Tax Return


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Tax Return

The form that the government requires a taxpayer to file with the appropriate official by a designated date to disclose and detail income subject to taxation and eligibility for deductions and exemptions, along with a remittance of the tax due or a claim for a refund of taxes that were overpaid.

The federal and state governments specify the deadlines for filing tax returns without incurring any additional interest or penalties for lateness. For most income taxpayers, the deadline of April 15 of the year following the close of the tax year for which the report is filed applies to both federal and many state returns. For persons who have made taxable gifts, the federal gift tax return is due annually on or before April 15 of the year following the tax year (as opposed to the former requirement of quarterly filing). For executors or administrators of estates that owe estate tax, a federal estate tax return must be filed within nine months of the date of death of the decedent. States may have comparable deadlines for gift and estate tax returns.

Cross-references

Estate and Gift Taxes; Income Tax.

tax return

n. the form to be filed with a taxing authority by a taxpayer which details his/her/their income, expenses, exemptions, deductions, and calculation of taxes which are chargeable to the taxpayer. (See: tax)

References in periodicals archive ?
There is much to criticize in that conclusion, particularly as reached and expressed in Frederick, the case that other courts cite for the proposition that the tax return preparation function does not involve the rendering of "legal advice." For those who practice tax law in a sophisticated, high-stakes corporate setting, the preparation of a tax return is hardly the equivalent of the rote transposition of numbers from a workpaper onto a tax return.
Registered tax return preparers may represent taxpayers before revenue agents, customer service representatives, and similar officers and employees of the IRS (including the Taxpayer Advocate Service) during an examination if the preparer signed the tax return or claim for refund for the tax year or period under examination (Circular 230, [??] 10.3(f)(3)).
In addition to e-filing, the manual filing of the annual tax return should be allowed.
Therefore, when considering the first prong of a tax return position as defined by SSTS No.
Trump has previously made the release of his tax returns conditional on the perceived offenses of his political enemies.
Don't delay if you are waiting for some information to complete your tax return, you can put in provisional figures for now to avoid a penalty and then submit a 'repair' to your tax return at a later date.
The regulations explain that persons who meet the definition of a tax return preparer solely because they provide auxiliary services to another tax return preparer may not, under Regs.
A "tax return preparer" includes any person who is engaged in the business of preparing or assisting in preparing tax returns.
While the majority of large and mid-sized companies successfully e-filed their federal tax returns for the first time in 2006, the transition process did require many to invest additional resources into the tax preparation process, according to a recent survey conducted by KPMG LLP and Tax Executives Institute.
Corporations that plan to use a tax professional to prepare their electronic income tax returns should ensure the professionals are IRS-authorized e-file providers.
It introduced cellular telephone transactions for its income tax return. But it was not as widely used as expected--just 0.02% of all filings were done by phone.
Working with the state CPA societies, the Institute reached out last month for CPAs who would "shop" volunteer sites, giving them hypothetical tax return information and supporting documents for them to bring to sites to have their tax returns prepared.