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Irs Publication 559 - Introductory Material Table of Contents Future Developments Reminders Introduction Useful Items - You may want to see: Future Developments For the latest information about developments affecting Publication 559, such as legislation enacted after we release it, go to www. Irs irs. Irs gov/pub559. Irs Reminders Throughout this publication, section references are to the Internal Revenue Code unless otherwise noted. Irs Consistent treatment of estate and trust items. Irs Beneficiaries must generally treat estate items the same way on their individual returns as they are treated on the estate's return. Irs Photographs of missing children. Irs The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Irs Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Irs 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. Irs Introduction This publication is designed to help those in charge (personal representatives) of the property (estate) of an individual who has died (decedent). Irs It shows them how to complete and file federal income tax returns and explains their responsibility to pay any taxes due on behalf of the decedent. Irs A comprehensive example of the decedent's final tax return, Form 1040, and estate's income tax return, Form 1041, are included in this publication. Irs The publication also explains how much money or property a taxpayer can give away during their lifetime or leave to their heirs at their death before any tax will be owed. Irs A discussion of Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, is included. Irs Also included in this publication are the following items: A checklist of the forms you may need and their due dates. Irs A worksheet to reconcile amounts reported in the decedent's name on information returns including Forms W-2, 1099-INT, 1099-DIV, etc. Irs The worksheet will help you correctly determine the income to report on the decedent's final return and on the return for either the estate or a beneficiary. Irs Comments and suggestions. Irs We welcome your comments about this publication and your suggestions for future editions. Irs You can send us comments from http://www. Irs irs. Irs gov/formspubs. Irs Click on “More Information” and then on “Give us Feedback. Irs ” Or you can also send your comments to the Internal Revenue Service, Tax Forms and Publications Division, 1111 Constitution Ave. Irs NW, IR-6526, Washington, DC 20224. Irs Useful Items - You may want to see: Publication 3 Armed Forces' Tax Guide Form (and Instructions) SS-4 Application for Employer Identification Number 56 Notice Concerning Fiduciary Relationship 1040 U. Irs S. Irs Individual Income Tax Return 1041 U. Irs S. Irs Income Tax Return for Estates and Trusts 706 United States Estate (and Generation-Skipping Transfer) Tax Return 709 United States Gift (and Generation-Skipping Transfer) Tax Return 1310 Statement of Person Claiming Refund Due a Deceased Taxpayer See How To Get Tax Help near the end of this publication for information about getting publications and forms. Irs Also near the end of this publication is Table A, a checklist of forms and their due dates for the executor, administrator, or personal representative. Irs Prev Up Next Home More Online Publications
2012 Offshore Voluntary Disclosure Program
Update Jan. 24, 2014 — Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, is now obsolete. After June 30, 2013, the FBAR must be filed electronically with FinCEN.
The IRS began an open-ended offshore voluntary disclosure program (OVDP) in January 2012 on the heels of strong interest in the 2011 and 2009 programs. The IRS may end the 2012 program at any time in the future. The IRS is offering people with undisclosed income from offshore accounts another opportunity to get current with their tax returns. The 2012 OVDP has a higher penalty rate than the previous program but offers clear benefits to encourage taxpayers to disclose foreign accounts now rather than risk detection by the IRS and possible criminal prosecution.
2012 OVDP Documents and Forms
Questions and Answers
News Releases and Fact Sheets
IR-2012-64, IRS Says Offshore Effort tops $5 Billion, Announces New Details on the Voluntary Disclosure Program and Closing of Offshore Loophole
IR-2012-64SP, Esfuerzo Extranjero del IRS Supera $5 Mil Millones; Detalles del Programa de Divulgación Voluntaria y Cierre de Laguna Jurídica
IR-2012-65, IRS Announces Efforts to Help U.S. Citizens Overseas, Including Dual Citizens and Those with Foreigh Retirement Plans
IR-2012-65SP, IRS Anuncia Ayuda a Estadounidenses en el Extranjero, Incluyendo Aquellos con Doble Nacionalidad y Planes de Jubilación Extranjeros
IR-2012-5, IRS Offshore Programs Produce $4.4 Billion To Date for Nation’s Taxpayers; Offshore Voluntary Disclosure Program Reopens
Page Last Reviewed or Updated: 24-Jan-2014
Irs Index A Accrual foreign taxes, adjustments, You may have to post a bond. Irs Accrual method of accounting, Accrual method of accounting. Irs Allocation Carryback/carryover between spouses, Allocations Between Spouses Foreign losses, Foreign Losses Foreign taxes, Allocation of Foreign Taxes U. Irs S. Irs losses, U. Irs S. Irs Losses Alternative minimum tax, Reminders Amended return, Claim for Refund American Samoa, resident of, Possession Exclusion Assistance (see Tax help) B Bankruptcy, effect of, Effect of bankruptcy or insolvency. Irs Beneficiary, Partner or S corporation shareholder. Irs Bond, income tax, You may have to post a bond. Irs Boycotting countries, Taxes From International Boycott Operations C Capital gains and losses, Capital Gains and Losses Carryback and carryover, Carrybacks and carryovers. Irs Allocations between spouses, Allocations Between Spouses Claim for refund, Time Limit on Tax Assessment Joint return, Married Couples Joint return–deduction year, Joint Return Filed in a Deduction Year Taxes all credited or deducted, Claim for Refund Time limit on tax assessment, Time Limit on Tax Assessment Choice to take credit or deduction Changing your choice, Making or Changing Your Choice Choice applied to all qualified foreign taxes, Choice Applies to All Qualified Foreign Taxes Claim for refund, Claim for Refund Classes of gross income, Classes of gross income. Irs Compensation for labor or personal services, Determining the Source of Compensation for Labor or Personal Services Geographical basis, Geographical basis. Irs Comprehensive example, Comprehensive Example — Filled-In Form 1116 Controlled foreign corporation shareholder, Controlled foreign corporation shareholder. Irs , Income from controlled foreign corporations. Irs Covered asset acquisition, Covered Asset Acquisition Credit How to claim, How To Claim the Credit How to figure, How To Figure the Credit Limit on, Limit on the Credit Credit for taxes paid or accrued, Credit for Taxes Paid or Accrued D Deduction for foreign taxes that are not income taxes, Foreign taxes that are not income taxes. Irs Distributions Lump-sum, Lump-Sum Distribution Dividends Taxes on, Taxes Imposed on Certain Dividends Dual-capacity taxpayers, Dual-capacity taxpayers. Irs E Economic benefits, Specific economic benefit. Irs Examples Comprehensive, Comprehensive Example — Filled-In Form 1116 Simple, Simple Example — Filled-In Form 1116 Excess limit, Carryback and Carryover Exchange rates, Foreign Currency and Exchange Rates Excluded income Foreign earned, Foreign Earned Income and Housing Exclusions Taxes on, Taxes on Excluded Income Exemption from foreign tax credit limit, Exemption from foreign tax credit limit. Irs Export financing interest, Export financing interest. Irs Extraterritorial income, Extraterritorial Income Exclusion F Financial services income, Financial services income. Irs Foreign corporation–U. Irs S. Irs shareholders, filing requirements, Taxes of U. Irs S. Irs Persons Controlling Foreign Corporations and Partnerships Foreign country, Foreign country. Irs Foreign currency and exchange rates, Foreign Currency and Exchange Rates Foreign income, translating, Translating foreign currency into U. Irs S. Irs dollars. Irs Foreign losses Allocation of, Foreign Losses Recapture of, Recapture of Prior Year Overall Foreign Loss Accounts Foreign mineral income, taxes on, Taxes on Foreign Mineral Income Foreign oil and gas extraction income, taxes on, Taxes on Combined Foreign Oil and Gas Income Foreign partnerships–U. Irs S. Irs partners, filing requirement, Taxes of U. Irs S. Irs Persons Controlling Foreign Corporations and Partnerships Foreign tax refund, Foreign tax refund. Irs , Foreign tax refund. Irs Foreign tax(es) Allocation to income categories, Allocation of Foreign Taxes For which you cannot take a credit, Foreign Taxes for Which You Cannot Take a Credit Imposed on foreign refund, Foreign tax imposed on foreign refund. Irs Qualifying for credit, What Foreign Taxes Qualify for the Credit? Redetermination, Foreign Tax Redetermination Refund, Foreign tax imposed on foreign refund. Irs Form 1040X, Claim for Refund 1116, Form 1116, Simple Example — Filled-In Form 1116, Comprehensive Example — Filled-In Form 1116 5471, Taxes of U. Irs S. Irs Persons Controlling Foreign Corporations and Partnerships 5713, Form 5713 required. Irs 8833, Report required. Irs 8865, Taxes of U. Irs S. Irs Persons Controlling Foreign Corporations and Partnerships 8873, Extraterritorial Income Exclusion Free tax services, Free help with your tax return. Irs Functional currency, Translating foreign currency into U. Irs S. Irs dollars. Irs G General category income, separate limit, General Category Income H Help (see Tax help) High-taxed income, High-taxed income. Irs I Income from sources in U. Irs S. Irs possessions, Determining the source of income from U. Irs S. Irs possessions. Irs Income re-sourced by treaty, separate limit, Certain Income Re-Sourced By Treaty Income tax, Income Tax Income tax bond, You may have to post a bond. Irs Interest, Penalties and interest. Irs Interest expense, apportioning, Interest expense. Irs International boycott, Taxes From International Boycott Operations Itemized deduction, Taxes for Which You Can Only Take an Itemized Deduction J Joint return Carryback and carryover, Married Couples Credit based on foreign tax of both spouses, Joint return. Irs Filed in a deduction year, Joint Return Filed in a Deduction Year L Levy, Income Tax Limit on credit, Limit on the Credit Losses, foreign, Foreign Losses Allocation of, Foreign Losses Recapture of, Recapture of Prior Year Overall Foreign Loss Accounts Losses, U. Irs S. Irs , U. Irs S. Irs Losses Allocation of, U. Irs S. Irs Losses Lump-sum distributions, Lump-Sum Distribution M Making or changing your choice, Making or Changing Your Choice Married couples Carryback and carryover, Married Couples Joint return, Joint return. Irs Mineral income, foreign,, Taxes on Foreign Mineral Income Mutual fund distributions, Mutual fund shareholder. Irs , Passive income. Irs Mutual fund shareholder, Mutual fund shareholder. Irs N Nonresident aliens, Nonresident Aliens Notice to the IRS of change in tax, Notice to the Internal Revenue Service (IRS) of Redetermination O Overall foreign loss, Overall foreign loss. Irs P Partner, Partner or S corporation shareholder. Irs , Partnership distributive share. Irs , Foreign Taxes From a Partnership or an S Corporation Passive category income, Passive Category Income Penalties, Failure-to-notify penalty. Irs , Penalties and interest. Irs Failure to file Form 5471, 8865, Penalty for not filing Form 5471 or Form 8865. Irs Failure to file Form 5713, Penalty for failure to file. Irs Failure to notify, foreign tax change, Failure-to-notify penalty. Irs Failure to report treaty information, Report required. Irs Pension, employment, and disability fund payments, Pension, unemployment, and disability fund payments. Irs Personal property, sales or exchanges of, Determining the Source of Income From the Sales or Exchanges of Certain Personal Property Possession exclusion, Possession Exclusion Publications (see Tax help) Purchase or sale of oil or gas, taxes in connection with, Taxes in Connection With the Purchase or Sale of Oil or Gas Q Qualified business unit, Translating foreign currency into U. Irs S. Irs dollars. Irs Qualified dividends, Capital Gains and Losses R Rate of exchange, Rate of exchange for foreign taxes paid. Irs Recapture of foreign losses, Recapture of Prior Year Overall Foreign Loss Accounts Records to keep, Records To Keep Redetermination of foreign tax, Foreign Tax Redetermination Refund claims, time limit, Time Limit on Refund Claims Refund, foreign tax, Foreign tax refund. Irs Reporting requirements (international boycott), Reporting requirements. Irs Resident aliens, Resident Aliens S S corporation shareholder, Partner or S corporation shareholder. Irs , Foreign Taxes From a Partnership or an S Corporation Sanctioned countries, Taxes Imposed By Sanctioned Countries (Section 901(j) Income) Section 901(j) income, Section 901(j) Income Section 901(j) sanctioned income, Taxes Imposed By Sanctioned Countries (Section 901(j) Income) Separate limit income, Separate Limit Income General category income, General Category Income Income re-sourced by treaty, Certain Income Re-Sourced By Treaty Lump-sum distribution, Lump-Sum Distribution Passive category income, Passive Category Income Section 901(j) income, Section 901(j) Income Shareholder, Mutual fund shareholder. Irs Simple example, Simple Example — Filled-In Form 1116 Soak-up taxes, Soak-up taxes. Irs Social security taxes, Pension, unemployment, and disability fund payments. Irs Source of compensation for labor or personal services Alternative basis, Alternative basis. Irs Multi-year compensation, Multi-year compensation. Irs Time basis, Time basis. Irs Transportation income, Transportation Income State income taxes, State income taxes. Irs Subsidy, Subsidy received. Irs T Tax help, How To Get Tax Help Tax treaties, Tax Treaties Taxable income from sources outside the U. Irs S. Irs , determination of, Determining Taxable Income From Sources Outside the United States Taxes Excluded income, Foreign Earned Income and Housing Exclusions In lieu of income taxes, Taxes in Lieu of Income Taxes On dividends, Taxes Imposed on Certain Dividends Paid or accrued, Credit for Taxes Paid or Accrued Withheld on income or gain, Taxes Withheld on Income or Gain (Other Than Dividends) Taxes related to a foreign tax credit splitting event, Taxes Related to a Foreign Tax Credit Splitting Event Time limit Refund claims, Time Limit on Refund Claims Tax assessment, Time Limit on Tax Assessment Translating foreign currency, Translating foreign currency into U. Irs S. Irs dollars. Irs U U. Irs S. Irs citizens, U. Irs S. Irs Citizens U. Irs S. Irs losses Allocation of, U. Irs S. Irs Losses U. Irs S. Irs possessions, U. Irs S. Irs possessions. Irs Unused foreign tax credits, carryback or carryover, Carrybacks and carryovers. Irs , Carryback and Carryover W Wages, Wages completely excluded. Irs When refunds can be claimed, Time Limit on Refund Claims When tax can be assessed, Time Limit on Tax Assessment Who can take the credit, Who Can Take the Credit? Why choose the credit, Why Choose the Credit? Prev Up Home More Online Publications