information return


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Words related to information return

a return that provides information to the tax collector but does not compute the tax liability

References in periodicals archive ?
A corporation is required to file an information return with the IRS in addition to providing information statements to employees.
In recent years, the authors have seen more frequently that, in addition to needing more time to file an income tax return, a taxpayer may not have enough information to file a complete and accurate international information return.
Nance submitted all the international information returns and signed a closing agreement, which required substantial penalties for civil fraud and FBARs (Reports of Foreign Bank and Financial Accounts), but no separate international information return penalties.
Due date modifications: The act sets new due dates for partnership and C corporation returns, as well as for Fin-CEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), and several other IRS information returns.
Also the CRA can suspend the tax-receipting privileges of a charity that provides inaccurate or incomplete information in its annual information return until the charity provides the required information.
IRS matches information returns with taxpayers' income tax returns to see if taxpayers have filed returns and reported all their income.
To determine the feasibility of information return expansion, Part II first considers technological advancement since the last major information return expansion occurred.
Tax-exempt organizations can file their information returns for tax year 2004 electronically via a new free Web service launched by the National Center for Charitable Statistics (NCCS).
c) if it has filed an information return in a preceding fiscal year.
Since the payor here does not know the amount of the attorney's fee, the payor must file an information return with respect to the attorney but need not file a return with respect to the plaintiff.
For a discussion of the time-tiered penalty structure and other information return reporting developments, see Tax Talk, April 1991.
Further clarity is given to reporting requirements on who must report, when reporting must be done, how to report, the types of loans subject to reporting and which borrowers must receive an information return.
unitholders determine that the distributions were not qualified dividends after conferring with their tax advisors, they may report such distributions as qualified dividends if they make the appropriate disclosure as to such variance from the information return that was received.
For example, Congress has imposed steep penalties for the failure to timely file or substantially complete certain international information returns, such as Form 5471, Information Return of U.
Regulations under section 6039 require companies to file for each optionee and ESPP participant, to the extent applicable:An information return with the IRS on Form 3921 to report information relating to ISOs that were exercised in the prior year, and An information return with the IRS on Form 3922 to report shares purchased at a discount under an ESPP that were transferred to a third party in the prior year, including a transfer to a brokerage account or financial institution, which typically occurs immediately after the purchase of shares under an ESPP.
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