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Taxslayer 2012 14. Taxslayer 2012 Penalties and Interest Table of Contents Penalties and interest may result from any of the following acts. Taxslayer 2012 Failing to collect and pay over tax as the collecting agent (see Trust fund recovery penalty, later). Taxslayer 2012 Failing to keep adequate records. Taxslayer 2012 Failing to file returns. Taxslayer 2012 Failing to pay taxes. Taxslayer 2012 Filing returns late. Taxslayer 2012 Filing false or fraudulent returns. Taxslayer 2012 Paying taxes late. Taxslayer 2012 Failing to make deposits. Taxslayer 2012 Depositing taxes late. Taxslayer 2012 Making false statements relating to tax. Taxslayer 2012 Failing to register. Taxslayer 2012 Misrepresenting that tax is excluded from the price of an article. Taxslayer 2012 Failure to register. Taxslayer 2012 The penalty for failure to register if you are required to register, unless due to reasonable cause, is $10,000 for the initial failure, and then $1,000 each day thereafter you fail to register. Taxslayer 2012 Claims. Taxslayer 2012 There are criminal penalties for false or fraudulent claims. Taxslayer 2012 In addition, any person who files a refund claim, discussed earlier, for an excessive amount (without reasonable cause) may have to pay a penalty. Taxslayer 2012 An excessive amount is the amount claimed that is more than the allowable amount. Taxslayer 2012 The penalty is the greater of two times the excessive amount or $10. Taxslayer 2012 Trust fund recovery penalty. Taxslayer 2012 If you provide taxable communications, air transportation services, or indoor tanning services, you have to collect excise taxes (as discussed earlier) from those persons who pay you for those services. Taxslayer 2012 You must pay over these taxes to the U. Taxslayer 2012 S. Taxslayer 2012 Government. Taxslayer 2012 If you willfully fail to collect or pay over these taxes, or if you evade or defeat them in any way, the trust fund recovery penalty may apply. Taxslayer 2012 Willfully means voluntarily, consciously, and intentionally. Taxslayer 2012 The trust fund recovery penalty equals 100% of the taxes not collected or not paid over to the U. Taxslayer 2012 S. Taxslayer 2012 Government. Taxslayer 2012 The trust fund recovery penalty may be imposed on any person responsible for collecting, accounting for, and paying over these taxes. Taxslayer 2012 If this person knows that these required actions are not taking place for whatever reason, the person is acting willfully. Taxslayer 2012 Paying other expenses of the business instead of paying the taxes is willful behavior. Taxslayer 2012 A responsible person can be an officer or employee of a corporation, a partner or employee of a partnership, or any other person who had responsibility for certain aspects of the business and financial affairs of the employer (or business). Taxslayer 2012 This may include accountants, trustees in bankruptcy, members of a board, banks, insurance companies, or sureties. Taxslayer 2012 The responsible person could even be another corporation—in other words, anyone who has the duty and the ability to direct, account for, or pay over the money. Taxslayer 2012 Having signature power on the business checking account could be a significant factor in determining responsibility. Taxslayer 2012 Prev Up Next Home More Online Publications
Tax Information for Bondholders
Publication 550 - Investment Income and Expenses
This publication provides information on the tax treatment of investment income and expenses. It explains what investment income is taxable and what investment expenses are deductible. It explains when and how to show these items on your tax return.
Publication 915 - Social Security and Equivalent Railroad Retirement Benefits
This publication explains the federal income tax rules for social security benefits and equivalent tier 1 railroad retirement benefits. Receipt of interest on tax exempt bonds may impact the taxability of social security benefits, as described in this publication.
Page Last Reviewed or Updated: 22-Apr-2013
The Taxslayer 2012
Taxslayer 2012 Publication 551 - Introductory Material Table of Contents What's New Reminder IntroductionOrdering forms and publications. Taxslayer 2012 Tax questions. Taxslayer 2012 Useful Items - You may want to see: What's New Property acquired from a decedent who died in 2010. Taxslayer 2012 Property acquired from a decedent dying in 2010 will no longer have an automatic increase in basis. Taxslayer 2012 See Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, for details. Taxslayer 2012 Reminder Photographs of missing children. Taxslayer 2012 The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Taxslayer 2012 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Taxslayer 2012 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Taxslayer 2012 Introduction Basis is the amount of your investment in property for tax purposes. Taxslayer 2012 Use the basis of property to figure depreciation, amortization, depletion, and casualty losses. Taxslayer 2012 Also use it to figure gain or loss on the sale or other disposition of property. Taxslayer 2012 You must keep accurate records of all items that affect the basis of property so you can make these computations. Taxslayer 2012 This publication is divided into the following sections. Taxslayer 2012 Cost Basis Adjusted Basis Basis Other Than Cost The basis of property you buy is usually its cost. Taxslayer 2012 You may also have to capitalize (add to basis) certain other costs related to buying or producing the property. Taxslayer 2012 Your original basis in property is adjusted (increased or decreased) by certain events. Taxslayer 2012 If you make improvements to the property, increase your basis. Taxslayer 2012 If you take deductions for depreciation or casualty losses, reduce your basis. Taxslayer 2012 You cannot determine your basis in some assets by cost. Taxslayer 2012 This includes property you receive as a gift or inheritance. Taxslayer 2012 It also applies to property received in an involuntary conversion and certain other circumstances. Taxslayer 2012 Comments and suggestions. Taxslayer 2012 We welcome your comments about this publication and your suggestions for future editions. Taxslayer 2012 You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Taxslayer 2012 NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Taxslayer 2012 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxslayer 2012 You can email us at taxforms@irs. Taxslayer 2012 gov. Taxslayer 2012 Please put “Publications Comment” on the subject line. Taxslayer 2012 You can also send us comments from www. Taxslayer 2012 irs. Taxslayer 2012 gov/formspubs/, select “Comment on Tax Forms and Publications” under “Information about. Taxslayer 2012 ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Taxslayer 2012 Ordering forms and publications. Taxslayer 2012 Visit www. Taxslayer 2012 irs. Taxslayer 2012 gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 business days after your request is received. Taxslayer 2012 Internal Revenue Service 1201 N. Taxslayer 2012 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Taxslayer 2012 If you have a tax question, visit IRS. Taxslayer 2012 gov or call 1-800-829-1040. Taxslayer 2012 We cannot answer tax questions sent to either of the above addresses. Taxslayer 2012 Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 523 Selling Your Home 525 Taxable and Nontaxable Income 527 Residential Rental Property 530 Tax Information for First-Time Homeowners 535 Business Expenses 537 Installment Sales 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 559 Survivors, Executors, and Administrators 587 Business Use of Your Home 946 How To Depreciate Property Form (and Instructions) 706 United States Estate (and Generation-Skipping Transfer) Tax Return 706-A United States Additional Estate Tax Return 8594 Asset Acquisition Statement See How To Get Tax Help near the end of this publication for information about getting publications and forms. Taxslayer 2012 Prev Up Next Home More Online Publications