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2013 Ohio State Tax Form

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2013 Ohio State Tax Form

2013 ohio state tax form 2. 2013 ohio state tax form   Tax Shelters and Other Reportable Transactions Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Abusive Tax SheltersRules To Curb Abusive Tax Shelters Investor Reporting Penalties Whether To Invest Introduction Investments that yield tax benefits are sometimes called “tax shelters. 2013 ohio state tax form ” In some cases, Congress has concluded that the loss of revenue is an acceptable side effect of special tax provisions designed to encourage taxpayers to make certain types of investments. 2013 ohio state tax form In many cases, however, losses from tax shelters produce little or no benefit to society, or the tax benefits are exaggerated beyond those intended. 2013 ohio state tax form Those cases are called “abusive tax shelters. 2013 ohio state tax form ” An investment that is considered a tax shelter is subject to restrictions, including the requirement that it be disclosed, as discussed later. 2013 ohio state tax form Topics - This chapter discusses: Abusive Tax Shelters , Rules To Curb Abusive Tax Shelters , Investor Reporting , Penalties , and Whether To Invest . 2013 ohio state tax form Useful Items - You may want to see: Publication 538 Accounting Periods and Methods 556 Examination of Returns, Appeal Rights, and Claims for Refund 561 Determining the Value of Donated Property 925 Passive Activity and At-Risk Rules Form (and Instructions) 8275 Disclosure Statement 8275-R Regulation Disclosure Statement 8283 Noncash Charitable Contributions 8886 Reportable Transaction Disclosure Statement See chapter 5, How To Get Tax Help , for information about getting these publications and forms. 2013 ohio state tax form Abusive Tax Shelters Abusive tax shelters are marketing schemes involving artificial transactions with little or no economic reality. 2013 ohio state tax form They often make use of unrealistic allocations, inflated appraisals, losses in connection with nonrecourse loans, mismatching of income and deductions, financing techniques that do not conform to standard commercial business practices, or mischaracterization of the substance of the transaction. 2013 ohio state tax form Despite appearances to the contrary, the taxpayer generally risks little. 2013 ohio state tax form Abusive tax shelters commonly involve package deals designed from the start to generate losses, deductions, or credits that will be far more than present or future investment. 2013 ohio state tax form Or, they may promise investors from the start that future inflated appraisals will enable them, for example, to reap charitable contribution deductions based on those appraisals. 2013 ohio state tax form (But see the appraisal requirements discussed under Rules To Curb Abusive Tax Shelters , later. 2013 ohio state tax form ) They are commonly marketed in terms of the ratio of tax deductions allegedly available to each dollar invested. 2013 ohio state tax form This ratio (or “write-off”) is frequently said to be several times greater than one-to-one. 2013 ohio state tax form Because there are many abusive tax shelters, it is not possible to list all the factors you should consider in determining whether an offering is an abusive tax shelter. 2013 ohio state tax form However, you should ask the following questions, which might provide a clue to the abusive nature of the plan. 2013 ohio state tax form Do the tax benefits far outweigh the economic benefits? Is this a transaction you would seriously consider, apart from the tax benefits, if you hoped to make a profit? Do shelter assets really exist and, if so, are they insured for less than their purchase price? Is there a nontax justification for the way profits and losses are allocated to partners? Do the facts and supporting documents make economic sense? In that connection, are there sales and resales of the tax shelter property at ever increasing prices? Does the investment plan involve a gimmick, device, or sham to hide the economic reality of the transaction? Does the promoter offer to backdate documents after the close of the year? Are you instructed to backdate checks covering your investment? Is your debt a real debt or are you assured by the promoter that you will never have to pay it? Does this transaction involve laundering United States source income through foreign corporations incorporated in a tax haven and owned by United States shareholders? Rules To Curb Abusive Tax Shelters Congress has enacted a series of income tax laws designed to halt the growth of abusive tax shelters. 2013 ohio state tax form These provisions include the following. 2013 ohio state tax form Disclosure of reportable transactions. 2013 ohio state tax form   You must disclose information for each reportable transaction in which you participate. 2013 ohio state tax form See Reportable Transaction Disclosure Statement , later. 2013 ohio state tax form   Material advisors with respect to any reportable transaction must disclose information about the transaction on Form 8918, Material Advisor Disclosure Statement. 2013 ohio state tax form To determine whether you are a material advisor to a transaction, see the Instructions for Form 8918. 2013 ohio state tax form   Material advisors will receive a reportable transaction number for the disclosed reportable transaction. 2013 ohio state tax form They must provide this number to all persons to whom they acted as a material advisor. 2013 ohio state tax form They must provide the number at the time the transaction is entered into. 2013 ohio state tax form If they do not have the number at that time, they must provide it within 60 days from the date the number is mailed to them. 2013 ohio state tax form For information on penalties for failure to disclose and failure to maintain lists, see Internal Revenue Code sections 6707, 6707A, and 6708. 2013 ohio state tax form Requirement to maintain list. 2013 ohio state tax form   Material advisors must maintain a list of persons to whom they provide material aid, assistance, or advice on any reportable transaction. 2013 ohio state tax form The list must be available for inspection by the IRS, and the information required to be included on the list generally must be kept for 7 years. 2013 ohio state tax form See Regulations section 301. 2013 ohio state tax form 6112-1 for more information (including what information is required to be included on the list). 2013 ohio state tax form Confidentiality privilege. 2013 ohio state tax form   The confidentiality privilege between you and a federally authorized tax practitioner does not apply to written communications made after October 21, 2004, regarding the promotion of your direct or indirect participation in any tax shelter. 2013 ohio state tax form Appraisal requirement for donated property. 2013 ohio state tax form   If you claim a deduction of more than $5,000 for an item or group of similar items of donated property, you generally must get a qualified appraisal from a qualified appraiser and complete and attach section B of Form 8283 to your return. 2013 ohio state tax form If you claim a deduction of more than $500,000 for the donated property, you generally must attach the qualified appraisal to your return. 2013 ohio state tax form If you file electronically, see Form 8453, U. 2013 ohio state tax form S. 2013 ohio state tax form Individual Income Tax Transmittal for an IRS e-file Return, and its instructions. 2013 ohio state tax form For more information about appraisals, including exceptions, see Publication 561. 2013 ohio state tax form Passive activity loss and credit limits. 2013 ohio state tax form   The passive activity loss and credit rules limit the amount of losses and credits that can be claimed from passive activities and limit the amount that can offset nonpassive income, such as certain portfolio income from investments. 2013 ohio state tax form For more detailed information about determining and reporting income, losses, and credits from passive activities, see Publication 925. 2013 ohio state tax form Interest on penalties. 2013 ohio state tax form   If you are assessed an accuracy-related or civil fraud penalty (as discussed under Penalties , later), interest will be imposed on the amount of the penalty from the due date of the return (including any extensions) to the date you pay the penalty. 2013 ohio state tax form Accounting method restriction. 2013 ohio state tax form   Tax shelters generally cannot use the cash method of accounting. 2013 ohio state tax form Uniform capitalization rules. 2013 ohio state tax form   The uniform capitalization rules generally apply to producing property or acquiring it for resale. 2013 ohio state tax form Under those rules, the direct cost and part of the indirect cost of the property must be capitalized or included in inventory. 2013 ohio state tax form For more information, see Publication 538. 2013 ohio state tax form Denial of deduction for interest on an underpayment due to a reportable transaction. 2013 ohio state tax form   You cannot deduct any interest you paid or accrued on any part of an underpayment of tax due to an understatement arising from a reportable transaction (discussed later) if the relevant facts affecting the tax treatment of the item are not adequately disclosed. 2013 ohio state tax form This rule applies to reportable transactions entered into in tax years beginning after October 22, 2004. 2013 ohio state tax form Authority for Disallowance of Tax Benefits The IRS has published guidance concluding that the claimed tax benefits of various abusive tax shelters should be disallowed. 2013 ohio state tax form The guidance is the conclusion of the IRS on how the law is applied to a particular set of facts. 2013 ohio state tax form Guidance is published in the Internal Revenue Bulletin for taxpayers' information and also for use by IRS officials. 2013 ohio state tax form So, if your return is examined and an abusive tax shelter is identified and challenged, published guidance dealing with that type of shelter, which disallows certain claimed tax shelter benefits, could serve as the basis for the examining official's challenge of the tax benefits you claimed. 2013 ohio state tax form In such a case, the examiner will not compromise even if you or your representative believes you have authority for the positions taken on your tax return. 2013 ohio state tax form The courts have generally been unsympathetic to taxpayers involved in abusive tax shelter schemes and have ruled in favor of the IRS in the majority of the cases in which these shelters have been challenged. 2013 ohio state tax form Investor Reporting You may be required to file a reportable transaction disclosure statement. 2013 ohio state tax form Reportable Transaction Disclosure Statement Use Form 8886 to disclose information for each reportable transaction (discussed later) in which you participated. 2013 ohio state tax form Generally, you must attach Form 8886 to your return for each tax year in which you participated in the transaction. 2013 ohio state tax form Under certain circumstances, a transaction must be disclosed within 90 days of the transaction being identified as a listed transaction or a transaction of interest (discussed later). 2013 ohio state tax form In addition, for the first year Form 8886 is attached to your return, you must send a copy of the form to: Internal Revenue Service OTSA Mail Stop 4915 1973 North Rulon White Blvd. 2013 ohio state tax form  Ogden, UT 84404 If you file your return electronically, the copy sent to OTSA must show exactly the same information, word for word, provided with the electronically filed return and it must be provided on the official IRS Form 8886 or an exact copy of the form. 2013 ohio state tax form If you use a computer-generated or substitute Form 8886, it must be an exact copy of the official IRS form. 2013 ohio state tax form If you fail to file Form 8886 as required or fail to include any required information on the form, you may have to pay a penalty. 2013 ohio state tax form See Penalty for failure to disclose a reportable transaction , later under Penalties. 2013 ohio state tax form The following discussion briefly describes reportable transactions. 2013 ohio state tax form For more details, see the Instructions for Form 8886. 2013 ohio state tax form Reportable transaction. 2013 ohio state tax form   A reportable transaction is any of the following. 2013 ohio state tax form A listed transaction. 2013 ohio state tax form A confidential transaction. 2013 ohio state tax form A transaction with contractual protection. 2013 ohio state tax form A loss transaction. 2013 ohio state tax form A transaction of interest entered into after November 1, 2006. 2013 ohio state tax form Note. 2013 ohio state tax form Transactions with a brief asset holding period were removed from the definition of reportable transaction for transactions entered into after August 2, 2007. 2013 ohio state tax form Listed transaction. 2013 ohio state tax form   A listed transaction is the same as, or substantially similar to, one of the types of transactions the IRS has determined to be a tax-avoidance transaction. 2013 ohio state tax form These transactions have been identified in notices, regulations, and other published guidance issued by the IRS. 2013 ohio state tax form For a list of existing guidance, see Notice 2009-59 in Internal Revenue Bulletin 2009-31, available at www. 2013 ohio state tax form irs. 2013 ohio state tax form gov/irb/2009-31_IRB/ar07. 2013 ohio state tax form html. 2013 ohio state tax form Confidential transaction. 2013 ohio state tax form   A confidential transaction is offered to you under conditions of confidentiality and for which you have paid an advisor a minimum fee. 2013 ohio state tax form A transaction is offered under conditions of confidentiality if the advisor who is paid the fee places a limit on your disclosure of the tax treatment or tax structure of the transaction and the limit protects the confidentiality of the advisor's tax strategies. 2013 ohio state tax form The transaction is treated as confidential even if the conditions of confidentiality are not legally binding on you. 2013 ohio state tax form Transaction with contractual protection. 2013 ohio state tax form   Generally, a transaction with contractual protection is one in which you or a related party has the right to a full or partial refund of fees if all or part of the intended tax consequences of the transaction are not sustained, or a transaction for which the fees are contingent on your realizing the tax benefits from the transaction. 2013 ohio state tax form For information on exceptions, see Revenue Procedure 2007-20 in Internal Revenue Bulletin 2007-7, available at www. 2013 ohio state tax form irs. 2013 ohio state tax form gov/irb/2007-07_IRB/ar15. 2013 ohio state tax form html. 2013 ohio state tax form Loss transaction. 2013 ohio state tax form   For individuals, a loss transaction is one that results in a deductible loss if the gross amount of the loss is at least $2 million in a single tax year or $4 million in any combination of tax years. 2013 ohio state tax form A loss from a foreign currency transaction under Internal Revenue Code section 988 is a loss transaction if the gross amount of the loss is at least $50,000 in a single tax year, whether or not the loss flows through from an S corporation or partnership. 2013 ohio state tax form   Certain losses (such as losses from casualties, thefts, and condemnations) are excepted from this category and do not have to be reported on Form 8886. 2013 ohio state tax form For information on other exceptions, see Revenue Procedure 2004-66 in Internal Revenue Bulletin 2004-50, as modified and superseded by Revenue Procedure 2013-11, (or future published guidance) available at www. 2013 ohio state tax form irs. 2013 ohio state tax form gov/irb/2004-50_IRB/ar11. 2013 ohio state tax form html. 2013 ohio state tax form Transaction of interest. 2013 ohio state tax form   A transaction of interest is a transaction entered into after November 1, 2006, that is the same as, or substantially similar to, one of the types of transactions that the IRS has identified by notice, regulation, or other form of published guidance as a transaction of interest. 2013 ohio state tax form The IRS has identified the following transactions of interest. 2013 ohio state tax form “Toggling” grantor trusts as described in Notice 2007-73, 2007-36 I. 2013 ohio state tax form R. 2013 ohio state tax form B. 2013 ohio state tax form 545, available at www. 2013 ohio state tax form irs. 2013 ohio state tax form gov/irb/2007-36_IRB/ar20. 2013 ohio state tax form html. 2013 ohio state tax form Certain transactions involving contributions of a successor member interest in a limited liability company as described in Notice 2007-72, 2007-36 I. 2013 ohio state tax form R. 2013 ohio state tax form B. 2013 ohio state tax form 544, available at www. 2013 ohio state tax form irs. 2013 ohio state tax form gov/irb/2007-36_IRB/ar19. 2013 ohio state tax form html. 2013 ohio state tax form Certain transactions involving the sale or other disposition of all interests in a charitable remainder trust and claiming little or no taxable gain as described in Notice 2008-99, 2008-47 I. 2013 ohio state tax form R. 2013 ohio state tax form B. 2013 ohio state tax form 1194, available at www. 2013 ohio state tax form irs. 2013 ohio state tax form gov/irb/2008-47_IRB/ar11. 2013 ohio state tax form html. 2013 ohio state tax form Certain transactions involving a U. 2013 ohio state tax form S. 2013 ohio state tax form taxpayer owning controlled foreign corporations (CFCs) that hold stock of a lower-tier CFC through a domestic partnership to avoid reporting income as described in Notice 2009-7, 2009-3 I. 2013 ohio state tax form R. 2013 ohio state tax form B. 2013 ohio state tax form 312, available at www. 2013 ohio state tax form irs. 2013 ohio state tax form gov/irb/2009-03_IRB/ar10. 2013 ohio state tax form html. 2013 ohio state tax form   For updates to this list, go to www. 2013 ohio state tax form irs. 2013 ohio state tax form gov/Businesses/Corporations/Abusive-Tax-Shelters-and-Transactions. 2013 ohio state tax form Penalties Investing in an abusive tax shelter may lead to substantial expenses. 2013 ohio state tax form First, the promoter generally charges a substantial fee. 2013 ohio state tax form If your return is examined by the IRS and a tax deficiency is determined, you will be faced with payment of more tax, interest on the underpayment, possibly a 20%, 30%, or even 40% accuracy-related penalty, or a 75% civil fraud penalty. 2013 ohio state tax form You may also be subject to the penalty for failure to pay tax. 2013 ohio state tax form These penalties are explained in the following paragraphs. 2013 ohio state tax form Accuracy-related penalties. 2013 ohio state tax form   An accuracy-related penalty of 20% can be imposed for underpayments of tax due to: Negligence or disregard of rules or regulations, Substantial understatement of tax, Substantial valuation misstatement (increased to 40% for gross valuation misstatement), Transaction lacking economic substance (increased to 40% for undisclosed transaction lacking economic substance), or Undisclosed foreign financial asset understatement (40% in all cases). 2013 ohio state tax form Except for a transaction lacking economic substance, this penalty will not be imposed if you can show you had reasonable cause for any understatement of tax and that you acted in good faith. 2013 ohio state tax form Your failure to disclose a reportable transaction is a strong indication that you failed to act in good faith. 2013 ohio state tax form   If you are charged an accuracy-related penalty, interest will be imposed on the amount of the penalty from the due date of the return (including extensions) to the date you pay the penalty. 2013 ohio state tax form   The 20% penalties do not apply to any underpayment attributable to a reportable transaction understatement subject to an accuracy-related penalty (discussed later). 2013 ohio state tax form Negligence or disregard of rules or regulations. 2013 ohio state tax form   The penalty for negligence or disregard of rules or regulations is imposed only on the part of the underpayment due to negligence or disregard of rules or regulations. 2013 ohio state tax form The penalty will not be charged if you can show you had reasonable cause for understating your tax and that you acted in good faith. 2013 ohio state tax form    Negligence includes any failure to make a reasonable attempt to comply with the provisions of the Internal Revenue Code. 2013 ohio state tax form It also includes any failure to keep adequate books and records. 2013 ohio state tax form A return position that has a reasonable basis is not negligence. 2013 ohio state tax form   Disregard includes any careless, reckless, or intentional disregard of rules or regulations. 2013 ohio state tax form   The penalty for disregard of rules and regulations can be avoided if all the following are true. 2013 ohio state tax form You keep adequate books and records. 2013 ohio state tax form You have a reasonable basis for your position on the tax issue. 2013 ohio state tax form You make an adequate disclosure of your position. 2013 ohio state tax form Use Form 8275 to make your disclosure and attach it to your return. 2013 ohio state tax form To disclose a position contrary to a regulation, use Form 8275-R. 2013 ohio state tax form Use Form 8886 to disclose a reportable transaction (discussed earlier). 2013 ohio state tax form Substantial understatement of tax. 2013 ohio state tax form   An understatement is considered to be substantial if it is more than the greater of: 10% of the tax required to be shown on the return, or $5,000. 2013 ohio state tax form An “understatement” is the amount of tax required to be shown on your return for a tax year minus the amount of tax shown on the return, reduced by any rebates. 2013 ohio state tax form The term “rebate” generally means a decrease in the tax shown on your original return as the result of your filing an amended return or claim for refund. 2013 ohio state tax form   For items other than tax shelters, you can file Form 8275 or Form 8275-R to disclose items that could cause a substantial understatement of income tax. 2013 ohio state tax form In that way, you can avoid the substantial understatement penalty if you have a reasonable basis for your position on the tax issue. 2013 ohio state tax form Disclosure of the tax shelter item on a tax return does not reduce the amount of the understatement. 2013 ohio state tax form   Also, the understatement penalty will not be imposed if you can show there was reasonable cause for the underpayment caused by the understatement and that you acted in good faith. 2013 ohio state tax form An important factor in establishing reasonable cause and good faith will be the extent of your effort to determine your proper tax liability under the law. 2013 ohio state tax form Substantial valuation misstatement. 2013 ohio state tax form   In general, you are liable for a 20% penalty for a substantial valuation misstatement if all the following are true. 2013 ohio state tax form The value or adjusted basis of any property claimed on the return is 150% or more of the correct amount. 2013 ohio state tax form You underpaid your tax by more than $5,000 because of the misstatement. 2013 ohio state tax form You cannot establish that you had reasonable cause for the underpayment and that you acted in good faith. 2013 ohio state tax form   You may be assessed a penalty of 40% for a gross valuation misstatement. 2013 ohio state tax form If you misstate the value or the adjusted basis of property by 200% or more of the amount determined to be correct, you will be assessed a penalty of 40%, instead of 20%, of the amount you underpaid because of the gross valuation misstatement. 2013 ohio state tax form The penalty rate is also 40% if the property's correct value or adjusted basis is zero. 2013 ohio state tax form Transaction lacking economic substance. 2013 ohio state tax form   The economic substance doctrine only applies to an individual that entered into a transaction in connection with a trade or business or an activity engaged in for the production of income. 2013 ohio state tax form For transactions entered into after March 30, 2010, a transaction has economic substance for you as an individual taxpayer only if: The transaction changes your economic position in a meaningful way (apart from federal income tax effects), or You have a substantial purpose (apart from federal income tax effects) for entering into the transaction. 2013 ohio state tax form   For purposes of determining whether economic substance exists, a transaction's profit potential will only be taken into account if the present value of the reasonably expected pre-tax profit from the transaction is substantial compared to the present value of the expected net tax benefits that would be allowed if the transaction were respected. 2013 ohio state tax form   If any part of your underpayment is due to any disallowance of claimed tax benefits by reason of a transaction lacking economic substance or failing to meet the requirements of any similar rule of law, that part of your underpayment will be subject to the 20% accuracy-related penalty even if you had a reasonable cause and acted in good faith concerning that part. 2013 ohio state tax form   Additionally, the penalty increases to 40% if you do not adequately disclose on your return or in a statement attached to your return the relevant facts affecting the tax treatment of a transaction that lacks economic substance. 2013 ohio state tax form Relevant facts include any facts affecting the tax treatment of the transaction. 2013 ohio state tax form    Any excessive amount of an erroneous claim for an income tax refund or credit (other than a refund or credit related to the earned income credit) that results from a transaction found to be lacking economic substance will not be treated as having a reasonable basis and could be subject to a 20% penalty. 2013 ohio state tax form Undisclosed foreign financial asset understatement. 2013 ohio state tax form   For tax years beginning after March 18, 2010, you may be liable for a 40% penalty for an understatement of your tax liability due to an undisclosed foreign financial asset. 2013 ohio state tax form An undisclosed foreign financial asset is any asset for which an information return, required to be provided under Internal Revenue Code section 6038, 6038B, 6038D, 6046A, or 6048 for any taxable year, is not provided. 2013 ohio state tax form The penalty applies to any part of an underpayment related to the following undisclosed foreign financial assets. 2013 ohio state tax form Any foreign business you control, reportable on Form 5471, Information Return of U. 2013 ohio state tax form S. 2013 ohio state tax form Persons With Respect To Certain Foreign Corporations, or Form 8865, Return of U. 2013 ohio state tax form S. 2013 ohio state tax form Persons With Respect to Certain Foreign Partnerships. 2013 ohio state tax form Certain transfers of property to a foreign corporation or partnership, reportable on Form 926, Return by a U. 2013 ohio state tax form S. 2013 ohio state tax form Transferor of Property to a Foreign Corporation, or certain distributions to a foreign person, reportable on Form 8865. 2013 ohio state tax form Your ownership interest in certain foreign financial assets, temporarily reportable on Form 8275 or 8275-R. 2013 ohio state tax form    Instead of, or in addition to, Form 8275 or 8275-R, you may have to file Form 8938, Statement of Specified Foreign Financial Assets, with your tax return. 2013 ohio state tax form See the Instructions for Form 8938 for details. 2013 ohio state tax form    Your acquisition, disposition, or substantial change in ownership interest in a foreign partnership, reportable on Form 8865. 2013 ohio state tax form Creation or transfer of money or property to certain foreign trusts, reportable on Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. 2013 ohio state tax form Penalty for incorrect appraisals. 2013 ohio state tax form   The person who prepares an appraisal of the value of property may have to pay a penalty if: He or she knows, or reasonably should have known, that the appraisal would be used in connection with a return or claim for refund; and The claimed value of the property on a return or claim for refund based on that appraisal results in a substantial valuation misstatement or a gross valuation misstatement as discussed earlier. 2013 ohio state tax form For details on the penalty amount and exceptions, see Publication 561. 2013 ohio state tax form Penalty for failure to disclose a reportable transaction. 2013 ohio state tax form   If you fail to include any required information regarding a reportable transaction (discussed earlier) on a return or statement, you may have to pay a penalty of 75% of the decrease in tax shown on your return as a result of such transaction (or that would have resulted if the transaction were respected for federal tax purposes). 2013 ohio state tax form For an individual, the minimum penalty is $5,000 and the maximum is $10,000 (or $100,000 for a listed transaction). 2013 ohio state tax form This penalty is in addition to any other penalty that may be imposed. 2013 ohio state tax form   The IRS may rescind or abate the penalty for failing to disclose a reportable transaction under certain limited circumstances but cannot rescind the penalty for failing to disclose a listed transaction. 2013 ohio state tax form For information on rescission, see Revenue Procedure 2007-21 in Internal Revenue Bulletin 2007-9 available at www. 2013 ohio state tax form irs. 2013 ohio state tax form gov/irb/2007-09_IRB/ar12. 2013 ohio state tax form html. 2013 ohio state tax form Accuracy-related penalty for a reportable transaction understatement. 2013 ohio state tax form   If you have a reportable transaction understatement, you may have to pay a penalty equal to 20% of the amount of that understatement. 2013 ohio state tax form This applies to any item due to a listed transaction or other reportable transaction with a significant purpose of avoiding or evading federal income tax. 2013 ohio state tax form The penalty is 30% rather than 20% for the part of any reportable transaction understatement if the transaction was not properly disclosed. 2013 ohio state tax form You may not have to pay the 20% penalty if you meet the strengthened reasonable cause and good faith exception. 2013 ohio state tax form The reasonable cause and good faith exception does not apply to any part of a reportable transaction understatement attributable to one or more transactions that lack economic substance. 2013 ohio state tax form   This penalty does not apply to the part of an understatement on which the fraud penalty, gross valuation misstatement penalty, or penalty for nondisclosure of noneconomic substance transactions is imposed. 2013 ohio state tax form Civil fraud penalty. 2013 ohio state tax form   If any underpayment of tax on your return is due to fraud, a penalty of 75% of the underpayment will be added to your tax. 2013 ohio state tax form Joint return. 2013 ohio state tax form   The fraud penalty on a joint return applies to a spouse only if some part of the underpayment is due to the fraud of that spouse. 2013 ohio state tax form Failure to pay tax. 2013 ohio state tax form   If a deficiency is assessed and is not paid within 10 days of the demand for payment, an investor can be penalized with up to a 25% addition to tax if the failure to pay continues. 2013 ohio state tax form Whether To Invest In light of the adverse tax consequences and the substantial amount of penalties and interest that will result if the claimed tax benefits are disallowed, you should consider tax shelter investments carefully and seek competent legal and financial advice. 2013 ohio state tax form Prev  Up  Next   Home   More Online Publications
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Tax Information for Conduit Borrowers

Publication 3755 - Filing Requirements
TEB's first publication outlines the filing requirements for issuers of tax-exempt bonds, including Forms 8038, 8038-G and 8038-T.

Publication 4079 - Tax-Exempt Governmental Bonds Compliance Guide
This publication provides an overview for state and local governments of the key rules under the federal tax law that generally apply to municipal financing arrangements commonly known as governmental bonds.

Publication 4078 - Tax Exempt Private Activity Bonds Compliance Guide
This publication provides an overview for state and local government issuers and borrowers of bond proceeds of the general post-issuance rules under federal tax law that apply to municipal financing arrangements known as qualified private activity bonds.

Publication 4077 - Tax Exempt Bonds for 501(c)(3) Charitable Organizations
This publication provides an overview for state and local government issuers and 501(c)(3) tax exempt charitable organizations of the general post-issuance rules under the federal tax law that generally apply to municipal and financing arrangements commonly known as 501(c)(3) bonds.

Page Last Reviewed or Updated: 22-Apr-2013

The 2013 Ohio State Tax Form

2013 ohio state tax form Tax Changes for Individuals Table of Contents 2001 ChangesNew 5-Year Carryback Rule for Net Operating Losses (NOLs) Wash Sale Rules Do Not Apply to Section 1256 Contracts Other 2001 Changes 2002 ChangesDeduction for Educator Expenses Personal Credits Still Allowed Against Alternative Minimum Tax Later ChangeChild and Dependent Care Expenses 2001 Changes New 5-Year Carryback Rule for Net Operating Losses (NOLs) If you have an NOL from a tax year ending during 2001 or 2002, you must generally carry back the entire amount of the NOL to the 5 tax years before the NOL year (the carryback period). 2013 ohio state tax form However, you can still choose to use the previous carryback period. 2013 ohio state tax form You also can choose not to carry back an NOL and only carry it forward. 2013 ohio state tax form Individuals, estates, and trusts can file Form 1045, Application for Tentative Refund. 2013 ohio state tax form The instructions for this form will be revised to reflect the new law. 2013 ohio state tax form Wash Sale Rules Do Not Apply to Section 1256 Contracts The wash sale rules that generally apply to losses from the sale of stock or securities, do not apply to any loss arising from a section 1256 contract. 2013 ohio state tax form A section 1256 contract is any: Regulated futures contract, Foreign currency contract, Nonequity option, Dealer equity option, or Dealer securities futures contract. 2013 ohio state tax form Wash sales and section 1256 contracts are explained in detail in Publication 550, Investment Income and Expenses. 2013 ohio state tax form Other 2001 Changes Other changes are discussed in the following chapters. 2013 ohio state tax form Chapter 4 Car Expenses Chapter 5 Depreciation 2002 Changes Deduction for Educator Expenses If you are an eligible educator, you can deduct as an adjustment to income up to $250 in qualified expenses. 2013 ohio state tax form You can deduct these expenses even if you do not itemize deductions on Schedule A (Form 1040). 2013 ohio state tax form This adjustment to income is for expenses paid or incurred in tax years beginning during 2002 or 2003. 2013 ohio state tax form Previously, these expenses were deductible only as a miscellaneous itemized deduction subject to the 2% of adjusted gross income limit. 2013 ohio state tax form Eligible educator. 2013 ohio state tax form   You are an eligible educator if, for the tax year, you meet the following requirements. 2013 ohio state tax form You are a kindergarten through grade 12: Teacher, Instructor, Counselor, Principal, or Aide. 2013 ohio state tax form You work at least 900 hours during a school year in a school that provides elementary or secondary education, as determined under state law. 2013 ohio state tax form Qualified expenses. 2013 ohio state tax form   These are unreimbursed expenses you paid or incurred for books, supplies, computer equipment (including related software and services), other equipment, and supplementary materials that you use in the classroom. 2013 ohio state tax form For courses in health and physical education, expenses for supplies are qualified expenses only if they are related to athletics. 2013 ohio state tax form   To be deductible as an adjustment to income, the qualified expenses must be more than the following amounts for the tax year. 2013 ohio state tax form The interest on qualified U. 2013 ohio state tax form S. 2013 ohio state tax form savings bonds that you excluded from income because you paid qualified higher education expenses, Any distribution from a qualified tuition program that you excluded from income, or Any tax-free withdrawals from your Coverdell education savings account. 2013 ohio state tax form Personal Credits Still Allowed Against Alternative Minimum Tax The provision that allowed certain nonrefundable personal credits to reduce both your regular tax and any alternative minimum tax (AMT) has been extended and will be in effect for 2002 and 2003. 2013 ohio state tax form This provision, as it applies to the AMT, was originally scheduled to expire after 2001. 2013 ohio state tax form Without the extension, these credits could not have been used to reduce any AMT in 2002 or 2003. 2013 ohio state tax form Later Change Child and Dependent Care Expenses For the purpose of figuring the child and dependent care credit, your spouse is treated as having at least a minimum amount of earned income for any month that he or she is a full-time student or not able to care for himself or herself. 2013 ohio state tax form Beginning in 2003, this amount is increased to $250 a month if there is one qualifying person and to $500 a month if there are two or more qualifying persons. 2013 ohio state tax form Before 2003, the amounts were $200 and $400. 2013 ohio state tax form The same rule applies for the exclusion of employer-provided dependent care benefits. 2013 ohio state tax form For more information about the credit and exclusion, see Publication 503, Child and Dependent Care Expenses. 2013 ohio state tax form Prev  Up  Next   Home   More Online Publications