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Jacksonville Florida Form 8332: What You Should Know

But what are some other penalties for claiming false deductions? For one, tax preparers and financial advisors who help a taxpayer make fraudulent claims will generally be subject to penalties.  In addition, the criminal penalties for filing a false claim increase with the seriousness of the fraud in the filing.  If no criminal charges are filed, a taxpayer who files a fraudulent IRS form may face as long as five years in federal prison, a 250,000 fine and forfeiture of three-quarters of the false tax deduction. If charges are filed against the taxpayer or the IRS, the maximum possible civil penalty is 10,000 for each false claim. For example, a taxpayer who claims four refundable credits of 4,000 each, and 15,000 in earned income tax credits, would face a maximum liability of 60,000 for each offense, plus a 250,000 fine.   As in the case of false deductions from personal income, the IRS may impose any other punishment that in the public interest is appropriate, including civil fines and up to 30% of the unpaid tax liability. For additional information, refer to The Federal Criminal Taxpayer Protection Act (CPA).  Community Tax The IRS began to target a new group of taxpayers called “tax preparers” who, in a practice known as “front-loading,” prepare tax returns for clients and then charge them 5 to get the preparation done. The IRS alleges that this occurs in an attempt to generate additional revenue and to minimize the tax liability of taxpayers. A Form 8332 may be used with a Form 990S to release or revoke claims to exemption. The release of claims to exemption by a preparer does not change the parent's claim of claim to exemption for his or her child.  For tax year 2010, IRS estimates were that 8.1 billion was paid to preparers. A portion of these fees would be recovered through interest on the money paid.  The IRS seeks civil forfeiture to recover all amounts paid to tax preparers through the use of illegal practices — including false and fraudulent claims of claim to exemption and refundable credits. For more information, refer to “Release/Revocation of Claim to Exemption for Child by Custodial Parent, Including Recent Updates.” For any tax matter you have on this page, please contact the Office of the Assistant Chief Counsel.

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