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Form 5330 Bridgeport Connecticut: What You Should Know
IRS Publication 970, EIN and Tax Filing Requirements IRS publication 970 provides information for taxpayers to help improve their understanding of their relationship with the IRS and its requirements and programs. The purpose of this publication is to provide taxpayers with information concerning the filing and payment of U.S. federal income taxes and to make them aware of their responsibilities for federal income taxes, the requirements for filing for certain income tax returns, and the requirements for participating in programs, including the federal employer's voluntary disclosure program. Taxpayers should understand that it is their responsibility to file a federal income tax return in a timely manner, and they should be aware of their obligations under Section 6012 of the Internal Revenue Code. The requirement that taxpayers comply with all U.S. tax laws that apply to them is established by the Internal Revenue Code, and Section 6012 has become one of the core provisions of the IRS Code. Accordingly, if the Internal Revenue Code requires a taxpayer to pay a tax and the income tax results from circumstances beyond his or her control, then the taxpayer must make the tax payment in a timely manner. The taxpayer should also note that, under Section 6013 and 6014, in the event of failure to make a timely tax payment thereunder, the U.S. Internal Revenue Service (IRS) may assess the amount required to be paid for each taxpayer, as well as interest on the amount required to be paid at a rate not exceeding the maximum criminal tax rate. U.S. Taxable Income and Publication 970 When a taxpayer chooses to file or pay an income tax return on line 1 of Form 1040, Forms 1120 and 1120S, Form 1040A, or Form 1040NR or 541 (and any extension) the taxpayer must report the amounts on Form 1040, line 8a, and pay the tax on Form 1040, line 8b. The taxpayer is not required to file a return if the taxpayer and the employer agree that the taxpayer will pay the tax on the taxpayer's own behalf without the assistance of the employer. However, any amount required to be paid on behalf of an employee should be reported on Form 1040, line 15b. It is important to note that if no tax is owed and tax is not paid, the return is subject to audit by the IRS. See IRS Publication 970 for information about completing and filing Form 1040 and IRS Publication 913, U.S.
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