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Printable Form 80 Westminster Colorado: What You Should Know
Form 8042 — Notice of Inconsistent Treatment or Administrative. The Internal Revenue Code, section 6218, has been amended to include a penalty for withholding an ad valor em tax imposed under section 725 because of inconsistent treatment of taxes imposed by section 725(e). Notice. Form 8042. This is a Notice of Inconsistent Treatment or Administrative (NITA) form for the purposes of section 725. The form is used to apply an administrative penalty for the failure to remit certain taxes from a partnership or S corporation under section 725 and regulations issued or published by the Internal Revenue Service (“IRS”) within 180 days of the date the partnership or S corporation files its tax return for the year. It provides an immediate 30-day deadline for the partner or shareholder to pay the administrative penalty in the amount of one percent of the adjusted gross income of each partner or shareholder to the IRS or, if applicable, the IRS district office that issued the regulations or published the notice. The form also provides a means for the IRS to collect the fee, if any, imposed under section 7517(a) for the administrative penalty. Payment. If you are not the partnership or S corporation or the shareholder, the Form 8082 is filed for each person who is a partner, shareholder, beneficiary, estate or trust, or who had some level of involvement that affected the collection of the tax, and who fails to pay the penalty within 30 days of the time the notice is provided. However, you can elect to pay the penalty as an amount due to the IRS at a later time or to include the penalty in your income, but only in the following situations: For a partnership or S corporation in a calendar year—The partnership or S corporation must notify the taxpayer that it owes the penalty. A partnership or S corporation that has not yet filed a tax return for the calendar year must notify the taxpayer that it owes the penalty for the tax that may result from the failure to remit the ad valor em tax imposed with respect to the taxpayer as a partner, shareholder, beneficiary, estate or trust, or because the partnership or S corporation was the shareholder of a related person. The notice must include— The taxpayer's annual amount or the taxpayer's aggregate amount of quarterly amounts due to the partnership or S corporation, whichever is less. The amount of the penalty to be paid.
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