Form 14242 UT 2024-2025

Form 14242 UT: What You Should Know

Report Suspected Abusive Tax Promotions or Preparers Form 14242 (PDF) Filing an IRS Audit is not Free The IRS imposes penalties for filing a false information report under IRC 7609, the False Statements Act (26 U.S.C. 5301, et seq.), and/or the False Claims Act (10 U.S.C. 1631, et seq.), as well as for filing a false tax return. To avoid penalties, the following IRS information returns must be completed: The annual income tax return; the estimated tax return for the last year; and any income tax adjustments reported on Forms 1040, 1040A, or 1040EZ. Also, taxpayers who owe the filing obligation to a non-U.S. person must pay all taxes that are due on the returns. In addition, taxpayers who owe the filing obligation to an individual or entity located outside the United States must file a U.S. source tax return and pay the applicable tax. Form 942, Application to Correct an IRS W-2 (Form 1040), Form W-2G (Form 1040G) and Forms W-3 (Form 1040), W-4 (Form 1045) and W-4SS (Form 1040A) must be filed to correct an undervalued election and/or undervalued deduction for a qualified domestic production activities deduction. Filing an IRS audit of a non-U.S. taxpayer that is subject to a civil penalty for failing to file Form 941 (Form 1040) or Form 1040EZ, or failing to pay the tax due, will result in the imposition of the penalties from IRS Form 4562, Failure to File. If you file a Form 1311 without authorization (e.g. a Form 1311-W) then, on the due date, or soon after, the IRS may initiate a civil action against you for an excise tax. The Civil Penalty Recovery Counsel (PRC) will review the matter and make a determination whether the return will be approved or denied. If the PRC finds that the return should be approved, an additional penalty fee of 50 is assessed, although the total amount of such fees may exceed 50. When you file Form 1311-W without authorization (e.g.

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