Tax Return

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Related to tax returns: Tax refund, Income Tax Returns

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 ?
In its proposals for federal budget 2019-20, the LCCI said the government had rightly focused on increasing the number of people who file tax returns and taken several measures in this regard.
Corrected tax returns with the status of being final will then have to be approved by a PRO officer.
Talking to a select group of journalists here, Dr Iqbal said audit of the group of late salaried class filers of income tax returns had also been waived off.
'The FBR is pleased to extend the date of filing income tax returns/statements for the tax year 2018 as the date of filing income tax returns required to be filed through e-portal in cases of salaries individuals, which were due on August 31 is hereby extended up to 30 September,' according to a notification issued by the FBR.
In a letter addressed to chairman FBR Dr Muhammad Jahanzeb Khan, the PTBA President Abdul Qadir Memon argued that multiple amendments have been made to the income tax return and wealth statement forms during 2018 up until the date of uploading the forms i.e.
He said DCB failed to file 26 tax returns from December 2011 to December 2013, while Crown Peak failed to file 58 tax returns from June 2008 to December 2015.
If your client is asked to produce its tax returns in litigation, you should review the returns and discuss with your client any concerns about producing them.
When confronting this issue, it is important to understand how a tax return position is defined.
NEW:  (http://ibtimes.com/presidents-whose-tax-returns-became-controversial-white-house-doesnt-say-when-trump-2526663) Presidents Whose Tax Returns Became Controversial: White House Doesn't Say When Trump Will Release Tax Returns
Until a few years ago, there was a fixed PS100 penalty if you failed to submit your tax return on time, but this was waived if you had already paid any tax that was owed, or you were due a refund of tax.
7216 prohibits a tax return preparer from "knowingly or recklessly" disclosing or using tax return information.
A key term in the new definition is whether tax preparers "hold themselves out." Specifically, a person will be considered engaged in the business of preparing tax returns if, in the course of the person's business, the person holds himself out to either tax return preparers or taxpayers as a person who prepares tax returns or assists in preparing tax returns.