Form 14242 for Wyoming 2024-2025

Form 14242 for Wyoming: What You Should Know

IRS Form 14242 — Report Suspected Abusive Tax Promotions or Preparers (Form 14242) is filed in the case of suspected tax promotion or premeditation of an act that results in evasion of the United States excise tax on cigarettes, and the payment of a contract price to a dealer for a supplier's cigarette inventory, or of the payment of an amount to a vendor to facilitate a tax evasion scheme or transaction. The following procedures should be followed to complete the Form 14242: All information is gathered from the persons who are asked to complete Form 14242, for instance friends, relatives, or anyone who might be asked to make a donation. You want to report information regarding: · The type of cigarette, brand, brand code, size, brand name, type of packaging, brand, or value of box, cartons, cases, or similar containers. · The price paid or paid in installments for cigarettes, or in connection with the price paid. · The identity of the person to whom the cigarettes were sold. You should also report what happened if the person to whom cigarettes were sold failed to send the cigarettes to the seller of record. A Form 14242 can be used for tax purposes in the following cases: The person who submitted the Form 14242 did so for the purpose of evading the tax, or the person's employer or the employee's tax preparation services were used to prepare a Form 14242 in connection with the evasion. The person's tax return was erroneously filed or a tax return was filed for a tax year within which an act described in paragraphs (a)-(j) occurred. The person received money from another person, or from any person, to whom no specific contract was required as a condition of the receipt of the money. The person or the person's financial institution received money for the purpose of evading the tax, or the financial institution used its facilities and services in connection with the evasion. In addition, the person who submitted the Form 14242 would also be subject to penalty if the person fails to report the payment of a fine imposed under Section 6662(c)(7), 6662(f), or 6663 if the amount of the fine is 250 or more.

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