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Military Pay Taxes

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Military Pay Taxes

Military pay taxes Index A Additional Medicare Tax, What's New for 2013, What's New, Employment Taxes, Additional Medicare Tax. Military pay taxes Advertising, Advertising expenses. Military pay taxes Amortization Anti-abuse rule, Anti-abuse rule. Military pay taxes Anti-churning rules, Anti-Churning Rules Atmospheric pollution control facilities, Pollution Control Facilities Corporate organization costs, Costs of Organizing a Corporation Dispositions of section 197 intangibles, Disposition of Section 197 Intangibles Experimental costs, Research and Experimental Costs Geological and geophysical costs, Geological and Geophysical Costs How to deduct, How To Deduct Amortization Incorrect amount deducted, Incorrect Amount of Amortization Deducted Partnership organization costs, Costs of Organizing a Partnership Pollution control facilities, Pollution Control Facilities Reforestation costs, Reforestation Costs Reforestation expenses, Reforestation Costs Related person, Related person. Military pay taxes Research costs, Research and Experimental Costs Section 197 intangibles defined, Section 197 Intangibles Defined Start-up costs, Business Start-Up Costs Starting a businesscosts, Starting a Business Anticipated liabilities, Anticipated liabilities. Military pay taxes Assessments, local, Taxes for local benefits. Military pay taxes Assistance (see Tax help) At-risk limits, At-risk limits. Military pay taxes Attorney fees, Legal and professional fees. Military pay taxes Awards, Achievement awards. Military pay taxes , Length-of-service award. Military pay taxes , Safety achievement award. Military pay taxes B Bad debts Defined, Definition of Business Bad Debt How to treat, How To Claim a Business Bad Debt Recovery, Recovery of a Bad Debt Types of, Types of Business Bad Debts When worthless, When a Debt Becomes Worthless Bonuses Employee, Bonuses Royalties, Bonuses and advanced royalties. Military pay taxes Bribes, Bribes and kickbacks. Military pay taxes Business Assets, Business Assets Books and records, Business books and records, etc. Military pay taxes Meal expenses, Meals and Entertainment Use of car, Business use of your car. Military pay taxes , Car and truck expenses. Military pay taxes Use of home, Business use of your home. Military pay taxes C Campaign contribution, Political contributions. Military pay taxes Capital expenses, Capital Expenses, Capital versus Deductible Expenses Capitalization of interest, Capitalization of Interest Car allowance, Car allowance. Military pay taxes Car and truck expenses, Car and truck expenses. Military pay taxes Carrying charges, Carrying Charges Charitable contributions, Charitable contributions. Military pay taxes Circulation costs, newspapers and periodicals, Circulation Costs Club dues, Club dues and membership fees. Military pay taxes Comments on publication, Comments and suggestions. Military pay taxes Commitment fees, Commitment fees or standby charges. Military pay taxes Computer software, Computer software. Military pay taxes Constant-yield method, OID, Constant-yield method. Military pay taxes Contested liability, Contested liability. Military pay taxes Contributions Charitable, Charitable contributions. Military pay taxes Political, Political contributions. Military pay taxes Copyrights, Patents, copyrights, etc. Military pay taxes Cost depletion, Cost Depletion Cost of getting lease, Cost of Getting a Lease, Getting a Lease Cost of goods sold, Cost of Goods Sold Cost recovery, Cost recovery. Military pay taxes Covenant not to compete, Covenant not to compete. Military pay taxes Credit card convenience fees, Credit card convenience fees. Military pay taxes D De minimis OID, De minimis OID. Military pay taxes Debt-financed distributions, Debt-financed distribution. Military pay taxes Definitions Business bad debt, Definition of Business Bad Debt Necessary expense, What Can I Deduct? Ordinary expense, What Can I Deduct? Section 197 intangibles, Section 197 Intangibles Defined Demolition expenses, Demolition expenses or losses. Military pay taxes Depletion Mineral property, Mineral Property Oil and gas wells, Oil and Gas Wells Percentage table, Mines and other natural deposits. Military pay taxes Timber, Timber Who can claim, Who Can Claim Depletion? Depreciation (see Cost recovery) Development costs, miners, Development Costs Disabled, improvements for, Barrier Removal Costs Drilling and development costs, Intangible Drilling Costs Dues, membership, Club dues and membership fees. Military pay taxes E Economic interest, Who Can Claim Depletion? Economic performance, Economic performance. Military pay taxes Education expenses, Education Expenses, Education expenses. Military pay taxes Elderly, improvements for, Barrier Removal Costs Employee benefit programs, Employee benefit programs. Military pay taxes Employment taxes, Employment Taxes Entertainment, Reimbursement of Travel, Meals, and Entertainment Excise taxes, Excise taxes. Military pay taxes Experimentation costs, Research and Experimental Costs, Research and Experimental Costs Exploration costs, Exploration Costs F Fees Commitment, Commitment fees or standby charges. Military pay taxes Legal and professional, Legal and professional fees. Military pay taxes Regulatory, Licenses and regulatory fees. Military pay taxes Tax return preparation, Tax preparation fees. Military pay taxes Fines, Penalties and fines. Military pay taxes Forgone, Forgone interest. Military pay taxes Forgone interest, Forgone interest. Military pay taxes Form 3115, Form 3115. Military pay taxes , Changing Your Accounting Method 4562, How To Deduct Amortization 5213, Using the presumption later. Military pay taxes 8826, Disabled access credit. Military pay taxes 8885, Health coverage tax credit. Military pay taxes T, Form T. Military pay taxes Franchise, Franchise, trademark, or trade name. Military pay taxes , Franchise, trademark, trade name. Military pay taxes Franchise taxes, Franchise taxes. Military pay taxes Free tax services, Free help with your tax return. Military pay taxes Fringe benefits, Fringe Benefits Fuel taxes, Fuel taxes. Military pay taxes G Gas wells, Natural Gas Wells Geological and geophysical costs Development, oil and gas, Geological and Geophysical Costs Exploration, oil and gas, Geological and Geophysical Costs Geothermal wells, Intangible Drilling Costs, Mines and Geothermal Deposits Gifts, nominal value, Gifts of nominal value. Military pay taxes Going into business, Going Into Business, Starting a Business Goodwill, Goodwill. Military pay taxes Gross income, not-for-profit activity, Gross Income H Health insurance, deduction for self-employed, Self-Employed Health Insurance Deduction Heating equipment, Heating equipment. Military pay taxes Help (see Tax help) Home, business use of, Business use of your home. Military pay taxes I Impairment-related expenses, Impairment-related expenses. Military pay taxes Improvements, Improvements By lessee, Improvements by Lessee For disabled and elderly, Barrier Removal Costs Income taxes, Income Taxes Incorrect amount of amortization deducted, Incorrect Amount of Amortization Deducted Insurance Capitalized premiums, Capitalized Premiums Deductible premiums, Deductible Premiums Nondeductible premiums, Nondeductible Premiums Self-employed individuals, Self-Employed Health Insurance Deduction Intangible drilling costs, Intangible Drilling Costs Intangibles, amortization, Section 197 Intangibles Interest, Forgone interest. Military pay taxes Allocation of, Allocation of Interest Below-market, Below-Market Loans Business expense for, Interest Capitalized, Capitalized interest. Military pay taxes , Capitalization of Interest Carrying charge, Carrying Charges Deductible, Interest You Can Deduct Life insurance policies, Interest on loans with respect to life insurance policies. Military pay taxes Not deductible, Interest You Cannot Deduct Refunds of, Refunds of interest. Military pay taxes When to deduct, When To Deduct Interest Internet-related expenses, Internet-related expenses. Military pay taxes Interview expenses, Interview expense allowances. Military pay taxes K Key person, Who is a key person? Kickbacks, Bribes and kickbacks. Military pay taxes L Leases Canceling, Canceling a lease. Military pay taxes Cost of getting, Cost of Getting a Lease, Getting a Lease Improvements by lessee, Improvements by Lessee Leveraged, Leveraged leases. Military pay taxes Mineral, Bonuses and advanced royalties. Military pay taxes Oil and gas, Bonuses and advanced royalties. Military pay taxes Sales distinguished, Lease or purchase. Military pay taxes Taxes on, Taxes on Leased Property Legal and professional fees, Legal and professional fees. Military pay taxes Licenses, Government-granted license, permit, etc. Military pay taxes , Licenses and regulatory fees. Military pay taxes Life insurance coverage, Life insurance coverage. Military pay taxes Limit on deductions, Not-for-Profit Activities Line of credit, Line of credit (continuous borrowings). Military pay taxes Loans Below-market interestrate, Below-Market Loans Discounted, Discounted loan. Military pay taxes Loans or Advances, Loans or Advances Lobbying expenses, Lobbying expenses. Military pay taxes Long-term care insurance, Qualified long-term care insurance. Military pay taxes Losses, Limits on losses. Military pay taxes , Not-for-Profit Activities At-risk limits, At-risk limits. Military pay taxes Net operating, Net operating loss. Military pay taxes Passive activities, Passive activities. Military pay taxes M Machinery parts, Machinery parts. Military pay taxes Meals, Reimbursement of Travel, Meals, and Entertainment Meals and entertainment, Meals and Entertainment Meals and lodging, Meals and lodging. Military pay taxes Methods of accounting, When Can I Deduct an Expense? Mining Depletion, Mines and Geothermal Deposits Development costs, Development Costs Exploration costs, Exploration Costs Mortgage, Mortgage. Military pay taxes , Expenses paid to obtain a mortgage. Military pay taxes Moving expenses, machinery, Moving machinery. Military pay taxes N Natural gas, Natural Gas Wells Nonqualifying intangibles, Assets That Are Not Section 197 Intangibles Not-for-profit activities, Not-for-Profit Activities Not-for-profit activity, gross income, Gross Income O Office in home, Business use of your home. Military pay taxes Oil and gas wells Depletion, Oil and Gas Wells Drilling costs, Intangible Drilling Costs Partnerships, Partnerships and S Corporations S corporations, Partnerships and S Corporations Optional safe harbor method, Optional safe harbor method. Military pay taxes Optional write-off method Circulation costs, Optional Write-off of Certain Tax Preferences Experimental costs, Optional Write-off of Certain Tax Preferences Intangible drilling and development costs, Optional Write-off of Certain Tax Preferences Mining exploration and development costs, Optional Write-off of Certain Tax Preferences Research costs, Optional Write-off of Certain Tax Preferences Organization costs Corporate, Costs of Organizing a Corporation Partnership, Costs of Organizing a Partnership Organizational costs, Business Start-Up and Organizational Costs Original issue discount, Original issue discount (OID). Military pay taxes Outplacement services, Outplacement services. Military pay taxes P Passive activities, Passive activities. Military pay taxes Payments in kind, Payments in kind. Military pay taxes Penalties, Prepayment penalty. Military pay taxes Deductible, Penalties and fines. Military pay taxes Nondeductible, Penalties and fines. Military pay taxes Prepayment, Prepayment penalty. Military pay taxes Per diem and car allowances, Per Diem and Car Allowances Percentage depletion, Percentage Depletion Personal property tax, Personal property tax. Military pay taxes Political contributions, Political contributions. Military pay taxes Pollution control facilities, Pollution Control Facilities Prepaid expense, Prepayment. Military pay taxes Extends useful life, Prepayment. Military pay taxes Interest, Prepaid interest. Military pay taxes , Prepaid interest. Military pay taxes Rent, Rent paid in advance. Military pay taxes Prepayment penalty, Prepayment penalty. Military pay taxes Presumption of profit, Not-for-Profit Activities Publications (see Tax help) R Real estate taxes, Real Estate Taxes Recapture Exploration expenses, Recapture of exploration expenses. Military pay taxes Timber property, Recapture. Military pay taxes Recordkeeping, Partnerships and S Corporations Recovery of amount deducted, Recovery of amount deducted (tax benefit rule). Military pay taxes Refiners who cannot claim percentage depletion, Refiners who cannot claim percentage depletion. Military pay taxes Reforestation costs, Reforestation Costs, Reforestation Costs Regulatory fees, Licenses and regulatory fees. Military pay taxes Reimbursements, Reimbursements Business expenses, Reimbursements for Business Expenses Mileage, Per Diem and Car Allowances Nonaccountable plan, Nonaccountable Plans Per diem , Per Diem and Car Allowances Related persons Anti-churning rules, Related person. Military pay taxes Coal or iron ore, Disposal to related person. Military pay taxes Payments to, Related person. Military pay taxes , Related person. Military pay taxes Refiners, Related person. Military pay taxes Unreasonable rent, Unreasonable rent. Military pay taxes Removal, Retired Asset Removal Costs, Barrier Removal Costs Rent expense, capitalizing, Capitalizing Rent Expenses Repairs, Repairs. Military pay taxes Repayments (claim of right), Repayments. Military pay taxes Research costs, Research and Experimental Costs, Research and Experimental Costs Retiree drug subsidy, What's New for 2013, What's New S Sales taxes, Sales tax. Military pay taxes Section 179 expense deduction (see Cost recovery) Self-employed health insurance deduction, Self-Employed Health Insurance Deduction Self-employment tax, Self-employment tax. Military pay taxes Self-insurance, reserve for, Nondeductible Premiums Sick pay, Sick and Vacation Pay Standard meal allowance, Standard meal allowance. Military pay taxes Standard mileage rate, Car allowance. Military pay taxes (see Business use of your car) Standby charges, Commitment fees or standby charges. Military pay taxes Start-up costs, Business Start-Up and Organizational Costs, Business Start-Up Costs Subscriptions, Subscriptions. Military pay taxes Suggestions for publication, Comments and suggestions. Military pay taxes Supplies and materials, Supplies and materials. Military pay taxes T Tax help, How To Get Tax Help Tax preparation fees, Tax preparation fees. Military pay taxes Taxes, Taxes on Leased Property Carrying charge, Carrying Charges Employment, Employment Taxes Excise, Excise taxes. Military pay taxes Franchise, Franchise taxes. Military pay taxes Fuel, Fuel taxes. Military pay taxes Income, Income Taxes Leased property, Taxes on Leased Property Personal property, Personal property tax. Military pay taxes Real estate, Real Estate Taxes Sales, Sales tax. Military pay taxes Unemployment fund, Unemployment fund taxes. Military pay taxes Telephone, Telephone. Military pay taxes Timber, Reforestation Costs, Timber Tools, Tools. Military pay taxes Trademark, trade name, Franchise, trademark, or trade name. Military pay taxes , Franchise, trademark, trade name. Military pay taxes Travel, Reimbursement of Travel, Meals, and Entertainment TTY/TDD information, How To Get Tax Help U Unemployment fund taxes, Unemployment fund taxes. Military pay taxes Unpaid expenses, related person, Related person. Military pay taxes Utilities, Utilities. Military pay taxes V Vacation pay, Sick and Vacation Pay W Wages Property, Property Tests for deducting pay, Tests for Deducting Pay Welfare benefit funds, Welfare benefit funds. Military pay taxes Prev  Up     Home   More Online Publications
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Page Last Reviewed or Updated: 05-Mar-2014

The Military Pay Taxes

Military pay taxes Publication 595 - Main Contents Table of Contents Capital Construction FundCCF Accounts Types of Accounts You Must Maintain Within a CCF Tax Treatment of CCF Deposits Tax Treatment of CCF Earnings Tax Treatment of CCF Withdrawals More Information How To Get Tax Help Capital Construction Fund The following sections discuss CCF accounts and the types of bookkeeping accounts you must maintain when you invest in a CCF account. Military pay taxes They also discuss the income tax treatment of CCF deposits, earnings, and withdrawals. Military pay taxes CCF Accounts This section explains who can open a CCF account and how to use the account to defer income tax. Military pay taxes Opening a CCF account. Military pay taxes   If you are a U. Military pay taxes S. Military pay taxes citizen and you own or lease one or more eligible vessels (defined later), you can open a CCF account. Military pay taxes However, before you open your CCF account, you must enter into an agreement with the Secretary of Commerce through the NMFS. Military pay taxes This agreement will establish the following. Military pay taxes Agreement vessels. Military pay taxes Eligible vessels named in the agreement that will be the basis for the deferral of income tax. Military pay taxes Planned use of withdrawals. Military pay taxes Use of CCF funds to acquire, build, or rebuild a vessel. Military pay taxes CCF depository. Military pay taxes Where your CCF funds will be held. Military pay taxes    You can request an application kit or get additional information from NMFS at the following address. Military pay taxes NOAA/NMFS, Financial Services Division, F/MB5 Capital Construction Fund Program 1315 East-West Highway Silver Spring, MD 20910-3282    You can obtain information on the Capital Construction Fund Program at the following website: www. Military pay taxes nmfs. Military pay taxes noaa. Military pay taxes gov/mb/financial_services/ccf. Military pay taxes htm. Military pay taxes    You can call NMFS to request an application kit or get additional information at (301) 713-2393 (ext. Military pay taxes 204). Military pay taxes Their fax number is (301) 713-1939. Military pay taxes Eligible vessels. Military pay taxes   There are two types of vessels that may be considered eligible, those weighing 5 tons or more and those weighing less than 5 tons. Military pay taxes For each type, certain requirements must be met. Military pay taxes Vessel weighing 5 tons or more. Military pay taxes   To be considered eligible, the vessel must meet all the following requirements. Military pay taxes Be built or rebuilt in the United States. Military pay taxes Be documented under the laws of the United States. Military pay taxes Be used commercially in the fisheries of the United States. Military pay taxes Be operated in the foreign or domestic commerce of the United States. Military pay taxes Vessel weighing less than 5 tons. Military pay taxes   A small vessel, weighing at least 2 net tons but less than 5 net tons, must meet all the following requirements to be considered eligible. Military pay taxes Be built or rebuilt in the United States. Military pay taxes Be owned by a U. Military pay taxes S. Military pay taxes citizen. Military pay taxes Have a home port in the United States. Military pay taxes Be used commercially in the fisheries of the United States. Military pay taxes Deferring tax on CCF deposits and earnings. Military pay taxes   You can use a CCF account to defer income tax by taking the following actions. Military pay taxes Making deposits to your CCF account from taxable income. Military pay taxes Excluding from income deposits assigned to certain accounts (discussed later). Military pay taxes Making withdrawals from your CCF account when you acquire, build, or rebuild fishing vessels. Military pay taxes Reducing the basis of fishing vessels you acquire, build, or rebuild to recapture amounts previously excluded from tax. Military pay taxes    Reporting requirements. Military pay taxes Beginning with the tax year in which you establish your agreement, you must report annual deposit and withdrawal activity to the NMFS on NOAA Form 34-82. Military pay taxes This form is due within 30 days after you file your federal income tax return even if no deposits or withdrawals are made. Military pay taxes For more information, contact the NMFS at the address or phone number given earlier. Military pay taxes Types of Accounts You Must Maintain Within a CCF This section discusses the three types of bookkeeping accounts you must maintain when you invest in a CCF account. Military pay taxes Your total CCF deposits and earnings for any given year are limited to the amount attributed to these three accounts for that year. Military pay taxes Capital account. Military pay taxes   The capital account consists primarily of amounts attributable to the following items. Military pay taxes Allowable depreciation deductions for agreement vessels. Military pay taxes Any nontaxable return of capital from either (a) or (b), below. Military pay taxes The sale or other disposition of agreement vessels. Military pay taxes Insurance or indemnity proceeds attributable to agreement vessels. Military pay taxes Any tax-exempt interest earned on state or local bonds in your CCF account. Military pay taxes Capital gain account. Military pay taxes   The capital gain account consists of amounts attributable to the following items reduced by any capital losses from assets held in your CCF account for more than 6 months. Military pay taxes Any capital gain from either of the following sources. Military pay taxes The sale or other disposition of agreement vessels held for more than 6 months. Military pay taxes Insurance or indemnity proceeds attributable to agreement vessels held for more than 6 months. Military pay taxes Any capital gain from assets held in your CCF account for more than 6 months. Military pay taxes Ordinary income account. Military pay taxes   The ordinary income account consists of amounts attributable to the following items. Military pay taxes Any earnings (without regard to the carryback of any net operating or net capital loss) from the operation of agreement vessels in the fisheries of the United States or in the foreign or domestic commerce of the United States. Military pay taxes Any capital gain from the following sources reduced by any capital losses from assets held in your CCF account for 6 months or less. Military pay taxes The sale or other disposition of agreement vessels held for 6 months or less. Military pay taxes Insurance or indemnity proceeds attributable to agreement vessels held for 6 months or less. Military pay taxes Any capital gain from assets held in your CCF account for 6 months or less. Military pay taxes Any ordinary income (such as depreciation recapture) from either of the following sources. Military pay taxes The sale or other disposition of agreement vessels. Military pay taxes Insurance or indemnity proceeds attributable to agreement vessels. Military pay taxes Any interest (not including tax-exempt interest from state and local bonds), most dividends, and other ordinary income earned on the assets in your CCF account. Military pay taxes Tax Treatment of CCF Deposits This section explains the tax treatment of income used as the basis for CCF deposits. Military pay taxes Capital gains. Military pay taxes   Do not report any transaction that produces a capital gain if you deposit the net proceeds into your CCF account. Military pay taxes This treatment applies to either of the following transactions. Military pay taxes The sale or other disposition of an agreement vessel. Military pay taxes The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Military pay taxes Depreciation recapture. Military pay taxes   Do not report any transaction that produces depreciation recapture if you deposit the net proceeds into your CCF account. Military pay taxes This treatment applies to either of the following transactions. Military pay taxes The sale or other disposition of an agreement vessel. Military pay taxes The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Military pay taxes Earnings from operations. Military pay taxes   Report earnings from the operation of agreement vessels on your Schedule C or C-EZ (Form 1040) even if you deposit part of these earnings into your CCF account. Military pay taxes You subtract any part of the earnings you deposited into your CCF account from the amount you would otherwise enter as taxable income on Form 1040, line 43 (for 2005). Military pay taxes Next to line 43, write “CCF” and the amount of the deposits. Military pay taxes Do not deduct these CCF deposits on Schedule C or C-EZ (Form 1040). Military pay taxes If you deposit earnings from operations into your CCF account and you must complete other forms such as Form 6251, Alternative Minimum Tax (Individuals), or a worksheet for Schedule D (Form 1040), you will need to make an extra computation. Military pay taxes When the other form instructs you to use the amount from Form 1040, line 41 (for 2005), do not use that amount. Military pay taxes Instead, add Form 1040, lines 42 and 43 (for 2005), and use that amount. Military pay taxes Self-employment tax. Military pay taxes   You must use your net profit or loss from your fishing business to figure your self-employment tax. Military pay taxes Do not reduce your net profit or loss by any earnings from operations you deposit into your CCF account. Military pay taxes    Partnerships and S corporations. Military pay taxes The deduction for partnership earnings from operations deposited into a CCF account is separately stated on Schedule K (Form 1065), line 13d, and allocated to the partners on Schedule K-1 (Form 1065), box 13 (for 2005). Military pay taxes   The deduction for S corporation earnings deposited into a CCF account is separately stated on Schedule K (Form 1120S), line 12d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 12 (for 2005). Military pay taxes Tax Treatment of CCF Earnings This section explains the tax treatment of the earnings from the assets in your CCF account when the earnings are redeposited or left in your account. Military pay taxes However, if you choose to withdraw the earnings in the year earned, you must generally pay income tax on them. Military pay taxes Capital gains. Military pay taxes   Do not report any capital gains from the sale of capital assets held in your CCF account. Military pay taxes This includes capital gain distributions reported to you on Form 1099-DIV or a substitute statement. Military pay taxes However, you should attach a statement to your tax return to list the payers and the amounts and to identify the capital gains as “CCF account earnings. Military pay taxes ” Interest and dividends. Military pay taxes   Do not report any ordinary income (such as interest and dividends) you earn on the assets in your CCF account. Military pay taxes However, you should attach a statement to your return to list the payers and the amounts and to identify them as “CCF account earnings. Military pay taxes ”   If you are required to file Schedule B (Form 1040), you can add these earnings to the list of payers and amounts on line 1 or line 5 and identify them as “CCF earnings. Military pay taxes ” Then, subtract the same amounts from the list and identify them as “CCF deposits. Military pay taxes ” Tax-exempt interest. Military pay taxes   Do not report tax-exempt interest from state or local bonds you held in your CCF account. Military pay taxes You are not required to report this interest on Form 1040, line 8b. Military pay taxes Tax Treatment of CCF Withdrawals This section discusses the tax treatment of amounts you withdraw from your CCF account during the year. Military pay taxes Qualified Withdrawals A qualified withdrawal from a CCF account is one that is approved by NMFS for either of the following uses. Military pay taxes Acquiring, building, or rebuilding qualified vessels (defined next). Military pay taxes Making principal payments on the mortgage of a qualified vessel. Military pay taxes NMFS will not approve amounts withdrawn to purchase nets not continuously attached to the vessel, such as seine nets, gill set-nets, and gill drift-nets. Military pay taxes NMFS will approve amounts withdrawn to purchase trawl nets. Military pay taxes Qualified vessel. Military pay taxes   This is any vessel that meets all of the following requirements. Military pay taxes The vessel was built or rebuilt in the United States. Military pay taxes The vessel is documented under the laws of the United States. Military pay taxes The person maintaining the CCF account agrees with the Secretary of Commerce that the vessel will be operated in United States foreign trade, Great Lakes trade, noncontiguous domestic trade, or the fisheries of the United States. Military pay taxes How to determine the source of qualified withdrawals. Military pay taxes   When you make a qualified withdrawal, the amount is treated as being withdrawn in the following order from the accounts listed below. Military pay taxes The capital account. Military pay taxes The capital gain account. Military pay taxes The ordinary income account. Military pay taxes Excluding qualified withdrawals from tax. Military pay taxes   Do not report on your income tax return any qualified withdrawals from your CCF account. Military pay taxes Reduce the depreciable basis of fishing vessels you acquire, build, or rebuild when you make a qualified withdrawal from either the capital gain or the ordinary income account. Military pay taxes Nonqualified Withdrawals A nonqualified withdrawal from a CCF account is generally any withdrawal that is not a qualified withdrawal. Military pay taxes Qualified withdrawals are defined under Qualified Withdrawals, earlier. Military pay taxes Examples. Military pay taxes   Examples of nonqualified withdrawals include the following amounts from either the ordinary income account or the capital gain account. Military pay taxes Amounts remaining in a CCF account upon termination of your agreement with NMFS. Military pay taxes Amounts you withdraw and use to make principal payments on the mortgage of a vessel if the basis of that vessel and the bases of other vessels you own have already been reduced to zero. Military pay taxes Amounts determined by the IRS to cause your CCF account balance to exceed the amount appropriate to meet your planned use of withdrawals. Military pay taxes You will generally be given 3 years to revise your plans to cover this excess balance. Military pay taxes Amounts you leave in your account for more than 25 years. Military pay taxes There is a graduated schedule under which the percentage applied to determine the amount of the nonqualified withdrawal increases from 20% in the 26th year to 100% in the 30th year. Military pay taxes How to determine the source of nonqualified withdrawals. Military pay taxes    When you make a nonqualified withdrawal from your CCF account, the amount is treated as being withdrawn in the following order from the accounts listed below. Military pay taxes The ordinary income account. Military pay taxes The capital gain account. Military pay taxes The capital account. Military pay taxes Paying tax on nonqualified withdrawals. Military pay taxes   In general, nonqualified withdrawals are taxed separately from your other gross income and at the highest marginal tax rate in effect for the year of withdrawal. Military pay taxes However, nonqualified withdrawals treated as made from the capital gain account are taxed at a rate that cannot exceed 15% for individuals and 34% for corporations. Military pay taxes    Partnerships and S corporations. Military pay taxes Taxable nonqualified partnership withdrawals are separately stated on Schedule K (Form 1065), line 20c, and allocated to the partners on Schedule K-1 (Form 1065), box 20 (for 2005). Military pay taxes Taxable nonqualified withdrawals by an S corporation are separately stated on Schedule K (Form 1120S), line 17d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 17. Military pay taxes Interest. Military pay taxes   You must pay interest on the additional tax due to nonqualified withdrawals that are treated as made from either the ordinary income or the capital gain account. Military pay taxes The interest period begins on the last date for paying tax for the year for which you deposited the amount you withdrew from your CCF account. Military pay taxes The period ends on the last date for paying tax for the year in which you make the nonqualified withdrawal. Military pay taxes The interest rate on the nonqualified withdrawal is simple interest. Military pay taxes The rate is subject to change annually and is published in the Federal Register. Military pay taxes    You also can call NMFS at (301) 713-2393 (ext. Military pay taxes 204) to get the current interest rate. Military pay taxes Interest deduction. Military pay taxes   You can deduct the interest you pay on a nonqualified withdrawal as a trade or business expense. Military pay taxes Reporting the additional tax and interest. Military pay taxes   Attach a statement to your income tax return showing your computation of the tax and the interest on a nonqualified withdrawal. Military pay taxes Include the tax and interest on Form 1040, line 63 (for 2005). Military pay taxes To the left of line 63, write in the amount of tax and interest and “CCF. Military pay taxes ” Tax benefit rule. Military pay taxes   If any portion of your nonqualified withdrawal is properly attributable to contributions (not earnings on the contributions) you made to the CCF account that did not reduce your tax liability for any tax year prior to the withdrawal year, the following tax treatment applies. Military pay taxes The part that did not reduce your tax liability for any year prior to the withdrawal year is not taxed. Military pay taxes That part is allowed as a net operating loss deduction. Military pay taxes More Information This section briefly discussed the CCF program. Military pay taxes For more detailed information, see the following legislative authorities. Military pay taxes Section 607 of the Merchant Marine Act of 1936, as amended (46 U. Military pay taxes S. Military pay taxes C. Military pay taxes 1177). Military pay taxes Chapter 2, Part 259 of title 50 of the Code of Federal Regulations (50 C. Military pay taxes F. Military pay taxes R. Military pay taxes , Part 259). Military pay taxes Subchapter A, Part 3 of title 26 of the Code of Federal Regulations (26 C. Military pay taxes F. Military pay taxes R. Military pay taxes , Part 3). Military pay taxes Section 7518 of the Internal Revenue Code (IRC 7518). Military pay taxes The application kit you can obtain from NMFS at the address or phone number given earlier may contain copies of some of these sources of additional information. Military pay taxes Also, see their web page at www. Military pay taxes nmfs. Military pay taxes noaa. Military pay taxes gov/mb/financial_services/ccf. Military pay taxes htm. Military pay taxes How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Military pay taxes By selecting the method that is best for you, you will have quick and easy access to tax help. Military pay taxes Contacting your Taxpayer Advocate. Military pay taxes   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. Military pay taxes   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. Military pay taxes While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. Military pay taxes   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778, Call, write, or fax the Taxpayer Advocate office in your area, Call 1-800-829-4059 if you are a TTY/TDD user, or Visit www. Military pay taxes irs. Military pay taxes gov/advocate. Military pay taxes   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). Military pay taxes Free tax services. Military pay taxes   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. Military pay taxes It contains a list of free tax publications and an index of tax topics. Military pay taxes It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. Military pay taxes Internet. Military pay taxes You can access the IRS website 24 hours a day, 7 days a week, at www. Military pay taxes irs. Military pay taxes gov to: E-file your return. Military pay taxes Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Military pay taxes Check the status of your refund. Military pay taxes Click on Where's My Refund. Military pay taxes Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Military pay taxes Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Military pay taxes Download forms, instructions, and publications. Military pay taxes Order IRS products online. Military pay taxes Research your tax questions online. Military pay taxes Search publications online by topic or keyword. Military pay taxes View Internal Revenue Bulletins (IRBs) published in the last few years. Military pay taxes Figure your withholding allowances using our Form W-4 calculator. Military pay taxes Sign up to receive local and national tax news by email. Military pay taxes Get information on starting and operating a small business. Military pay taxes Phone. Military pay taxes Many services are available by phone. Military pay taxes Ordering forms, instructions, and publications. Military pay taxes Call 1-800-829-3676 to order current-year forms, instructions, and publications and prior-year forms and instructions. Military pay taxes You should receive your order within 10 days. Military pay taxes Asking tax questions. Military pay taxes Call the IRS with your tax questions at 1-800-829-1040. Military pay taxes Solving problems. Military pay taxes You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Military pay taxes An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Military pay taxes Call your local Taxpayer Assistance Center for an appointment. Military pay taxes To find the number, go to www. Military pay taxes irs. Military pay taxes gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Military pay taxes TTY/TDD equipment. Military pay taxes If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Military pay taxes TeleTax topics. Military pay taxes Call 1-800-829-4477 and press 2 to listen to pre-recorded messages covering various tax topics. Military pay taxes Refund information. Military pay taxes If you would like to check the status of your refund, call 1-800-829-4477 and press 1 for automated refund information and follow the recorded instructions or call 1-800-829-1954. Military pay taxes Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Military pay taxes Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Military pay taxes Evaluating the quality of our telephone services. Military pay taxes To ensure that IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Military pay taxes One method is for a second IRS representative to sometimes listen in on or record telephone calls. Military pay taxes Another is to ask some callers to complete a short survey at the end of the call. Military pay taxes Walk-in. Military pay taxes Many products and services are available on a walk-in basis. Military pay taxes Products. Military pay taxes You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Military pay taxes Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD-ROM or photocopy from reproducible proofs. Military pay taxes Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Military pay taxes Services. Military pay taxes You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Military pay taxes An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Military pay taxes If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you're more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Military pay taxes No appointment is necessary, but if you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Military pay taxes A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Military pay taxes To find the number, go to www. Military pay taxes irs. Military pay taxes gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Military pay taxes Mail. Military pay taxes You can send your order for forms, instructions, and publications to the address below and receive a response within 10 business days after your request is received. Military pay taxes National Distribution Center P. Military pay taxes O. Military pay taxes Box 8903 Bloomington, IL 61702-8903 CD-ROM for tax products. Military pay taxes You can order Publication 1796, IRS Tax Products on CD-ROM, and obtain: A CD that is released twice so you have the latest products. Military pay taxes The first release ships in late December and the final release ships in late February. Military pay taxes Current-year forms, instructions, and publications. Military pay taxes Prior-year forms, instructions, and publications. Military pay taxes Tax Map: an electronic research tool and finding aid. Military pay taxes Tax law frequently asked questions (FAQs). Military pay taxes Tax Topics from the IRS telephone response system. Military pay taxes Fill-in, print, and save features for most tax forms. Military pay taxes Internal Revenue Bulletins. Military pay taxes Toll-free and email technical support. Military pay taxes Buy the CD-ROM from National Technical Information Service (NTIS) at www. Military pay taxes irs. Military pay taxes gov/cdorders for $25 (no handling fee) or call 1-877-233-6767 toll free to buy the CD-ROM for $25 (plus a $5 handling fee). Military pay taxes CD-ROM for small businesses. Military pay taxes Publication 3207, Small Business Resource Guide CD-ROM, has a new look and enhanced navigation features. Military pay taxes This CD includes: Helpful information, such as how to prepare a business plan, find financing for your business, and much more. Military pay taxes All the business tax forms, instructions, and publications needed to successfully manage a business. Military pay taxes Tax law changes. Military pay taxes IRS Tax Map to help you find forms, instructions, and publications by searching on a keyword or topic. Military pay taxes Web links to various government agencies, business associations, and IRS organizations. Military pay taxes “Rate the Product” survey—your opportunity to suggest changes for future editions. Military pay taxes An updated version of this CD is available each year in early April. Military pay taxes You can get a free copy by calling 1-800-829-3676 or by visiting www. Military pay taxes irs. Military pay taxes gov/smallbiz. Military pay taxes Prev  Up  Next   Home   More Online Publications