IRS Forms, IRS Code Sections for Penalties, Retirement Plan Forms Flashcards
IRS Forms, Penalty Code Sections, Retirement Plan Forms
Form 1099R
Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
Form 5329
Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts (subject to tax on early distributions)
Form 5498
IRA Contribution
Form 8606
Nondeductible IRAs
Form 8822
Change of Address
Form 8880
Credit for Qualified Retirement Savings Contributions
Form 1099-R
Distributions from Pensions, Annuities, Retirement or Profit Sharing Plans, IRAs, Insurance Contracts, etc (Info Copy Only)
Form RRB-1099
Payments by the Railroad Retirement Board
Form 982
Reduction of Tax Attributes Due to Discharge of Indebtedness (And Section 1082 Basis Adjustment)
Form 1040
Individual Tax Return
Form 1040X
Amended Tax Return
Form 1042S
Foreign person’s US Source Income Subject To Withholding
Form 1098
Mortgage interest statement
Form 1098-E
Student Loan Interest statement
Form 1098-T
Student Qualified Tuition & Related Expense Payments Statement
Form 1099
Income statement
Form 1099-A
Acquisition or Abandonment of Secured Property
Form 1099-B
Proceeds from Broker and Barter Exchange Transactions
Form 1099-C
Cancellation of debt
Form 1099-DIV
Dividend and Distribution income
Form 1099-G
Certain Government payments
Form 1099-H
Health Coverage Tax Credit (HCTC) Advance Payments
Form 1099-INT
Interest income
Form 1099-LTC
Long Term Care and Accelerated Death benefits
Form 1099-MISC
Miscellaneous income
Form 1099-OID
Original Issue Discount
Form 1099-PATR
Taxable Distributions from Cooperatives
Form 1099-Q
Payments from Qualified Education Progrms (Under Section 529 and 530) (Info Copy Only)
Form 1099-S
Proceeds from Real Estate Transactions
Form 1099-SA
Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
Form 1116
Foreign Tax Credit (Individual, Estate, or Trust)
Form 2106
Employee Business Expenses
Form 2120
Multiple Support Declaration
Form 2210
Underpayment of Estimated Tax by Individuals, Estates, and Trusts
Form 2441
Child & Dependent Care Expenses
Form 2848
Power of Attorney and Declaration of Representative
Form 3903
Moving expenses
Form 4137
Social Security and Medicare Tax on Unreported Tip Income
Form 4506-T
Request for Transcripts of Tax Return
Form 4562
Depreciation & Amortization (Including Information on Listed Property)
Form 4684
Casualties & Thefts
Form 4797
Sale of Business Property
Form 4852
Substitute for Form W-2, Wage and Tax Statement, or Form 1099R, Distributions From Pensions, Annuities, Retirement or Profit Sharing Plans, IRA’s Insurance Contracts, ECT.
Form 4868
Application for Automatic Extension of Time (6 mos more)
Form 5405
Repayment of the First-time home buyer credit
Form 5498-ESA
Coverdell ESA Contribution Information
Form 5498-QA
ABLE Account Contribution Information
Form 5498-SA
HSA, Archer MSA, or Medicare Advantage MSA Information
Form 5695
Residential energy credits
Form 6251
Alternative Minimum Tax
Form 6252
Installment Sales Income
Form 8275
Disclosure Statement
Form 8275-R
Regulation Disclosure Statement
Form 8283
Noncash Charitable Contributions
Form 8332
Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent
Form 8379
Injured Spouse Allocations
Form 8453
U.S. Individual Income Tax Transmittal for an IRS e-file Return
Form 8582
Passive Activity Loss Limitations
Form 8812
(Form 1040) Additional Child Tax Credit
Form 8829
Expenses for Business Use of Your Home
Form 8857
Request for Innocent Spouse Relief
Form 8862
Information To Claim Earned Income Credit After Disallowance
Form 8863
Education credits (American Opportunity and Lifetime Learning Credits)
Form 8880
Credit for Qualified Retirement Savings Contributions
Form 8888
Allocation of Refund (and Savings Bond purchases)
Form 8889
Health Savings Accounts (HSAs)
Form 8919
Uncollected Social Security and Medicare Tax on Wages
Form 1042S
Foreign Person’s U.S. Income Subject to Withholding
Form SSA-1042S
Social Security Benefit Statement for Noncitizens who live outside of the United States
Form SSA-1099
Social Security Benefit Statement
Form W-2G
Certain Gambling Winnings
Form W-7
Application for IRS Individual Taxpayer Identification Number (ITIN)
FormW-7A
Application for Taxpayer Indentification Number for Pending U.S. Adoptions
Schedule A
Itemized Deductions
Schedule B
Interest and Ordinary Dividends
Schedule C
Profit or Loss From Business
Schedule D
Capital Gains and Losses
Schedule E
Supplemental Income and Loss (from Rental Real Estate, Royalties, Partnerships, S Corps, Estates, Trusts, REMICs, etc.)
Schedule EIC
Earned Income Credit -Qualifying Child Information
Schedule F
Profit or Loss from Farming
Schedule H
Household Employment Taxes (for SS, Medicare, Withheld Income, and Federal Unemployment (FUTA) Taxes
Schedule J
Income Averaging for Farmers and Fishermen
Schedule K-1
Shareholders and Beneficiary’s Share of Income, Deductions, Credits, etc.
Schedule R
Credit for the Elderly or the Disabled.
Schedule SE
Self-Employment Tax
IRC § 6700 – Promoting abusive tax shelters
The penalty is for a promoter of an abusive tax shelter and is generally equal to $1,000 for each organization or sale of an abusive plan or arrangement (or, if lesser, 100 percent of the income derived from the activity).
IRC § 6701 – Penalties for aiding and abetting understatement of tax liability.
The penalty is $1000 ($10,000 if the conduct relates to a corporation’s tax return) for aiding and abetting in an understatement of a tax liability. Any person subject to the penalty shall be penalized only once for documents relating to the same taxpayer
IRC § 6713 – Disclosure or use of information by preparers of returns.
The penalty is $250 for each unauthorized disclosure or use of information furnished for, or in connection with, the preparation of a return. The maximum penalty on any person shall not exceed $10,000 in a calendar year.
IRC § 7206 – Fraud and false statements.
Guilty of a felony and, upon conviction, a fine of not more than $100,000 ($500,000 in the case of a corporation), imprisonment of not more than three years, or both (together with the costs of prosecution).
IRC § 7207 – Fraudulent returns, statements, or other documents.
Guilty of a misdemeanor and, upon conviction, a fine of not more than $10,000 ($50,000 in the case of a corporation), imprisonment of not more than one year, or both.
IRC § 7216 – Disclosure or use of information by preparers of returns.
Guilty of a misdemeanor for knowingly or recklessly disclosing information furnished in connection with a tax return or using such information for any purpose other than preparing or assisting in the preparation of such return. Upon conviction, a fine of
IRC § 7407 – Misrepresentation of elibility to practice or guantee of tax refund/credit
A federal district court may enjoin a tax return preparer from engaging in certain proscribed conduct, or in extreme cases, from continuing to act as a tax return preparer altogether.
IRC § 7408 – Action to enjoin specified conduct related to tax shelters and reportable transactions
A federal district court may enjoin a person from engaging in certain proscribed conduct (including any action, or failure to take action, which is in violation of Circular 230).
IRC § 6695(b) - Failure of preparer to sign return or claim for refund
$50 per return, up to $25,000 per year against preparer and employer.
IRC § 6695(e) - Failure to maintain information on all employed preparers
$50 per preparer or per item missing from required information, up to $25,000 per year against preparer and employer
IRC §6694(a) - Understatement due to unreasonable positions.
The penalty is the greater of $1,000 or 50% of the income derived by the tax return preparer with respect to the return or claim for refund.
IRC §6694 (b) Understatement due to willful or reckless conduct.
The penalty is the greater of $5,000 or 50% of the income derived by the tax return preparer with respect to the return or claim for refund.
IRC § 6695(b) - Failure of preparer to sign return or claim for refund
The penalty is $50 for each failure to sign a return or claim for refund as required by regulations. The maximum penalty imposed on any tax return preparer shall not exceed $25,000 in a calendar year.
IRC §6695(c) - Failure to furnish identifying number.
The penalty is $50 for each failure to comply with IRC § 6109(a)(4) regarding furnishing an identifying number on a return or claim. The maximum penalty imposed on any tax return preparer shall not exceed $25,000 in a calendar year.
IRC §6695(d) - Failure to retain copy or list.
The penalty is $50 for each failure to comply with IRC § 6107(b) regarding retaining a copy or list of a return or claim. The maximum penalty imposed on any tax return preparer shall not exceed $25,000 in a return period.
IRC § 6695(e) -Failure to file correct information returns.
The penalty is $50 for each failure to comply with IRC § 6060. The maximum penalty imposed on any tax return preparer shall not exceed $25,000 in a return period.
IRC § 6695(f) - Negotiation of check.
The penalty is $510 for a tax return preparer who endorses or negotiates any check made in respect of taxes imposed by Title 26 which is issued to a taxpayer.
IRC § 6695(g) - Failure to be diligent in determining eligibility for earned income credit.
The penalty is $510 for each failure to comply with the EIC due diligence requirements imposed in regulations.
IRC § 6651(a)(1) - Failure to file a tax return
If a return is not timely filed, penalty of 5% of the net amount due, if the failure is for not more than one month, with an additional 5% for each month or fraction thereof during which the failure continues, but not in excess of 25%. ONLY if REQURED to
IRC § 6651(a)(2) & (3) - Failure to pay tax
FTP penalty should be assessed at one-half of 1% of the unpaid tax for the first month the penalty applies and an additional one-half of 1% for each additional or fraction of the month the tax is unpaid, not to exceed 25% of the tax.
IRC § 6651(f) - Fraudulent failure to file a tax return
15% of tax balance per month, maximum 75%
IRC § 6654 & § 6655 Individuals - underpayment of estimated tax
The penalty is figured at the federal quarterly interest rate
IRC § 6657 - Write a bad check to IRS
2% of the bad check amount, unless the check is under $1,250, in which case the penalty is the amount of the check or $25, whichever is less.
IRC § IRC 6652 – Failure to report tips
Penalty of 50% of the additional social security and Medicare taxes, and a negligence penalty of 20% of the additional income tax, plus interest
IRC § 6662 - Accuracy related penalty
The Penatly is 20% of underpayment. 40% for gross underpayment
IRC § 6652 - Exempt orgs not filing annual returns
Most organizations $20 each day up to lesser of $10,000 or 5% of gross receipts. If organization is over $1,000,000 increases to $100 up to $50,000.
IRC § 6672 - Trust Fund Penalty Recovery Penalty
Also known as the 100% Penalty. Can be against any and all responsible parties.
IRC § 6663 - The Fraudulent Return Penalty
75% of the portion of the underpayment [of tax] which is attributable to fraud
IRC § 6673 - Frivolous Tax Court action
Maximum $25,000 if position is groundless, intentional delay, frivolous or failed to follow administrative remedies
IRC § 6702 - The frivolous return penalty
$5,000 fine for filing a frivolous income tax return
IRC § 7201 – Willful attempt to evade or defeat any tax
Felony - up to $100,000 fine or 5 years in prison or both. $500,000 for corporations
IRC § 7202 – Willful failure to collect or pay over tax
Felony - up to $10,000 and/or 5 years in prison or both
IRC § 7203 – Willful failure to pay tax or file a tax return or supply information
Misdemeanor - up to $25,000 fine or one year in prison or both. ($100,000 for corp.)
IRC § 7212 – Attempts to Interfere with administration of IRS laws
Felony – up to 3 years in prison or fine up to $5,000 or both.
