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SEE Exam aka EA Exam > IRS Forms, IRS Code Sections for Penalties, Retirement Plan Forms > Flashcards

IRS Forms, IRS Code Sections for Penalties, Retirement Plan Forms Flashcards

IRS Forms, Penalty Code Sections, Retirement Plan Forms

1
Q

Form 1099R

A

Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

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2
Q

Form 5329

A

Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts (subject to tax on early distributions)

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3
Q

Form 5498

A

IRA Contribution

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4
Q

Form 8606

A

Nondeductible IRAs

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5
Q

Form 8822

A

Change of Address

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6
Q

Form 8880

A

Credit for Qualified Retirement Savings Contributions

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7
Q

Form 1099-R

A

Distributions from Pensions, Annuities, Retirement or Profit Sharing Plans, IRAs, Insurance Contracts, etc (Info Copy Only)

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8
Q

Form RRB-1099

A

Payments by the Railroad Retirement Board

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9
Q

Form 982

A

Reduction of Tax Attributes Due to Discharge of Indebtedness (And Section 1082 Basis Adjustment)

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10
Q

Form 1040

A

Individual Tax Return

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11
Q

Form 1040X

A

Amended Tax Return

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12
Q

Form 1042S

A

Foreign person’s US Source Income Subject To Withholding

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13
Q

Form 1098

A

Mortgage interest statement

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14
Q

Form 1098-E

A

Student Loan Interest statement

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15
Q

Form 1098-T

A

Student Qualified Tuition & Related Expense Payments Statement

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16
Q

Form 1099

A

Income statement

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17
Q

Form 1099-A

A

Acquisition or Abandonment of Secured Property

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18
Q

Form 1099-B

A

Proceeds from Broker and Barter Exchange Transactions

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19
Q

Form 1099-C

A

Cancellation of debt

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20
Q

Form 1099-DIV

A

Dividend and Distribution income

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21
Q

Form 1099-G

A

Certain Government payments

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22
Q

Form 1099-H

A

Health Coverage Tax Credit (HCTC) Advance Payments

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23
Q

Form 1099-INT

A

Interest income

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24
Q

Form 1099-LTC

A

Long Term Care and Accelerated Death benefits

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25
Q

Form 1099-MISC

A

Miscellaneous income

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26
Q

Form 1099-OID

A

Original Issue Discount

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27
Q

Form 1099-PATR

A

Taxable Distributions from Cooperatives

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28
Q

Form 1099-Q

A

Payments from Qualified Education Progrms (Under Section 529 and 530) (Info Copy Only)

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29
Q

Form 1099-S

A

Proceeds from Real Estate Transactions

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30
Q

Form 1099-SA

A

Distributions From an HSA, Archer MSA, or Medicare Advantage MSA

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31
Q

Form 1116

A

Foreign Tax Credit (Individual, Estate, or Trust)

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32
Q

Form 2106

A

Employee Business Expenses

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33
Q

Form 2120

A

Multiple Support Declaration

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34
Q

Form 2210

A

Underpayment of Estimated Tax by Individuals, Estates, and Trusts

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35
Q

Form 2441

A

Child & Dependent Care Expenses

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36
Q

Form 2848

A

Power of Attorney and Declaration of Representative

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37
Q

Form 3903

A

Moving expenses

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38
Q

Form 4137

A

Social Security and Medicare Tax on Unreported Tip Income

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39
Q

Form 4506-T

A

Request for Transcripts of Tax Return

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40
Q

Form 4562

A

Depreciation & Amortization (Including Information on Listed Property)

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41
Q

Form 4684

A

Casualties & Thefts

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42
Q

Form 4797

A

Sale of Business Property

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43
Q

Form 4852

A

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.

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44
Q

Form 4868

A

Application for Automatic Extension of Time (6 mos more)

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45
Q

Form 5405

A

Repayment of the First-time home buyer credit

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46
Q

Form 5498-ESA

A

Coverdell ESA Contribution Information

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47
Q

Form 5498-QA

A

ABLE Account Contribution Information

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48
Q

Form 5498-SA

A

HSA, Archer MSA, or Medicare Advantage MSA Information

49
Q

Form 5695

A

Residential energy credits

50
Q

Form 6251

A

Alternative Minimum Tax

51
Q

Form 6252

A

Installment Sales Income

52
Q

Form 8275

A

Disclosure Statement

53
Q

Form 8275-R

A

Regulation Disclosure Statement

54
Q

Form 8283

A

Noncash Charitable Contributions

55
Q

Form 8332

A

Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent

56
Q

Form 8379

A

Injured Spouse Allocations

57
Q

Form 8453

A

U.S. Individual Income Tax Transmittal for an IRS e-file Return

58
Q

Form 8582

A

Passive Activity Loss Limitations

59
Q

Form 8812

A

(Form 1040) Additional Child Tax Credit

60
Q

Form 8829

A

Expenses for Business Use of Your Home

61
Q

Form 8857

A

Request for Innocent Spouse Relief

62
Q

Form 8862

A

Information To Claim Earned Income Credit After Disallowance

63
Q

Form 8863

A

Education credits (American Opportunity and Lifetime Learning Credits)

64
Q

Form 8880

A

Credit for Qualified Retirement Savings Contributions

65
Q

Form 8888

A

Allocation of Refund (and Savings Bond purchases)

66
Q

Form 8889

A

Health Savings Accounts (HSAs)

67
Q

Form 8919

A

Uncollected Social Security and Medicare Tax on Wages

68
Q

Form 1042S

A

Foreign Person’s U.S. Income Subject to Withholding

69
Q

Form SSA-1042S

A

Social Security Benefit Statement for Noncitizens who live outside of the United States

70
Q

Form SSA-1099

A

Social Security Benefit Statement

71
Q

Form W-2G

A

Certain Gambling Winnings

72
Q

Form W-7

A

Application for IRS Individual Taxpayer Identification Number (ITIN)

73
Q

FormW-7A

A

Application for Taxpayer Indentification Number for Pending U.S. Adoptions

74
Q

Schedule A

A

Itemized Deductions

75
Q

Schedule B

A

Interest and Ordinary Dividends

76
Q

Schedule C

A

Profit or Loss From Business

77
Q

Schedule D

A

Capital Gains and Losses

78
Q

Schedule E

A

Supplemental Income and Loss (from Rental Real Estate, Royalties, Partnerships, S Corps, Estates, Trusts, REMICs, etc.)

79
Q

Schedule EIC

A

Earned Income Credit -Qualifying Child Information

80
Q

Schedule F

A

Profit or Loss from Farming

81
Q

Schedule H

A

Household Employment Taxes (for SS, Medicare, Withheld Income, and Federal Unemployment (FUTA) Taxes

82
Q

Schedule J

A

Income Averaging for Farmers and Fishermen

83
Q

Schedule K-1

A

Shareholders and Beneficiary’s Share of Income, Deductions, Credits, etc.

84
Q

Schedule R

A

Credit for the Elderly or the Disabled.

85
Q

Schedule SE

A

Self-Employment Tax

86
Q

IRC § 6700 – Promoting abusive tax shelters

A

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).

87
Q

IRC § 6701 – Penalties for aiding and abetting understatement of tax liability.

A

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

88
Q

IRC § 6713 – Disclosure or use of information by preparers of returns.

A

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.

89
Q

IRC § 7206 – Fraud and false statements.

A

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).

90
Q

IRC § 7207 – Fraudulent returns, statements, or other documents.

A

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.

91
Q

IRC § 7216 – Disclosure or use of information by preparers of returns.

A

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

92
Q

IRC § 7407 – Misrepresentation of elibility to practice or guantee of tax refund/credit

A

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.

93
Q

IRC § 7408 – Action to enjoin specified conduct related to tax shelters and reportable transactions

A

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).

94
Q

IRC § 6695(b) - Failure of preparer to sign return or claim for refund

A

$50 per return, up to $25,000 per year against preparer and employer.

95
Q

IRC § 6695(e) - Failure to maintain information on all employed preparers

A

$50 per preparer or per item missing from required information, up to $25,000 per year against preparer and employer

96
Q

IRC §6694(a) - Understatement due to unreasonable positions.

A

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.

97
Q

IRC §6694 (b) Understatement due to willful or reckless conduct.

A

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.

98
Q

IRC § 6695(b) - Failure of preparer to sign return or claim for refund

A

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.

99
Q

IRC §6695(c) - Failure to furnish identifying number.

A

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.

100
Q

IRC §6695(d) - Failure to retain copy or list.

A

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.

101
Q

IRC § 6695(e) -Failure to file correct information returns.

A

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.

102
Q

IRC § 6695(f) - Negotiation of check.

A

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.

103
Q

IRC § 6695(g) - Failure to be diligent in determining eligibility for earned income credit.

A

The penalty is $510 for each failure to comply with the EIC due diligence requirements imposed in regulations.

104
Q

IRC § 6651(a)(1) - Failure to file a tax return

A

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

105
Q

IRC § 6651(a)(2) & (3) - Failure to pay tax

A

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.

106
Q

IRC § 6651(f) - Fraudulent failure to file a tax return

A

15% of tax balance per month, maximum 75%

107
Q

IRC § 6654 & § 6655 Individuals - underpayment of estimated tax

A

The penalty is figured at the federal quarterly interest rate

108
Q

IRC § 6657 - Write a bad check to IRS

A

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.

109
Q

IRC § IRC 6652 – Failure to report tips

A

Penalty of 50% of the additional social security and Medicare taxes, and a negligence penalty of 20% of the additional income tax, plus interest

110
Q

IRC § 6662 - Accuracy related penalty

A

The Penatly is 20% of underpayment. 40% for gross underpayment

111
Q

IRC § 6652 - Exempt orgs not filing annual returns

A

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.

112
Q

IRC § 6672 - Trust Fund Penalty Recovery Penalty

A

Also known as the 100% Penalty. Can be against any and all responsible parties.

113
Q

IRC § 6663 - The Fraudulent Return Penalty

A

75% of the portion of the underpayment [of tax] which is attributable to fraud

114
Q

IRC § 6673 - Frivolous Tax Court action

A

Maximum $25,000 if position is groundless, intentional delay, frivolous or failed to follow administrative remedies

115
Q

IRC § 6702 - The frivolous return penalty

A

$5,000 fine for filing a frivolous income tax return

116
Q

IRC § 7201 – Willful attempt to evade or defeat any tax

A

Felony - up to $100,000 fine or 5 years in prison or both. $500,000 for corporations

117
Q

IRC § 7202 – Willful failure to collect or pay over tax

A

Felony - up to $10,000 and/or 5 years in prison or both

118
Q

IRC § 7203 – Willful failure to pay tax or file a tax return or supply information

A

Misdemeanor - up to $25,000 fine or one year in prison or both. ($100,000 for corp.)

119
Q

IRC § 7212 – Attempts to Interfere with administration of IRS laws

A

Felony – up to 3 years in prison or fine up to $5,000 or both.

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