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Www irs gov Publication 521 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Www irs gov Tax questions. Www irs gov Useful Items - You may want to see: What's New Standard mileage rate. Www irs gov  For 2013, the standard mileage rate for using your vehicle to move to a new home is 24 cents per mile. Www irs gov See Travel by car under Deductible Moving Expenses. Www irs gov Reminders Future developments. Www irs gov  For the latest information about developments related to Publication 521, such as legislation enacted after it was published, go to www. Www irs gov irs. Www irs gov gov/pub521. Www irs gov Change of address. Www irs gov  If you change your mailing address, be sure to notify the IRS using Form 8822, Change of Address. Www irs gov Mail it to the Internal Revenue Service Center for your old address. Www irs gov Addresses for the service centers are on the back of the form. Www irs gov If you change your business address or the identity of your responsible party, use Form 8822-B, Change of Address or Responsible Party—Business. Www irs gov Photographs of missing children. Www irs gov  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Www irs gov Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Www irs gov 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. Www irs gov Introduction This publication explains the deduction of certain expenses of moving to a new home because you changed job locations or started a new job. Www irs gov It includes the following topics. Www irs gov Who can deduct moving expenses. Www irs gov What moving expenses are deductible. Www irs gov What moving expenses are not deductible. Www irs gov How a reimbursement affects your moving expense deduction. Www irs gov How and when to report moving expenses. Www irs gov Special rules for members of the Armed Forces. Www irs gov Form 3903, Moving Expenses, is used to claim the moving expense deduction. Www irs gov An example of how to report your moving expenses, including a filled-in Form 3903, is shown near the end of the publication. Www irs gov You may be able to deduct moving expenses whether you are self-employed or an employee. Www irs gov Your expenses generally must be related to starting work at your new job location. Www irs gov However, certain retirees and survivors may qualify to claim the deduction even though they are not starting work at a new job location. Www irs gov See Who Can Deduct Moving Expenses. Www irs gov Recordkeeping. Www irs gov    It is important to maintain an accurate record of expenses you paid to move. Www irs gov You should save items such as receipts, bills, cancelled checks, credit card statements, and mileage logs. Www irs gov Also, you should save your Form W-2 and statements of reimbursement from your employer. Www irs gov Comments and suggestions. Www irs gov   We welcome your comments about this publication and your suggestions for future editions. Www irs gov   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Www irs gov NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Www irs gov Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Www irs gov   You can send your comments from www. Www irs gov irs. Www irs gov gov/formspubs/. Www irs gov Click on “More Information” and then on “Comment on Tax Forms and Publications”. Www irs gov   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. Www irs gov Ordering forms and publications. Www irs gov   Visit www. Www irs gov irs. Www irs gov gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Www irs gov Internal Revenue Service 1201 N. Www irs gov Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Www irs gov   If you have a tax question, check the information available on IRS. Www irs gov gov or call 1-800-829-1040. Www irs gov We cannot answer tax questions sent to either of the above addresses. Www irs gov Useful Items - You may want to see: Publication 3 Armed Forces' Tax Guide Forms (and Instructions) 1040 U. Www irs gov S. Www irs gov Individual Income Tax Return 1040X Amended U. Www irs gov S. Www irs gov Individual Income Tax Return 3903 Moving Expenses 8822 Change of Address 8822–B Change of Address or Responsible Party-Business See How To Get Tax Help, near the end of this publication, for information about getting the publications and the forms listed above. Www irs gov Prev  Up  Next   Home   More Online Publications
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Www irs gov 7. Www irs gov   Filing Information Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: What, When, and Where To FileResident Aliens Nonresident Aliens Amended Returns and Claims for Refund Other Forms You May Have To File PenaltiesCivil Penalties Criminal Penalties Introduction This chapter provides the basic filing information that you may need. Www irs gov Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. Www irs gov Useful Items - You may want to see: Forms (and Instructions) 1040 U. Www irs gov S. Www irs gov Individual Income Tax Return 1040A U. Www irs gov S. Www irs gov Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. Www irs gov S. Www irs gov Nonresident Alien Income Tax Return 1040NR-EZ U. Www irs gov S. Www irs gov Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. Www irs gov What, When, and Where To File What return you must file as well as when and where you file that return, depends on your status at the end of the tax year as a resident or a nonresident alien. Www irs gov Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. Www irs gov The due date for filing the return and paying any tax due is April 15 of the year following the year for which you are filing a return (but see the Tip, later). Www irs gov Under U. Www irs gov S. Www irs gov immigration law, a lawful permanent resident who is required to file a tax return as a resident and fails to do so may be regarded as having abandoned status and may lose permanent resident status. Www irs gov Extensions of time to file. Www irs gov   You are allowed an automatic extension to June 15 to file if your main place of business and the home you live in are outside the United States and Puerto Rico on April 15. Www irs gov You can get an extension of time to October 15 to file your return if you get an extension by April 15 (June 15 if you qualify for the June 15 extension). Www irs gov Use Form 4868 to get the extension to October 15. Www irs gov In addition to this 6-month extension, taxpayers who are out of the country (as defined in the Form 4868 instructions) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). Www irs gov To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Www irs gov Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address:  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. Www irs gov   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350 (for U. Www irs gov S. Www irs gov citizens and resident aliens abroad who expect to qualify for special tax treatment). Www irs gov    If the due date for filing falls on a Saturday, Sunday, or legal holiday, the due date is the next day which is not a Saturday, Sunday, or legal holiday. Www irs gov You may be able to file your return electronically. Www irs gov See IRS e-file in your form instructions. Www irs gov Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. Www irs gov If you are any of the following, you must file a return. Www irs gov A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. Www irs gov (But see Exceptions , later. Www irs gov ) You must file even if: Your income did not come from a trade or business conducted in the United States, You have no income from U. Www irs gov S. Www irs gov sources, or Your income is exempt from income tax. Www irs gov A nonresident alien individual not engaged in a trade or business in the United States with U. Www irs gov S. Www irs gov income on which the tax liability was not satisfied by the withholding of tax at the source. Www irs gov A representative or agent responsible for filing the return of an individual described in (1) or (2). Www irs gov A fiduciary for a nonresident alien estate or trust. Www irs gov You must also file if you want to: Claim a refund of overwithheld or overpaid tax, or Claim the benefit of any deductions or credits. Www irs gov For example, if you have no U. Www irs gov S. Www irs gov business activities but have income from real property that you choose to treat as effectively connected income (discussed in chapter 4), you must timely file a true and accurate return to take any allowable deductions against that income. Www irs gov For information on what is timely, see When to file for deductions and credits under When To File, later. Www irs gov Exceptions. Www irs gov   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. Www irs gov Your only U. Www irs gov S. Www irs gov trade or business was the performance of personal services, and Your wages were less than $3,900, and You have no other need to file a return to claim a refund of overwithheld taxes, to satisfy additional withholding at source, or to claim income exempt or partly exempt by treaty. Www irs gov You were a nonresident alien student, teacher, or trainee who was temporarily present in the United States under an “F,” “J,” “M,” or “Q” visa and you have no income that is subject to tax, such as wages, tips, scholarship and fellowship grants, dividends, etc. Www irs gov Even if you have left the United States and filed a Form 1040-C, U. Www irs gov S. Www irs gov Departing Alien Income Tax Return, on departure, you still must file an annual U. Www irs gov S. Www irs gov income tax return. Www irs gov If you are married and both you and your spouse are required to file, you must each file a separate return. Www irs gov Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. Www irs gov You do not claim any dependents. Www irs gov You cannot be claimed as a dependent on someone else's U. Www irs gov S. Www irs gov tax return. Www irs gov If you were married, you do not claim an exemption for your spouse. Www irs gov Your taxable income is less than $100,000. Www irs gov The only itemized deduction you can claim is for state and local income taxes. Www irs gov Note. Www irs gov Residents of India who were students or business apprentices may be able to take the standard deduction instead of the itemized deduction for state and local income taxes. Www irs gov See chapter 5. Www irs gov Your only U. Www irs gov S. Www irs gov source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. Www irs gov (If you had taxable interest or dividend income, you cannot use this form. Www irs gov ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. Www irs gov You are not claiming any tax credits. Www irs gov This is not an “expatriation return. Www irs gov ” See Expatriation Tax in chapter 4. Www irs gov The only taxes you owe are: The income tax from the Tax Table. Www irs gov The social security and Medicare tax from Form 4137 or Form 8919. Www irs gov You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. Www irs gov You are not filing Form 8959, to figure the amount of Additional Medicare Tax you owe and/or the amount of Additional Medicare Tax withheld by your employer, if any. Www irs gov If you do not meet all of the above conditions, you must file Form 1040NR. Www irs gov When To File If you are an employee and you receive wages subject to U. Www irs gov S. Www irs gov income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. Www irs gov For the 2013 calendar year, file your return by April 15, 2014. Www irs gov If you are not an employee who receives wages subject to U. Www irs gov S. Www irs gov income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Www irs gov For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. Www irs gov ) Extensions of time to file. Www irs gov   If you cannot file your return by the due date, file Form 4868 or use one of the electronic filing options explained in the Form 4868 instructions. Www irs gov For the 2013 calendar year, this will extend the due date to October 15, 2014 (December 15, 2014, if the regular due date of your return is June 16, 2014). Www irs gov You must file the extension by the regular due date of your return. Www irs gov   In addition to the 6-month extension to October 15, taxpayers whose main place of business is outside the United States and Puerto Rico and who live outside those jurisdictions can request a discretionary 2-month extension of time to file their returns (to December 15 for calendar year taxpayers). Www irs gov To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Www irs gov Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. Www irs gov When to file for deductions and credits. Www irs gov   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. Www irs gov For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. Www irs gov However, if you did not file a 2012 tax return and 2013 is not the first year for which you are required to file one, your 2013 return is timely for this purpose if it is filed by the earlier of: The date that is 16 months after the due date for filing your 2013 return, or The date the IRS notifies you that your 2013 return has not been filed and that you cannot claim certain deductions and credits. Www irs gov The allowance of the following credits is not affected by this time requirement. Www irs gov Credit for withheld taxes. Www irs gov Credit for excise tax on certain uses of gasoline and special fuels. Www irs gov Credit for tax paid by a mutual fund (or other regulated investment company) or a real estate investment trust on undistributed long-term capital gains. Www irs gov Protective return. Www irs gov   If your activities in the United States were limited and you do not believe that you had any gross income effectively connected with a U. Www irs gov S. Www irs gov trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. Www irs gov By filing a protective return, you protect your right to receive the benefit of deductions and credits in the event it is later determined that some or all of your income is effectively connected. Www irs gov You are not required to report any effectively connected income or any deductions on the protective return, but you must give the reason the return is being filed. Www irs gov   If you believe some of your activities resulted in effectively connected income, file your return reporting that income and related deductions by the regular due date. Www irs gov To protect your right to claim deductions or credits resulting from other activities, attach a statement to that return explaining that you wish to protect your right to claim deductions and credits if it is later determined that the other activities produced effectively connected income. Www irs gov   You can follow the same procedure if you believe you have no U. Www irs gov S. Www irs gov tax liability because of a U. Www irs gov S. Www irs gov tax treaty. Www irs gov Be sure to also complete item L on page 5 of Form 1040NR. Www irs gov Waiver of filing deadline. Www irs gov   The IRS may waive the filing deadline if you establish that, based on the facts and circumstances, you acted reasonably and in good faith in failing to file a U. Www irs gov S. Www irs gov income tax return (including a protective return) and you cooperate with the IRS in determining your U. Www irs gov S. Www irs gov income tax liability for the tax year for which you did not file a return. Www irs gov Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. Www irs gov  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. Www irs gov O. Www irs gov Box 1303 Charlotte, NC 28201-1303 Aliens from the U. Www irs gov S. Www irs gov Virgin Islands. Www irs gov    If you are a bona fide resident of the U. Www irs gov S. Www irs gov Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. Www irs gov S. Www irs gov Virgin Islands and file your income tax returns at the following address. Www irs gov Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. Www irs gov Thomas, VI 00802   Report all income from U. Www irs gov S. Www irs gov sources, as well as income from other sources, on your return. Www irs gov For information on filing U. Www irs gov S. Www irs gov Virgin Islands returns, contact the U. Www irs gov S. Www irs gov Virgin Islands Bureau of Internal Revenue. Www irs gov   Chapter 8 discusses withholding from U. Www irs gov S. Www irs gov wages of U. Www irs gov S. Www irs gov Virgin Islanders. Www irs gov Aliens from Guam or the Commonwealth of the Northern Mariana Islands. Www irs gov   If you are a bona fide resident of Guam or the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you must file your return with, and pay any tax due to, Guam or the CNMI. Www irs gov Report all income, including income from U. Www irs gov S. Www irs gov sources, on your return. Www irs gov It is not necessary to file a separate U. Www irs gov S. Www irs gov income tax return. Www irs gov    Bona fide residents of Guam should file their Guam returns at the following address. Www irs gov   Department of Revenue and Taxation Government of Guam P. Www irs gov O. Www irs gov Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. Www irs gov   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. Www irs gov O. Www irs gov Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. Www irs gov 570, Tax Guide for Individuals With Income From U. Www irs gov S. Www irs gov Possessions, for information on where to file your return. Www irs gov Amended Returns and Claims for Refund If you find changes in your income, deductions, or credits after you mail your return, file Form 1040X, Amended U. Www irs gov S. Www irs gov Individual Income Tax Return. Www irs gov Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. Www irs gov If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. Www irs gov ) to Form 1040X. Www irs gov Print “Amended” across the top. Www irs gov Ordinarily, an amended return claiming a refund must be filed within 3 years from the date your return was filed or within 2 years from the time the tax was paid, whichever is later. Www irs gov A return filed before the final due date is considered to have been filed on the due date. Www irs gov Other Forms You May Have To File You may be required to file information returns to report certain foreign income or assets, or monetary transactions. Www irs gov FinCen Form 105 FinCEN Form 105 (formerly Customs Form 4790), Report of International Transportation of Currency or Monetary Instruments, must be filed by each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped, currency or other monetary instruments in a total amount of more than $10,000 at one time from the United States to any place outside the United States, or into the United States from any place outside the United States. Www irs gov The filing requirement also applies to each person who receives in the United States currency or monetary instruments totaling more than $10,000 at one time from any place outside of the United States. Www irs gov The term “monetary instruments” means the following: Coin and currency of the United States or of any other country, Travelers' checks in any form, Investment securities or stock in bearer form or otherwise in such form that title to them passes upon delivery, Negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title to them passes upon delivery, and Checks, promissory notes, and money orders which are signed but on which the name of the payee has been omitted. Www irs gov However, the term does not include: Checks or money orders made payable to the order of a named person which have not been endorsed or which contain restrictive endorsements, Warehouse receipts, or Bills of lading. Www irs gov A transfer of funds through normal banking procedures (wire transfer) that does not involve the physical transportation of currency or monetary instruments is not required to be reported on FinCEN Form 105. Www irs gov Filing requirements. Www irs gov   FinCEN Form 105 filing requirements follow. Www irs gov Recipients. Www irs gov   Each person who receives currency or other monetary instruments in the United States must file FinCEN Form 105 within 15 days after receipt, with the Customs officer in charge at any port of entry or departure, or by mail at the following address. Www irs gov Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. Www irs gov   If the currency or other monetary instrument does not accompany the person entering or departing the United States, FinCEN Form 105 can be filed by mail at the above address on or before the date of entry, departure, mailing, or shipping. Www irs gov Travelers. Www irs gov   Travelers must file FinCEN Form 105 with the Customs officer in charge at any Customs port of entry or departure, when entering or departing the United States. Www irs gov Penalties. Www irs gov   Civil and criminal penalties are provided for failing to file a report, filing a report containing material omissions or misstatements, or filing a false or fraudulent report. Www irs gov Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. Www irs gov More information. Www irs gov   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. Www irs gov Form 8938 You may have to file Form 8938, Statement of Specified Foreign Financial Assets, to report the ownership of specified foreign financial asset(s) if you are one of the following individuals. Www irs gov A resident alien of the United States for any part of the tax year. Www irs gov A resident alien of the United States who elects to be treated as a resident of a foreign country under the provisions of a U. Www irs gov S. Www irs gov income tax treaty. Www irs gov See Effect of Tax Treaties in chapter 1. Www irs gov A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. Www irs gov See chapter 1 for information about this election. Www irs gov A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. Www irs gov See Publication 570, Tax Guide for Individuals With Income From U. Www irs gov S. Www irs gov Possessions, for a definition of bona fide resident. Www irs gov You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). Www irs gov The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. Www irs gov Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. Www irs gov S. Www irs gov person. Www irs gov You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. Www irs gov More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. Www irs gov Penalties The law provides penalties for failure to file returns or pay taxes as required. Www irs gov Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. Www irs gov You may also have to pay a penalty if you substantially understate your tax, file a frivolous tax submission, or fail to supply your taxpayer identification number. Www irs gov If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. Www irs gov Filing late. Www irs gov   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. Www irs gov The penalty is based on the tax not paid by the due date (without regard to extensions). Www irs gov The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. Www irs gov Fraud. Www irs gov   If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. Www irs gov Return over 60 days late. Www irs gov   If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. Www irs gov Exception. Www irs gov   You will not have to pay the penalty if you show that you failed to file on time because of reasonable cause and not because of willful neglect. Www irs gov Paying tax late. Www irs gov   You will have to pay a failure-to-pay penalty of ½ of 1% (. Www irs gov 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. Www irs gov This penalty does not apply during the automatic 6-month extension of time to file period, if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. Www irs gov   The monthly rate of the failure-to-pay penalty is half the usual rate (. Www irs gov 25% instead of . Www irs gov 50%) if an installment agreement is in effect for that month. Www irs gov You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. Www irs gov   If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. Www irs gov If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued. Www irs gov   This penalty cannot be more than 25% of your unpaid tax. Www irs gov You will not have to pay the penalty if you can show that you had a good reason for not paying your tax on time. Www irs gov Combined penalties. Www irs gov   If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. Www irs gov However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. Www irs gov Accuracy-related penalty. Www irs gov   You may have to pay an accuracy-related penalty if you underpay your tax because: You show negligence or disregard of rules or regulations, You substantially understate your income tax, You claim tax benefits for a transaction that lacks economic substance, or You fail to disclose a foreign financial asset. Www irs gov The penalty is equal to 20% of the underpayment. Www irs gov The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. Www irs gov The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. Www irs gov Negligence or disregard. Www irs gov   The term “negligence” includes a failure to make a reasonable attempt to comply with the tax law or to exercise ordinary and reasonable care in preparing a return. Www irs gov Negligence also includes failure to keep adequate books and records. Www irs gov You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. Www irs gov   The term “disregard” includes any careless, reckless, or intentional disregard. Www irs gov Adequate disclosure. Www irs gov   You can avoid the penalty for disregard of rules or regulations if you adequately disclose on your return a position that has at least a reasonable basis. Www irs gov See Disclosure statement , later. Www irs gov   This exception will not apply to an item that is attributable to a tax shelter. Www irs gov In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. Www irs gov Substantial understatement of income tax. Www irs gov   You understate your tax if the tax shown on your return is less than the correct tax. Www irs gov The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. Www irs gov However, the amount of the understatement is reduced to the extent the understatement is due to: Substantial authority, or Adequate disclosure and a reasonable basis. Www irs gov   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. Www irs gov However, there is a reduction for a position with substantial authority, but only if you reasonably believed that your tax treatment was more likely than not the proper treatment. Www irs gov Substantial authority. Www irs gov   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. Www irs gov Consideration will be given to court opinions, Treasury regulations, revenue rulings, revenue procedures, and notices and announcements issued by the IRS and published in the Internal Revenue Bulletin that involve the same or similar circumstances as yours. Www irs gov Disclosure statement. Www irs gov   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. Www irs gov You must also have a reasonable basis for treating the item the way you did. Www irs gov   In cases of substantial understatement only, items that meet the requirements of Revenue Procedure 2012-51, 2012-51 IRB 719 (or later update) are considered adequately disclosed on your return without filing Form 8275. Www irs gov   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. Www irs gov Transaction lacking economic substance. Www irs gov   For more information on economic substance, see section 7701(o). Www irs gov Foreign financial asset. Www irs gov   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. Www irs gov Reasonable cause. Www irs gov   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. Www irs gov You must also show that you acted in good faith. Www irs gov This does not apply to a transaction that lacks economic substance. Www irs gov Filing erroneous claim for refund or credit. Www irs gov   You may have to pay a penalty if you file an erroneous claim for refund or credit. Www irs gov The penalty is equal to 20% of the disallowed amount of the claim, unless you can show a reasonable basis for the way you treated an item. Www irs gov However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. Www irs gov The penalty will not be figured on any part of the disallowed amount of the claim that relates to the earned income credit or on which the accuracy-related or fraud penalties are charged. Www irs gov Frivolous tax submission. Www irs gov   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. Www irs gov A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax you reported is substantially incorrect. Www irs gov For more information on frivolous returns, frivolous submissions, and a list of positions that are identified as frivolous, see Notice 2010-33, 2010-17 IRB 609 available at www. Www irs gov irs. Www irs gov gov/irb/2010-17_irb/ar13. Www irs gov html. Www irs gov   You will have to pay the penalty if you filed this kind of return or submission based on a frivolous position or a desire to delay or interfere with the administration of federal tax laws. Www irs gov This includes altering or striking out the preprinted language above the space provided for your signature. Www irs gov   This penalty is added to any other penalty provided by law. Www irs gov Fraud. Www irs gov   If there is any underpayment of tax on your return due to fraud, a penalty of 75% of the underpayment due to fraud will be added to your tax. Www irs gov Failure to supply taxpayer identification number. Www irs gov   If you do not include your social security number (SSN) or individual taxpayer identification number (ITIN) or the SSN or ITIN of another person where required on a return, statement, or other document, you will be subject to a penalty of $50 for each failure. Www irs gov You will also be subject to a penalty of $50 if you do not give your SSN or ITIN to another person when it is required on a return, statement, or other document. Www irs gov   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. Www irs gov The number must be shown on the Form 1099-INT or other statement the bank sends you. Www irs gov If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. Www irs gov (You also may be subject to “backup” withholding of income tax. Www irs gov )   You will not have to pay the penalty if you are able to show that the failure was due to reasonable cause and not willful neglect. Www irs gov Criminal Penalties You may be subject to criminal prosecution (brought to trial) for actions such as: Tax evasion, Willful failure to file a return, supply information, or pay any tax due, Fraud and false statements, or Preparing and filing a fraudulent return. 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