Form 8275

Form 8275

A form that one files with the IRS in order to report inaccuracies previously declared on a tax return, except those made in violation of U.S. Treasury regulation. One uses this form in order to avoid penalties otherwise assessed on inaccurate returns. It is used by individuals and corporations.
References in periodicals archive ?
A long-term trend demands more and more transparency from large taxpayers, they assert, citing as examples Form 8275 (see box on p.
Form 8275, Disclosure Statement) and establishing that there is a reasonable basis for the tax treatment of the item.
He attached Form 8275, Disclosure Statement, and wrote on it, without citing any particular case, that the Court of Appeals for the Eleventh Circuit had held that attorneys' fees were not taxable income.
Accordingly, a taxpayer may choose to disclose the abandonment loss on Form 8275 to minimize the imposition of possible penalties under I.
Properly complete and file a disclosure Form 8275 or Form 8275R or disclose in the return in accordance with the annual revenue procedure described in Regs.
Alternatively, if the position has a reasonable basis, penalties can be avoided by disclosure on a Form 8275, Disclosure Statement.
The taxpayer disclosed the award on a Form 8275, Disclosure Statement, attached to his return but cited no authority for his assertion that the award was not taxable income.
Will the new schedule and its disclosures duplicate existing forms such as Form 8275, Disclosure Statement, and 8275-R, Regulation Disclosure Statement, and their disclosures?
If an entry may present a legal issue or controversy because of a related party transaction, then that transaction must be disclosed on a Form 8275.
48~ After December 31, 1991, Treasury Form 8275 (Form 8275-R if challenging a regulation) is to be used to make the required disclosure.
A signing preparer satisfies the requirement if the tax return position is disclosed on Form 8275, Disclosure Statement, or Form 8275-R, Regulation Disclosure Statement, as appropriate, or on the tax return in accordance with the annual revenue procedure requirements for disclosure; or if the preparer provides the taxpayer with a return that includes adequate disclosure.