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Taxes 1040ez Publication 4492-A - Introductory Material Table of Contents Introduction Useful Items - You may want to see: Introduction This publication explains the temporary tax relief provided by the Food, Conservation, and Energy Act of 2008 for taxpayers in Kiowa County, Kansas, and surrounding areas, who were affected by the storms and tornadoes that began on May 4, 2007. Taxes 1040ez Useful Items - You may want to see: Publication 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 547 Casualties, Disasters, and Thefts 590 Individual Retirement Arrangements (IRAs) 946 How To Depreciate Property Form (and Instructions) 4506Request for Copy of Tax Return 4506-TRequest for Transcript of Tax Return 4684Casualties and Thefts 5884-ACredits for Employers Affected by Hurricane Katrina, Rita, or Wilma 8606Nondeductible IRAs 8915Qualified Hurricane Retirement Plan Distributions and Repayments See How To Get Tax Help on page 14 for information about getting publications and forms. Taxes 1040ez Prev Up Next Home More Online Publications
If you're facing foreclosure, get housing counseling and other assistance.
Housing - Avoiding Foreclosure
If you miss your mortgage payments, you may lose your home through foreclosure. Your lender can use foreclosure as a legal means to repossess your home. If you owe more than your property is worth, a deficiency judgment is pursued. Both foreclosures and deficiency judgments have a negative impact on your future credit. You should avoid foreclosure if at all possible.
These steps can help:
- Do not ignore the letters from your lender. If you're having problems making your payments, call or write to your lender's loss mitigation department immediately. Explain your situation. Be prepared to provide them with financial information, such as your monthly income and expenses, loan documents/ type of mortgage, tax returns, the amount of equity in your home. Without this information, they may not be able to help.
- Stay in your home for now. You may not qualify for assistance if you abandon your property.For example, the Hope for Homeowners program only offers 30-year fixed-rate mortgages to owner occupiers.
- Contact a HUD-approved housing counseling agency. Call 1-800-569-4287 or TDD 1-800-877-8339 for the housing counseling agency nearest you. These agencies are valuable resources.
HUD counselors frequently have information on services and programs offered by government agencies as well as private and community organizations that could help you. The housing counseling agency may also offer credit counseling. These services are usually free of charge.
Mortgage and Foreclosure Scams
Most mortgage professionals are trustworthy and provide a valuable service by allowing families to own a home without saving enough money to buy it outright. But dishonest or "predatory" lenders do exist and engage in lending practices that increase the chances that a borrower will lose a home to foreclosure. Some abusive practices include:
- Lease-back or rent-to-buy scams: You are asked to transfer the title to your home "temporarily" to the scam artist who promises to obtain better financing for your mortgage and allow you to stay in your home as a renter with the option to purchase the home back. However, if you do not comply with the terms of the rent-to-buy agreement, you will lose your money and be evicted like any other tenant.
- Fake "government" modification programs: These scams claim to be affiliated with the government or require that you pay high fees in order to benefit from government modification programs. Remember that you do not have to pay any fees to participate in government-approved programs. Some frauds may even use words like "federal" or "government-approved" or acquire website names that make consumers think they are associated with the government.
- Refinance fraud: The scam artist offers to be an intermediary between you and your mortgage lender to negotiate a loan modification. The scam artist may even instruct you to make payments directly to him or her, which the scammer will send to the lender. However, the scam artist will not forward the payments to your lender and you could still lose your home.
- "Eliminate your debt" claims: Some companies may make false legal claims that you are not required to repay your mortgage or that they know of "secret laws" that can eliminate your debt. Do not believe these claims.
- Refinance scams: You are encouraged to sign "foreclosure rescue" loan documents to refinance your loan. In reality, you have surrendered ownership of your home because the loan documents are actually deed transfer documents. You may falsely believe that your home has been saved from foreclosure until you receive an eviction notice months or even years later.
Beware of Foreclosure Rescue Scams-Help is Free
- Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
- Scam artists often target homeowners who are struggling to meet their mortgage commitment or are anxious to sell their homes. Recognize and avoid common scams.
- Beware of people who pressure you to sign papers immediately or who try to convince you that they can save your home if you sign or transfer the deed to your house over to them.
- Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
Making Home Affordable
The Making Home Affordable Program offers opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure. Go to makinghomeaffordable.gov or call the Homeowner's HOPE Hotline, 1-888-995-HOPE (4673).
The Taxes 1040ez
Taxes 1040ez Publication 557 - Introductory Material Table of Contents What's New Reminders Introduction What's New Proposed regulations on “good faith determinations”. Taxes 1040ez Proposed regulations modify standards for making a good faith determination that a foreign organization is a charitable organization, grants to which may be qualifying distributions and not taxable expenditures. Taxes 1040ez The proposed regulations identify a broader class of tax practitioners upon whose written advice a private foundation may base a “good faith determination. Taxes 1040ez ” See, Proposed Regulations: Reliance Standards for Making Good Faith Determinations, REG-134974-12, 2012-47 I. Taxes 1040ez R. Taxes 1040ez B. Taxes 1040ez 553. Taxes 1040ez Prop. Taxes 1040ez Regs. Taxes 1040ez on Good Faith Determinations. Taxes 1040ez New Requirements for section 501(c)(3) Hospitals Under the Affordable Care Act. Taxes 1040ez The Affordable Care Act (ACA), enacted March 23, 2010, added new requirements that hospital organizations must satisfy in order to be described in section 501(c)(3), as well as new reporting requirements and excise taxes. Taxes 1040ez On June 22, 2012, the Service issued a notice of proposed rulemaking that addresses the new requirements enacted by the ACA applicable to section 501(c)(3) hospital organizations. Taxes 1040ez See, Proposed Regulations: Additional Requirements for Charitable Hospitals, REG-13026-11, 77 Fed. Taxes 1040ez Reg. Taxes 1040ez 38148. Taxes 1040ez On April 3, 2013, the Service issued proposed regulations on the ACA's community health needs assessment (CHNA) requirements. Taxes 1040ez The proposed regulations also discuss the related reporting and excise tax requirements for charitable hospitals and the consequences for failure to satisfy the section 501(r) requirements. Taxes 1040ez See, Proposed Regulations: Community Health Needs Assessments for Charitable Hospitals, REG-106499-12, 78 Fed. Taxes 1040ez Reg. Taxes 1040ez 20,523. Taxes 1040ez Timing of when an Organization is exempt for Federal Tax Purposes. Taxes 1040ez As noted in section 2. Taxes 1040ez 03(4) of Revenue Procedure 2013-9, 2013-2 I. Taxes 1040ez R. Taxes 1040ez B. Taxes 1040ez 267, the provisions in section 11. Taxes 1040ez 01 regarding the effect of determination letters or rulings recognizing exempt status of organizations described in section 501(c), other than sections 501(c)(3), (9), (17), and (29), have been revised. Taxes 1040ez Prior to this year, and back to 1962, when such organizations applied for recognition, the IRS would usually recognize the organizations as tax exempt from the date of formation, no matter how long the interval between the date of formation and the date of application. Taxes 1040ez In addition to the practical difficulties of ascertaining an organization's purposes and activities for this period, such recognition is now potentially inconsistent with the provisions of section 6033(j), which automatically revokes the exempt status of an organization that fails to file required Form 990 series returns or notices for three consecutive years. Taxes 1040ez The new procedure adopts a practice similar to the rule for section 501(c)(3) organizations for these organizations, generally permitting recognition from the date of formation if the organization has: always met the requirements for exemption, has applied within 27 months from the end of the month in which it was organized, and has not failed to file required Form 990 series returns or notices for three consecutive years. Taxes 1040ez Section 11. Taxes 1040ez 01(3) notes: an organization that otherwise meets the requirements for tax-exempt status and the issuance of a determination letter or ruling that does not meet the requirements for recognition from date of formation will generally be recognized from the postmark date of its application. Taxes 1040ez Exempt Organizations Select Check. Taxes 1040ez The IRS has developed an on-line search tool, Exempt Organizations Select Check, that allows users to select an exempt organization and check certain information about its federal tax status and filings. Taxes 1040ez It consolidates three former search sites into one, providing expanded search capability and a more efficient way to search for organizations that: Are eligible to receive tax-deductible charitable contributions (Publication 78 data). Taxes 1040ez Users may rely on this list in determining deductibility of contributions, just as they did when Publication 78 was a separate electronic publication rather than part of Select Check. Taxes 1040ez Have had their tax-exempt status automatically revoked under the law because they have not filed Form 990 series returns or notices annually as required for three consecutive years (Auto-Revocation List). Taxes 1040ez Have filed a Form 990-N (e-Postcard) annual electronic notice. Taxes 1040ez In addition to searching for a particular organization, users may download a complete list of each of the three types of organizations through Exempt Organizations Select Check. Taxes 1040ez See also Revenue Procedure 2011-33, 2011-25 I. Taxes 1040ez R. Taxes 1040ez B. Taxes 1040ez 887. Taxes 1040ez Future developments. Taxes 1040ez . Taxes 1040ez The IRS has created a page on IRS. Taxes 1040ez gov for information about Publication 557, at www. Taxes 1040ez irs. Taxes 1040ez gov/pub557. Taxes 1040ez Information about any future developments affecting Publication 557 (such as legislation enacted after we release it) will be posted on that page. Taxes 1040ez Reminders The Patient Protection and Affordable Care Act (ACA). Taxes 1040ez The ACA added several new laws. Taxes 1040ez This includes a new excise tax on indoor tanning services, a small business health care tax credit, additional requirements for tax-exempt hospitals, and the section 501(c)(29) CO-OP program. Taxes 1040ez For more information, go to IRS. Taxes 1040ez gov and select Affordable Care Act Tax Provisions. Taxes 1040ez Electronic filing requirement for large organizations. Taxes 1040ez For tax years ending on or after December 31, 2006, only organizations that file 250 returns during the calendar year and that have total assets of $10 million or more are required to file Form 990 electronically. Taxes 1040ez For more information, go to e-file for Charities and Non-Profits. Taxes 1040ez Section 501(c)(15) gross receipts. Taxes 1040ez The definition of gross receipts for purposes of determining whether small insurance companies qualify as tax-exempt under section 501(c)(15) has changed. Taxes 1040ez See Notice 2006-42, 2006-19 I. Taxes 1040ez R. Taxes 1040ez B. Taxes 1040ez 878, Notice 2006-42. Taxes 1040ez Prohibited tax shelter transactions. Taxes 1040ez New excise taxes are imposed under section 4965 on certain tax-exempt organizations entering into prohibited tax shelter transactions. Taxes 1040ez See T. Taxes 1040ez D. Taxes 1040ez 9492, Excise Taxes on Prohibited Tax Shelter Transactions and Related Disclosure Requirements, 2010-33 I. Taxes 1040ez R. Taxes 1040ez B. Taxes 1040ez 242. Taxes 1040ez See IRS Issues Final Regulations Regarding Excise Taxes on Prohibited Tax Shelter Transactions and Related Disclosure Requirement. Taxes 1040ez Pension Protection Act of 2006 tax changes. Taxes 1040ez The Pension Protection Act of 2006 made numerous changes to the tax law provisions affecting tax-exempt organizations. Taxes 1040ez Unless otherwise noted, most of the changes became effective on August 17, 2006. Taxes 1040ez For key provisions, go to The Pension Protection Act of 2006. Taxes 1040ez Section 501(c)(3) organizations must make their Form 990-T, Exempt Organization Business Tax Return (and proxy tax under section 6033(e)), open for public inspection for a period of 3 years from the date the Form 990-T is required to be filed (determined with regard to any extension of time for filing) or is actually filed, whichever is later. Taxes 1040ez There is an increase in excise taxes relating to public charities, social welfare organizations, and private foundations. Taxes 1040ez There are additional standards for credit counseling organizations. Taxes 1040ez The definition of convention or association of churches has been modified. Taxes 1040ez Entities that are not required to file Form 990 or 990-EZ must file new Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ. Taxes 1040ez The requirements of disclosure to state officials relating to exempt organizations has been modified. Taxes 1040ez There are excise taxes imposed on excess benefit transactions involving donor advised funds and sponsoring organizations. Taxes 1040ez There are new excise taxes on prohibited tax shelter transactions. Taxes 1040ez There is a modification of recordkeeping requirements for certain charitable contributions. Taxes 1040ez Introduction This publication discusses the rules and procedures for organizations that seek recognition of exemption from federal income tax under section 501(a) of the Internal Revenue Code (the Code). Taxes 1040ez It explains the procedures you must follow to obtain an appropriate ruling or determination letter recognizing your organization's exemption, as well as certain other information that applies generally to all exempt organizations. Taxes 1040ez To qualify for exemption under the Code, your organization must be organized for one or more of the purposes specifically designated in the Code. Taxes 1040ez Organizations that are exempt under section 501(a) include those organizations described in section 501(c). Taxes 1040ez Section 501(c) organizations are covered in this publication. Taxes 1040ez Chapter 1, Application, Approval, and Appeal Procedures, provides general information about the procedures for obtaining recognition of tax-exempt status. Taxes 1040ez Chapter 2, Filing Requirements and Required Disclosures, contains information about annual filing requirements and other matters that may affect your organization's tax-exempt status. Taxes 1040ez Chapter 3, Section 501(c)(3) Organizations, contains detailed information on various matters affecting section 501(c)(3) organizations, including a section on the determination of private foundation status. Taxes 1040ez Chapter 4, Other Section 501(c) Organizations, includes separate sections for specific types of organizations described in section 501(c). Taxes 1040ez Chapter 5, Excise Taxes, provides information on when excise taxes may be imposed. Taxes 1040ez Organizations not discussed in this publication. Taxes 1040ez Certain organizations that may qualify for exemption are not discussed in this publication, although they are included in the Organization Reference Chart. Taxes 1040ez These organizations (and the Code sections that apply to them) are as follows. Taxes 1040ez Corporations organized under Acts of Congress 501(c)(1) Teachers' retirement fund associations 501(c)(11) Mutual insurance companies 501(c)(15) Corporations organized to finance crop operations 501(c)(16) Employee funded pension trusts (created before June 25, 1959) 501(c)(18) Withdrawal liability payment fund 501(c)(22) Veterans' organizations (created before 1880) 501(c)(23) National Railroad Retirement Investment Trust 501(c)(28) Religious and apostolic associations 501(d) Cooperative hospital service organizations 501(e) Cooperative service organizations of operating educational organizations 501(f) Section 501(c)(24) organizations (section 4049 ERISA trusts) are neither discussed in the text nor listed in the Organization Reference Chart. Taxes 1040ez Similarly, farmers' cooperative associations that qualify for exemption under section 521, qualified state tuition programs described in section 529, and pension, profit-sharing, and stock bonus plans described in section 401(a) are not discussed in this publication. Taxes 1040ez If you think your organization falls within one of these categories, contact the IRS for any additional information you need. Taxes 1040ez For telephone assistance, call 1-877-829-5500. Taxes 1040ez Check the Table of Contents at the beginning of this publication to determine whether your organization is described in this publication. Taxes 1040ez If it is, read the chapter (or section) that applies to your type of organization for the specific information you must give when applying for recognition of exemption. Taxes 1040ez Organization Reference Chart. Taxes 1040ez The Organization Reference Chart enables you to locate at a glance the section of the Code under which your organization might qualify for exemption. Taxes 1040ez It also shows the required application form and, if your organization meets the exemption requirements, the annual return to be filed (if any), and whether or not a contribution to your organization will be deductible by a donor. Taxes 1040ez It also describes each type of qualifying organization and the general nature of its activities. Taxes 1040ez You may use the Organization Reference Chart to determine the Code section that you think applies to your organization. Taxes 1040ez Any correspondence with the IRS (in requesting forms or otherwise) will be expedited if you indicate in your correspondence the appropriate Code section. Taxes 1040ez Check the IRS website, IRS. Taxes 1040ez gov, for the latest updates, Tax Information for Charities & Other Non-Profits, www. Taxes 1040ez irs. Taxes 1040ez gov/charities/index. Taxes 1040ez html. Taxes 1040ez Comments and suggestions. Taxes 1040ez We welcome your comments about this publication and your suggestions for future editions. Taxes 1040ez You can e-mail us while visiting our website at IRS. Taxes 1040ez gov. Taxes 1040ez You can send your comments to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Taxes 1040ez NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Taxes 1040ez Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxes 1040ez If you wish telephone assistance, please call 1-877-829-5500. Taxes 1040ez This toll-free telephone service is available Monday through Friday. Taxes 1040ez Prev Up Next Home More Online Publications