be used in connection with a return or claim for refund; and The claimed value of the property on a return or claim for refund based on that appraisal results in a substantial valuation misstatement or a gross valuation misstatement as discussed earlier. File 2011 taxes online free For details on the penalty amount and exceptions, see Publication 561. File 2011 taxes online free Penalty for failure to disclose a reportable transaction. File 2011 taxes online free   If you fail to include any required information regarding a reportable transaction (discussed earlier) on a return or statement, you may have to pay a penalty of 75% of the decrease in tax shown on your return as a result of such transaction (or that would have resulted if the transaction were respected for federal tax purposes). File 2011 taxes online free For an individual, the minimum penalty is $5,000 and the maximum is $10,000 (or $100,000 for a listed transaction). File 2011 taxes online free This penalty is in addition to any other penalty that may be imposed. File 2011 taxes online free   The IRS may rescind or abate the penalty for failing to disclose a reportable transaction under certain limited circumstances but cannot rescind the penalty for failing to disclose a listed transaction. File 2011 taxes online free For information on rescission, see Revenue Procedure 2007-21 in Internal Revenue Bulletin 2007-9 available at www. File 2011 taxes online free irs. File 2011 taxes online free gov/irb/2007-09_IRB/ar12. File 2011 taxes online free html. File 2011 taxes online free Accuracy-related penalty for a reportable transaction understatement. File 2011 taxes online free   If you have a reportable transaction understatement, you may have to pay a penalty equal to 20% of the amount of that understatement. File 2011 taxes online free This applies to any item due to a listed transaction or other reportable transaction with a significant purpose of avoiding or evading federal income tax. File 2011 taxes online free The penalty is 30% rather than 20% for the part of any reportable transaction understatement if the transaction was not properly disclosed. File 2011 taxes online free You may not have to pay the 20% penalty if you meet the strengthened reasonable cause and good faith exception. File 2011 taxes online free The reasonable cause and good faith exception does not apply to any part of a reportable transaction understatement attributable to one or more transactions that lack economic substance. File 2011 taxes online free   This penalty does not apply to the part of an understatement on which the fraud penalty, gross valuation misstatement penalty, or penalty for nondisclosure of noneconomic substance transactions is imposed. File 2011 taxes online free Civil fraud penalty. File 2011 taxes online free   If any underpayment of tax on your return is due to fraud, a penalty of 75% of the underpayment will be added to your tax. File 2011 taxes online free Joint return. File 2011 taxes online free   The fraud penalty on a joint return applies to a spouse only if some part of the underpayment is due to the fraud of that spouse. File 2011 taxes online free Failure to pay tax. File 2011 taxes online free   If a deficiency is assessed and is not paid within 10 days of the demand for payment, an investor can be penalized with up to a 25% addition to tax if the failure to pay continues. File 2011 taxes online free Whether To Invest In light of the adverse tax consequences and the substantial amount of penalties and interest that will result if the claimed tax benefits are disallowed, you should consider tax shelter investments carefully and seek competent legal and financial advice. File 2011 taxes online free Prev  Up  Next   Home   More Online Publications
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2014 Standard Mileage Rates

IR-2013-95, Dec. 6, 2013

WASHINGTON — The Internal Revenue Service today issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 56 cents per mile for business miles driven
  • 23.5 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

The business, medical, and moving expense rates decrease one-half cent from the 2013 rates.  The charitable rate is based on statute.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle.  In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.

These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical, or charitable expense are in Rev. Proc. 2010-51.  Notice 2013-80 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.

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Page Last Reviewed or Updated: 06-Dec-2013

The File 2011 Taxes Online Free

File 2011 taxes online free 16. File 2011 taxes online free   How To Get Tax Help Table of Contents Go online, use a smart phone, call or walk in to an office near you. File 2011 taxes online free Whether it's help with a tax issue, preparing your tax return or picking up a free publication or form, get the help you need the way you want it. File 2011 taxes online free Free help with your tax return. File 2011 taxes online free   Free help in preparing your return is available nationwide from IRS-certified volunteers. File 2011 taxes online free The Volunteer Income Tax Assistance (VITA) program is designed to help low-to-moderate income, elderly, persons with disabilities, and limited English proficient taxpayers. File 2011 taxes online free The Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. File 2011 taxes online free Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. File 2011 taxes online free Some VITA and TCE sites provide taxpayers the opportunity to prepare their return with the assistance of an IRS-certified volunteer. File 2011 taxes online free To find the nearest VITA or TCE site, visit IRS. File 2011 taxes online free gov or call 1-800-906-9887. File 2011 taxes online free   As part of the TCE program, AARP offers the Tax-Aide counseling program. File 2011 taxes online free To find the nearest AARP Tax-Aide site, visit AARP's website at www. File 2011 taxes online free aarp. File 2011 taxes online free org/money/taxaide or call 1-888-227-7669. File 2011 taxes online free   For more information on these programs, go to IRS. File 2011 taxes online free gov and enter “VITA” in the search box. File 2011 taxes online free Internet. File 2011 taxes online free IRS. File 2011 taxes online free gov and IRS2Go are ready when you are — every day, every night, 24 hours a day, 7 days a week. File 2011 taxes online free Apply for an Employer Identification Number (EIN). File 2011 taxes online free Go to IRS. File 2011 taxes online free gov and enter Apply for an EIN in the search box. File 2011 taxes online free Request an Electronic Filing PIN by going to IRS. File 2011 taxes online free gov and entering Electronic Filing PIN in the search box. File 2011 taxes online free Check the status of your 2013 refund with Where's My Refund? Go to IRS. File 2011 taxes online free gov or the IRS2Go app, and click on Where's My Refund? You'll get a personalized refund date as soon as the IRS processes your tax return and approves your refund. File 2011 taxes online free If you e-file, your refund status is usually available within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. File 2011 taxes online free Checking the status of your amended return. File 2011 taxes online free Go to IRS. File 2011 taxes online free gov and enter Where's My Amended Return in the search box. File 2011 taxes online free Download forms, instructions, and publications, including some accessible versions. File 2011 taxes online free Order free transcripts of your tax returns or tax account using the Order a Transcript tool on IRS. File 2011 taxes online free gov or IRS2Go. File 2011 taxes online free Tax return and tax account transcripts are generally available for the current year and past three years. File 2011 taxes online free Figure your income tax withholding with the IRS Withholding Calculator on IRS. File 2011 taxes online free gov. File 2011 taxes online free Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. File 2011 taxes online free Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. File 2011 taxes online free gov. File 2011 taxes online free Locate the nearest Taxpayer Assistance Center using the Office Locator tool on IRS. File 2011 taxes online free gov or IRS2Go. File 2011 taxes online free Stop by most business days for face-to-face tax help, no appointment necessary — just walk in. File 2011 taxes online free An employee can explain IRS letters, request adjustments to your tax account or help you set up a payment plan. File 2011 taxes online free Before you visit, check the Office Locator for the address, phone number, hours of operation and the services provided. File 2011 taxes online free If you have an ongoing tax account problem or a special need, such as a disability, you can request an appointment. File 2011 taxes online free Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. File 2011 taxes online free Locate the nearest volunteer help site with the VITA Locator Tool on IRS. File 2011 taxes online free gov. File 2011 taxes online free Low-to-moderate income, elderly, persons with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. File 2011 taxes online free The Tax Counseling for the Elderly (TCE) program helps taxpayers 60 and older with their tax returns. File 2011 taxes online free Most VITA and TCE sites offer free electronic filing and some provide IRS-certified volunteers who can help prepare your tax return. File 2011 taxes online free AARP offers the Tax-Aide counseling program as part of the TCE program. File 2011 taxes online free Visit AARP's website to find the nearest Tax-Aide location. File 2011 taxes online free Research your tax questions. File 2011 taxes online free Search publications and instructions by topic or keyword. File 2011 taxes online free Read the Internal Revenue Code, regulations, or other official guidance. File 2011 taxes online free Read Internal Revenue Bulletins. File 2011 taxes online free Sign up to receive local and national tax news by email. File 2011 taxes online free Phone. File 2011 taxes online free You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. File 2011 taxes online free Download the free IRS2Go mobile app from the iTunes app store or from Google Play. File 2011 taxes online free Use it to watch the IRS YouTube channel, get IRS news as soon as it's released to the public, order transcripts of your tax returns or tax account, check your refund status, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. File 2011 taxes online free Call to locate the nearest volunteer help site, 1-800-906-9887. File 2011 taxes online free Low-to-moderate income, elderly, persons with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. File 2011 taxes online free The Tax Counseling for the Elderly (TCE) program helps taxpayers 60 and older with their tax returns. File 2011 taxes online free Most VITA and TCE sites offer free electronic filing. File 2011 taxes online free Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. File 2011 taxes online free Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. File 2011 taxes online free Call to check the status of your 2013 refund, 1-800-829-1954 or 1-800-829-4477. File 2011 taxes online free The automated Where's My Refund? information is available 24 hours a day, 7 days a week. File 2011 taxes online free If you e-file, your refund status is usually available within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. File 2011 taxes online free Before you call, have your 2013 tax return handy so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. File 2011 taxes online free Where's My Refund? can give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. File 2011 taxes online free Where's My Refund? includes information for the most recent return filed in the current year and does not include information about amended returns. File 2011 taxes online free Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. File 2011 taxes online free Call to order forms, instructions and publications, 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions and publications, and prior-year forms and instructions (limited to 5 years). File 2011 taxes online free You should receive your order within 10 business days. File 2011 taxes online free Call to order transcripts of your tax returns or tax account, 1-800-908-9946. File 2011 taxes online free Follow the prompts to provide your Social Security Number or Individual Taxpayer Identification Number, date of birth, street address and ZIP code. File 2011 taxes online free Call for TeleTax topics, 1-800-829-4477, to listen to pre-recorded messages covering various tax topics. File 2011 taxes online free Call to ask tax questions, 1-800-829-1040. File 2011 taxes online free Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. File 2011 taxes online free The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. File 2011 taxes online free These individuals can also contact the IRS through relay services such as the Federal Relay Service available at www. File 2011 taxes online free gsa. File 2011 taxes online free gov/fedrelay. File 2011 taxes online free Walk-in. File 2011 taxes online free You can find a selection of forms, publications and services — in-person, face-to-face. File 2011 taxes online free Products. File 2011 taxes online free You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. File 2011 taxes online free Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. File 2011 taxes online free Services. File 2011 taxes online free You can walk in to your local TAC most business days for personal, face-to-face tax help. File 2011 taxes online free An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. File 2011 taxes online free If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local TAC where you can talk with an IRS representative face-to-face. File 2011 taxes online free No appointment is necessary—just walk in. File 2011 taxes online free Before visiting, check www. File 2011 taxes online free irs. File 2011 taxes online free gov/localcontacts for hours of operation and services provided. File 2011 taxes online free Mail. File 2011 taxes online free You can send your order for forms, instructions, and publications to the address below. File 2011 taxes online free You should receive a response within 10 business days after your request is received. File 2011 taxes online free  Internal Revenue Service 1201 N. File 2011 taxes online free Mitsubishi Motorway Bloomington, IL 61705-6613 The Taxpayer Advocate Service Is Here to Help You. File 2011 taxes online free   The Taxpayer Advocate Service (TAS) is your voice at the IRS. File 2011 taxes online free Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. File 2011 taxes online free What can TAS do for you?   We can offer you free help with IRS problems that you can't resolve on your own. File 2011 taxes online free We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. File 2011 taxes online free You face (or your business is facing) an immediate threat of adverse action. File 2011 taxes online free You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. File 2011 taxes online free   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. File 2011 taxes online free Here's why we can help: TAS is an independent organization within the IRS. File 2011 taxes online free Our advocates know how to work with the IRS. File 2011 taxes online free Our services are free and tailored to meet your needs. File 2011 taxes online free We have offices in every state, the District of Columbia, and Puerto Rico. File 2011 taxes online free How can you reach us?   If you think TAS can help you, call your local advocate, whose number is in your local directory and at www. File 2011 taxes online free irs. File 2011 taxes online free gov/advocate, or call us toll-free at 1-877-777-4778. File 2011 taxes online free How else does TAS help taxpayers?   TAS also works to resolve large-scale, systemic problems that affect many taxpayers. File 2011 taxes online free If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. File 2011 taxes online free irs. File 2011 taxes online free gov/sams. File 2011 taxes online free Low Income Taxpayer Clinics. File 2011 taxes online free   Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals, and tax collection disputes. File 2011 taxes online free Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. File 2011 taxes online free Visit www. File 2011 taxes online free TaxpayerAdvocate. File 2011 taxes online free irs. File 2011 taxes online free gov or see IRS Publication 4134, Low Income Taxpayer Clinic List. File 2011 taxes online free Prev  Up  Next   Home   More Online Publications