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File 2010 taxes online turbotax 2. File 2010 taxes online turbotax   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 2010 taxes online turbotax ” 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 2010 taxes online turbotax 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 2010 taxes online turbotax Those cases are called “abusive tax shelters. File 2010 taxes online turbotax ” An investment that is considered a tax shelter is subject to restrictions, including the requirement that it be disclosed, as discussed later. File 2010 taxes online turbotax Topics - This chapter discusses: Abusive Tax Shelters , Rules To Curb Abusive Tax Shelters , Investor Reporting , Penalties , and Whether To Invest . File 2010 taxes online turbotax 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 2010 taxes online turbotax Abusive Tax Shelters Abusive tax shelters are marketing schemes involving artificial transactions with little or no economic reality. File 2010 taxes online turbotax 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 2010 taxes online turbotax Despite appearances to the contrary, the taxpayer generally risks little. File 2010 taxes online turbotax 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 2010 taxes online turbotax 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 2010 taxes online turbotax (But see the appraisal requirements discussed under Rules To Curb Abusive Tax Shelters , later. File 2010 taxes online turbotax ) They are commonly marketed in terms of the ratio of tax deductions allegedly available to each dollar invested. File 2010 taxes online turbotax This ratio (or “write-off”) is frequently said to be several times greater than one-to-one. File 2010 taxes online turbotax 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 2010 taxes online turbotax However, you should ask the following questions, which might provide a clue to the abusive nature of the plan. File 2010 taxes online turbotax 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 2010 taxes online turbotax These provisions include the following. File 2010 taxes online turbotax Disclosure of reportable transactions. File 2010 taxes online turbotax   You must disclose information for each reportable transaction in which you participate. File 2010 taxes online turbotax See Reportable Transaction Disclosure Statement , later. File 2010 taxes online turbotax   Material advisors with respect to any reportable transaction must disclose information about the transaction on Form 8918, Material Advisor Disclosure Statement. File 2010 taxes online turbotax To determine whether you are a material advisor to a transaction, see the Instructions for Form 8918. File 2010 taxes online turbotax   Material advisors will receive a reportable transaction number for the disclosed reportable transaction. File 2010 taxes online turbotax They must provide this number to all persons to whom they acted as a material advisor. File 2010 taxes online turbotax They must provide the number at the time the transaction is entered into. File 2010 taxes online turbotax 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 2010 taxes online turbotax For information on penalties for failure to disclose and failure to maintain lists, see Internal Revenue Code sections 6707, 6707A, and 6708. File 2010 taxes online turbotax Requirement to maintain list. File 2010 taxes online turbotax   Material advisors must maintain a list of persons to whom they provide material aid, assistance, or advice on any reportable transaction. File 2010 taxes online turbotax 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 2010 taxes online turbotax See Regulations section 301. File 2010 taxes online turbotax 6112-1 for more information (including what information is required to be included on the list). File 2010 taxes online turbotax Confidentiality privilege. File 2010 taxes online turbotax   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 2010 taxes online turbotax Appraisal requirement for donated property. File 2010 taxes online turbotax   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 2010 taxes online turbotax 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 2010 taxes online turbotax If you file electronically, see Form 8453, U. File 2010 taxes online turbotax S. File 2010 taxes online turbotax Individual Income Tax Transmittal for an IRS e-file Return, and its instructions. File 2010 taxes online turbotax For more information about appraisals, including exceptions, see Publication 561. File 2010 taxes online turbotax Passive activity loss and credit limits. File 2010 taxes online turbotax   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 2010 taxes online turbotax For more detailed information about determining and reporting income, losses, and credits from passive activities, see Publication 925. File 2010 taxes online turbotax Interest on penalties. File 2010 taxes online turbotax   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 2010 taxes online turbotax Accounting method restriction. File 2010 taxes online turbotax   Tax shelters generally cannot use the cash method of accounting. File 2010 taxes online turbotax Uniform capitalization rules. File 2010 taxes online turbotax   The uniform capitalization rules generally apply to producing property or acquiring it for resale. File 2010 taxes online turbotax Under those rules, the direct cost and part of the indirect cost of the property must be capitalized or included in inventory. File 2010 taxes online turbotax For more information, see Publication 538. File 2010 taxes online turbotax Denial of deduction for interest on an underpayment due to a reportable transaction. File 2010 taxes online turbotax   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 2010 taxes online turbotax This rule applies to reportable transactions entered into in tax years beginning after October 22, 2004. File 2010 taxes online turbotax 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 2010 taxes online turbotax The guidance is the conclusion of the IRS on how the law is applied to a particular set of facts. File 2010 taxes online turbotax Guidance is published in the Internal Revenue Bulletin for taxpayers' information and also for use by IRS officials. File 2010 taxes online turbotax 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 2010 taxes online turbotax 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 2010 taxes online turbotax 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 2010 taxes online turbotax Investor Reporting You may be required to file a reportable transaction disclosure statement. File 2010 taxes online turbotax Reportable Transaction Disclosure Statement Use Form 8886 to disclose information for each reportable transaction (discussed later) in which you participated. File 2010 taxes online turbotax Generally, you must attach Form 8886 to your return for each tax year in which you participated in the transaction. File 2010 taxes online turbotax 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 2010 taxes online turbotax 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 2010 taxes online turbotax  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 2010 taxes online turbotax If you use a computer-generated or substitute Form 8886, it must be an exact copy of the official IRS form. File 2010 taxes online turbotax 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 2010 taxes online turbotax See Penalty for failure to disclose a reportable transaction , later under Penalties. File 2010 taxes online turbotax The following discussion briefly describes reportable transactions. File 2010 taxes online turbotax For more details, see the Instructions for Form 8886. File 2010 taxes online turbotax Reportable transaction. File 2010 taxes online turbotax   A reportable transaction is any of the following. File 2010 taxes online turbotax A listed transaction. File 2010 taxes online turbotax A confidential transaction. File 2010 taxes online turbotax A transaction with contractual protection. File 2010 taxes online turbotax A loss transaction. File 2010 taxes online turbotax A transaction of interest entered into after November 1, 2006. File 2010 taxes online turbotax Note. File 2010 taxes online turbotax Transactions with a brief asset holding period were removed from the definition of reportable transaction for transactions entered into after August 2, 2007. File 2010 taxes online turbotax Listed transaction. File 2010 taxes online turbotax   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 2010 taxes online turbotax These transactions have been identified in notices, regulations, and other published guidance issued by the IRS. File 2010 taxes online turbotax For a list of existing guidance, see Notice 2009-59 in Internal Revenue Bulletin 2009-31, available at www. File 2010 taxes online turbotax irs. File 2010 taxes online turbotax gov/irb/2009-31_IRB/ar07. File 2010 taxes online turbotax html. File 2010 taxes online turbotax Confidential transaction. File 2010 taxes online turbotax   A confidential transaction is offered to you under conditions of confidentiality and for which you have paid an advisor a minimum fee. File 2010 taxes online turbotax 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 2010 taxes online turbotax The transaction is treated as confidential even if the conditions of confidentiality are not legally binding on you. File 2010 taxes online turbotax Transaction with contractual protection. File 2010 taxes online turbotax   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 2010 taxes online turbotax For information on exceptions, see Revenue Procedure 2007-20 in Internal Revenue Bulletin 2007-7, available at www. File 2010 taxes online turbotax irs. File 2010 taxes online turbotax gov/irb/2007-07_IRB/ar15. File 2010 taxes online turbotax html. File 2010 taxes online turbotax Loss transaction. File 2010 taxes online turbotax   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 2010 taxes online turbotax 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 2010 taxes online turbotax   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 2010 taxes online turbotax 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 2010 taxes online turbotax irs. File 2010 taxes online turbotax gov/irb/2004-50_IRB/ar11. File 2010 taxes online turbotax html. File 2010 taxes online turbotax Transaction of interest. File 2010 taxes online turbotax   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 2010 taxes online turbotax The IRS has identified the following transactions of interest. File 2010 taxes online turbotax “Toggling” grantor trusts as described in Notice 2007-73, 2007-36 I. File 2010 taxes online turbotax R. File 2010 taxes online turbotax B. File 2010 taxes online turbotax 545, available at www. File 2010 taxes online turbotax irs. File 2010 taxes online turbotax gov/irb/2007-36_IRB/ar20. File 2010 taxes online turbotax html. File 2010 taxes online turbotax Certain transactions involving contributions of a successor member interest in a limited liability company as described in Notice 2007-72, 2007-36 I. File 2010 taxes online turbotax R. File 2010 taxes online turbotax B. File 2010 taxes online turbotax 544, available at www. File 2010 taxes online turbotax irs. File 2010 taxes online turbotax gov/irb/2007-36_IRB/ar19. File 2010 taxes online turbotax html. File 2010 taxes online turbotax 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 2010 taxes online turbotax R. File 2010 taxes online turbotax B. File 2010 taxes online turbotax 1194, available at www. File 2010 taxes online turbotax irs. File 2010 taxes online turbotax gov/irb/2008-47_IRB/ar11. File 2010 taxes online turbotax html. File 2010 taxes online turbotax Certain transactions involving a U. File 2010 taxes online turbotax S. File 2010 taxes online turbotax 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 2010 taxes online turbotax R. File 2010 taxes online turbotax B. File 2010 taxes online turbotax 312, available at www. File 2010 taxes online turbotax irs. File 2010 taxes online turbotax gov/irb/2009-03_IRB/ar10. File 2010 taxes online turbotax html. File 2010 taxes online turbotax   For updates to this list, go to www. File 2010 taxes online turbotax irs. File 2010 taxes online turbotax gov/Businesses/Corporations/Abusive-Tax-Shelters-and-Transactions. File 2010 taxes online turbotax Penalties Investing in an abusive tax shelter may lead to substantial expenses. File 2010 taxes online turbotax First, the promoter generally charges a substantial fee. File 2010 taxes online turbotax 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 2010 taxes online turbotax You may also be subject to the penalty for failure to pay tax. File 2010 taxes online turbotax These penalties are explained in the following paragraphs. File 2010 taxes online turbotax Accuracy-related penalties. File 2010 taxes online turbotax   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 2010 taxes online turbotax 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 2010 taxes online turbotax Your failure to disclose a reportable transaction is a strong indication that you failed to act in good faith. File 2010 taxes online turbotax   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 2010 taxes online turbotax   The 20% penalties do not apply to any underpayment attributable to a reportable transaction understatement subject to an accuracy-related penalty (discussed later). File 2010 taxes online turbotax Negligence or disregard of rules or regulations. File 2010 taxes online turbotax   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 2010 taxes online turbotax 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 2010 taxes online turbotax    Negligence includes any failure to make a reasonable attempt to comply with the provisions of the Internal Revenue Code. File 2010 taxes online turbotax It also includes any failure to keep adequate books and records. File 2010 taxes online turbotax A return position that has a reasonable basis is not negligence. File 2010 taxes online turbotax   Disregard includes any careless, reckless, or intentional disregard of rules or regulations. File 2010 taxes online turbotax   The penalty for disregard of rules and regulations can be avoided if all the following are true. File 2010 taxes online turbotax You keep adequate books and records. File 2010 taxes online turbotax You have a reasonable basis for your position on the tax issue. File 2010 taxes online turbotax You make an adequate disclosure of your position. File 2010 taxes online turbotax Use Form 8275 to make your disclosure and attach it to your return. File 2010 taxes online turbotax To disclose a position contrary to a regulation, use Form 8275-R. File 2010 taxes online turbotax Use Form 8886 to disclose a reportable transaction (discussed earlier). File 2010 taxes online turbotax Substantial understatement of tax. File 2010 taxes online turbotax   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 2010 taxes online turbotax 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 2010 taxes online turbotax 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 2010 taxes online turbotax   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 2010 taxes online turbotax In that way, you can avoid the substantial understatement penalty if you have a reasonable basis for your position on the tax issue. File 2010 taxes online turbotax Disclosure of the tax shelter item on a tax return does not reduce the amount of the understatement. File 2010 taxes online turbotax   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 2010 taxes online turbotax 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 2010 taxes online turbotax Substantial valuation misstatement. File 2010 taxes online turbotax   In general, you are liable for a 20% penalty for a substantial valuation misstatement if all the following are true. File 2010 taxes online turbotax The value or adjusted basis of any property claimed on the return is 150% or more of the correct amount. File 2010 taxes online turbotax You underpaid your tax by more than $5,000 because of the misstatement. File 2010 taxes online turbotax You cannot establish that you had reasonable cause for the underpayment and that you acted in good faith. File 2010 taxes online turbotax   You may be assessed a penalty of 40% for a gross valuation misstatement. File 2010 taxes online turbotax 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 2010 taxes online turbotax The penalty rate is also 40% if the property's correct value or adjusted basis is zero. File 2010 taxes online turbotax Transaction lacking economic substance. File 2010 taxes online turbotax   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 2010 taxes online turbotax 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 2010 taxes online turbotax   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 2010 taxes online turbotax   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 2010 taxes online turbotax   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 2010 taxes online turbotax Relevant facts include any facts affecting the tax treatment of the transaction. File 2010 taxes online turbotax    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 2010 taxes online turbotax Undisclosed foreign financial asset understatement. File 2010 taxes online turbotax   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 2010 taxes online turbotax 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 2010 taxes online turbotax The penalty applies to any part of an underpayment related to the following undisclosed foreign financial assets. File 2010 taxes online turbotax Any foreign business you control, reportable on Form 5471, Information Return of U. File 2010 taxes online turbotax S. File 2010 taxes online turbotax Persons With Respect To Certain Foreign Corporations, or Form 8865, Return of U. File 2010 taxes online turbotax S. File 2010 taxes online turbotax Persons With Respect to Certain Foreign Partnerships. File 2010 taxes online turbotax Certain transfers of property to a foreign corporation or partnership, reportable on Form 926, Return by a U. File 2010 taxes online turbotax S. File 2010 taxes online turbotax Transferor of Property to a Foreign Corporation, or certain distributions to a foreign person, reportable on Form 8865. File 2010 taxes online turbotax Your ownership interest in certain foreign financial assets, temporarily reportable on Form 8275 or 8275-R. File 2010 taxes online turbotax    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 2010 taxes online turbotax See the Instructions for Form 8938 for details. File 2010 taxes online turbotax    Your acquisition, disposition, or substantial change in ownership interest in a foreign partnership, reportable on Form 8865. File 2010 taxes online turbotax 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 2010 taxes online turbotax Penalty for incorrect appraisals. File 2010 taxes online turbotax   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 2010 taxes online turbotax For details on the penalty amount and exceptions, see Publication 561. File 2010 taxes online turbotax Penalty for failure to disclose a reportable transaction. File 2010 taxes online turbotax   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 2010 taxes online turbotax For an individual, the minimum penalty is $5,000 and the maximum is $10,000 (or $100,000 for a listed transaction). File 2010 taxes online turbotax This penalty is in addition to any other penalty that may be imposed. File 2010 taxes online turbotax   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 2010 taxes online turbotax For information on rescission, see Revenue Procedure 2007-21 in Internal Revenue Bulletin 2007-9 available at www. File 2010 taxes online turbotax irs. File 2010 taxes online turbotax gov/irb/2007-09_IRB/ar12. File 2010 taxes online turbotax html. File 2010 taxes online turbotax Accuracy-related penalty for a reportable transaction understatement. File 2010 taxes online turbotax   If you have a reportable transaction understatement, you may have to pay a penalty equal to 20% of the amount of that understatement. File 2010 taxes online turbotax 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 2010 taxes online turbotax The penalty is 30% rather than 20% for the part of any reportable transaction understatement if the transaction was not properly disclosed. File 2010 taxes online turbotax You may not have to pay the 20% penalty if you meet the strengthened reasonable cause and good faith exception. File 2010 taxes online turbotax 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 2010 taxes online turbotax   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 2010 taxes online turbotax Civil fraud penalty. File 2010 taxes online turbotax   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 2010 taxes online turbotax Joint return. File 2010 taxes online turbotax   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 2010 taxes online turbotax Failure to pay tax. File 2010 taxes online turbotax   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 2010 taxes online turbotax 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 2010 taxes online turbotax Prev  Up  Next   Home   More Online Publications
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Understanding Your CP32 Notice

We sent you a replacement refund check.


What you need to do

  • If you have the expired check, please destroy it.

You may want to...

  • Call 1-800-TAX-FORM (1-800-829-3676) to order forms and publications.

Answers to Common Questions

When will I receive the replacement check?
You should receive the replacement check within 30 days.

What do I need to do to get my refund through direct deposit next year?
When filing your tax return, complete the requested banking information in the "Refund" section of your tax form if you want to direct deposit the entire amount into one account. If you want to deposit into more than one account, you must file Form 8888, Direct Deposit of Refund to More Than One Account, with your return.

Since my refund check was returned, can I request that you mail it to my work address instead?
Refund checks are mailed only to the address of record, which is the address provided on the tax return or the result of a permanent address change request submitted after the return is filed.

I filed jointly, but my spouse and I are now divorced. Where will you send the refund? Can you send us two checks?
A refund check is mailed to the address of record, which is the address provided on the tax return or the result of a permanent address change request submitted after the return is filed. We will send one refund check listing both you and your spouse's names. If you wish to have the refund split and issued in two checks, you must return the uncashed refund check and a copy of your divorce decree showing how the refund is to be allocated.


Tips for next year

To receive your refund more quickly, consider requesting your refund through direct deposit. You can even request that your refund be distributed to separate accounts, such as checking, savings, or retirement accounts. To request this, use Form 8888, Direct Deposit of Refund to More Than One Account.

Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.

Page Last Reviewed or Updated: 03-Mar-2014

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
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The File 2010 Taxes Online Turbotax

File 2010 taxes online turbotax Index A Adjusted basis: Adoption tax benefits, Adoption Tax Benefits Assessment for local improvements, Assessments for Local Improvements Canceled debt, Canceled Debt Excluded From Income Casualty and theft losses, Casualties and Thefts Credit for qualified electric vehicles, Vehicle Credits Decreases to, Decreases to Basis Depreciation, Depreciation Easements, Easements Employer-provided child care, Employer-Provided Child Care Example, Adjustments to Basis Example Gain from sale of home, Postponed Gain From Sale of Home Gas-guzzler tax, Gas-Guzzler Tax Increases to, Increases to Basis Section 179 deduction, Section 179 Deduction Subsidies for energy conservation, Exclusion of Subsidies for Energy Conservation Measures Adoption tax benefits, Adoption Tax Benefits Allocating basis, Allocating the Basis Assistance (see Tax help) Assumption of mortgage, Assumption of mortgage. File 2010 taxes online turbotax B Business acquired, Trade or Business Acquired Business assets, Business Assets Businesses exchanged, Exchange of business property. File 2010 taxes online turbotax C Canceled debt, Canceled Debt Excluded From Income Casualty and theft losses, Casualties and Thefts Change to business use, Property Changed to Business or Rental Use Community property, Community Property Constructing assets, Constructing assets. File 2010 taxes online turbotax Copyrights, Copyrights. File 2010 taxes online turbotax Cost basis: Allocating basis, Allocating the Basis Assumption of mortgage, Assumption of mortgage. File 2010 taxes online turbotax Capitalized costs, Activities subject to the rules. File 2010 taxes online turbotax , Deducting vs. File 2010 taxes online turbotax Capitalizing Costs Loans, low or no interest, Loans with low or no interest. File 2010 taxes online turbotax Real estate taxes, Real estate taxes. File 2010 taxes online turbotax Real property, Real Property Settlement costs (fees), Settlement costs. File 2010 taxes online turbotax D Decreases to basis, Decreases to Basis Demolition of building, Demolition of building. File 2010 taxes online turbotax Depreciation, Depreciation E Easements, Easements Employer-provided child care, Employer-Provided Child Care Exchanges: Involuntary, Involuntary Conversions Like-kind, Like-Kind Exchanges Nontaxable, Nontaxable Exchanges Partial business use of property, Partial Business Use of Property Taxable, Taxable Exchanges F Fair market value, Fair market value (FMV). File 2010 taxes online turbotax Franchises, Franchises, trademarks, and trade names. File 2010 taxes online turbotax Free tax services, How To Get Tax Help G Gain from sale of home, Postponed Gain From Sale of Home Gifts, property received, Property Received as a Gift Group of assets acquired, Group of Assets Acquired H Help (see Tax help) I Inherited property, Inherited Property Intangible assets, Intangible Assets Involuntary exchanges, Involuntary Conversions L Land and buildings, Land and Buildings Loans, low or no interest, Loans with low or no interest. File 2010 taxes online turbotax M More information (see Tax help) N Nontaxable exchanges: Like-kind, Like-Kind Exchanges Partial, Partially Nontaxable Exchange P Partially nontaxable exchanges, Partially Nontaxable Exchange Patents, Patents. File 2010 taxes online turbotax Points, Points. File 2010 taxes online turbotax Property changed to business use, Property Changed to Business or Rental Use Property received as a gift, Property Received as a Gift Property received for services: Bargain purchases, Bargain Purchases Fair market value, Property Received for Services Restricted property, Restricted Property Property transferred from a spouse, Property Transferred From a Spouse Publications (see Tax help) R Real estate taxes, Real estate taxes. File 2010 taxes online turbotax Real property, Real Property S Settlement costs (fees), Settlement costs. File 2010 taxes online turbotax Special-use valuation, Special-use valuation. File 2010 taxes online turbotax Spouse, property transferred from, Property Transferred From a Spouse Stocks and bonds, Stocks and Bonds Subdivided lots, Subdivided lots. File 2010 taxes online turbotax T Tax help, How To Get Tax Help Taxable exchanges, Taxable Exchanges Taxpayer Advocate, Contacting your Taxpayer Advocate. File 2010 taxes online turbotax Trade or business acquired, Trade or Business Acquired Trademarks and trade  names, Franchises, trademarks, and trade names. File 2010 taxes online turbotax Trading property (see Exchanges), Taxable Exchanges TTY/TDD information, How To Get Tax Help U Uniform capitalization rules: Activities subject to the rules, Activities subject to the rules. File 2010 taxes online turbotax Exceptions, Exceptions. File 2010 taxes online turbotax Prev  Up     Home   More Online Publications