information return

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  • noun

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

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On July 23, the BIR announced the availability on its website of BIR Forms 1604-F and 1604-C, as well as the availability of the revised BIR Form 1604-E (annual information return of creditable income taxes withheld (expanded)/income payments exempt from withholding tax), through Revenue Memorandum Circular (RMC) No.
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. Filing an extension can allow more time to file such information returns.
Therefore, when advising someone who has not filed an international information return, it is critical for CPAs to document the taxpayer's efforts to understand and comply with the IRC's requirements.
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.
(149) Section 6201(d) provides that when a taxpayer challenges a deficiency based solely on third party information returns, the Service "shall have the burden of producing reasonable and probative information concerning such deficiency in addition to such information return." Congress put this section in the Code only after the Service refused to follow circuit court decisions coming to similar conclusions.
IRS matches information returns with taxpayers' income tax returns to see if taxpayers have filed returns and reported all their income.
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.
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.
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.S.
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.Companies must file these forms electronically if they file 250 or more of the applicable forms in a year; otherwise they may file paper forms.
Other provisions of Notice 200813 provide that the preparer of an information return listed in Exhibit 2 of the notice (or other document, such as a depreciation schedule or cost, expense or income allocation study) will be considered a preparer of a tax return if entries in the information return or other document constitute a substantial portion of that tax return.
This article explores the policy implications associated with information return expansion.
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