Form 15103. It is easy for taxpayers to file their federal income tax returns without considering the possibility of the unwarranted penalties and interest charges imposed by the IRS on their failure to file their returns within the deadlines. Those who do so may end up having to pay substantial penalty fees. In fact, some taxpayers have reported receiving calls from the IRS demanding that they pay a sizeable fine if they file their returns late. Thus, the need to learn about the filing requirement, along with all the common errors, can protect individuals from this type of troublesome situation. The first thing one needs to know is that the IRS Form 15103 does not apply to individuals who are in the process of filing federal income tax returns for the first time. Individuals who are required to file federal returns for the first time cannot benefit from the provisions of the IRS Form 15103. The form refers only to undeclared past-due federal tax liabilities. Individuals who are still in the process of filing for a federal tax return must first contact their respective tax agencies to obtain the most current information regarding their due state tax liability.
what does the form 15103 consist of
The IRS Form 15103 form also does not apply to undeclared past-due federal tax liabilities that have been repaid. Individuals who repay an installment or are forgiven the balance of a tax liability for one reason or another are not required to file the IRS Form 15103. Individuals who are liable for a higher state tax level due to a high rate of unemployment, military service, or a sudden increase in earned income are also not required to file the IRS Form 15103. Thus, those who file federal income tax returns based on a refund versus an installment payment basis need not consider the possibility of being charged with an IRS Form 15103. However, in order to determine whether a person is delinquent, he must file a tax return for the previous year. When a taxpayer files his or her original return for the current year, there is no longer a requirement for him or her to file a federal tax return for six years from the date of issue. However, many taxpayers continue to be charged for their filing fees even after they meet the new filing deadline. This is because the IRS assumes that most taxpayers will forget about their original return until the IRS sends them a notice of audit. Because most taxpayers do not file their taxes until they become audited, many taxpayers remain delinquent until the audit is received. If the audit does not result in a final report, the remaining penalty is assessed on the delinquent amount for the past six years.
Many taxpayers inadvertently forget that they are filing a federal tax return for the current year even though it has been more than six years since they filed their previous return. The IRS makes this assumption by using a calendar year starting date that begins with the earliest date for which a return was filed. Using an outdated calendar year does not necessarily make a return filed within six years after the end of the year inaccurate. But it can cause problems for IRS collection efforts if the due date for filing is not reported to the IRS. The IRS may issue a notice of default and request an additional payment if the taxpayer’s return is not filed within a specified time. In IRS Form 15003, taxpayers can choose to either notify the IRS when they file federal tax returns or send a notice of default to the agency. Most taxpayers opt to notify the IRS so the agency has time to collect the delinquent tax amount before the due date. For many taxpayers, making the effort to notify the IRS when they file federal tax returns is not worth the time and effort. Therefore, many taxpayers find it more efficient to file their federal unfiled past-due returns directly with the IRS.