Main Topics
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z
#
 Previous Page: Publication 550 - Investment Income and Expenses - Special Rules for Traders in Securities Next Page: Publication 551 - Basis of Assets - Basis of Assets
|
taxmap/pubs/p550-029.htm#TXMP5bc72fd3 Chapter 5 |
 |
|
You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. By selecting the method that is best for you, you will have quick and easy access to tax help.
taxmap/pubs/p550-029.htm#TXMP6c9e0fc2 |
|
|
The Taxpayer Advocate Service (TAS) is an independent organization within the IRS whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving tax problems that have not been resolved through normal channels, or who believe that an IRS system or procedure is not working as it should.
You can contact the TAS by calling the TAS toll-free case intake line at 1-877-777-4778 or TTY/TDD 1-800-829-4059 to see if you are eligible for assistance. You can also call or write to your local taxpayer advocate, whose phone number and address are listed in your local telephone directory and in Publication 1546, Taxpayer Advocate Service – Your Voice at the IRS. You can file Form 911, Request for Taxpayer Advocate Service Assistance (And Application for Taxpayer Assistance Order), or ask an IRS employee to complete it on your behalf. For more information, go to www.irs.gov/advocate.
taxmap/pubs/p550-029.htm#TXMP2accbea8 Taxpayer Advocacy Panel (TAP).(p73) |
|
|
The TAP listens to taxpayers, identifies taxpayer issues, and makes suggestions for improving IRS services and customer satisfaction. If you have suggestions for improvements, contact the TAP, toll free at 1-888-912-1227 or go to
www.improveirs.org.
taxmap/pubs/p550-029.htm#TXMP2ddb0902 Low Income Taxpayer Clinics (LITCs).(p73) |
|
|
LITCs are independent organizations that provide low income taxpayers with representation in federal tax controversies with the IRS for free or for a nominal charge. The clinics also provide tax education and outreach for taxpayers with limited English proficiency or who speak English as a second language. Publication 4134, Low Income Taxpayer Clinic List, provides information on clinics in your area. It is available at www.irs.gov or at your local IRS office.
taxmap/pubs/p550-029.htm#TXMP7dd1fda7 |
|
|
To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. It contains a list of free tax publications and describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics.
Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities.
 | Internet. You can access the IRS website at www.irs.gov 24 hours a day, 7 days a week to:
|
 | Phone. Many services are available by phone.
Evaluating the quality of our telephone services. To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. One method is for a second IRS representative to listen in on or record random telephone calls. Another is to ask some callers to complete a short survey at the end of the call. |
 | Walk-in. Many products and services are available on a walk-in basis.
|
 | Mail. You can send your order for forms, instructions, and publications to the address below. You should receive a response within 10 days after your request is received. |
 | CD/DVD for tax products. You can order Publication 1796, IRS Tax Products CD/DVD, and obtain:
Purchase the CD/DVD from National Technical Information Service (NTIS) at www.irs.gov/cdorders for $35 (no handling fee) or call 1-877-CDFORMS (1-877-233-6767) toll free to buy the CD/DVD for $35 (plus a $5 handling fee). Price is subject to change. |
| CD for small businesses. Publication 3207, The Small Business Resource Guide CD for 2007, is a must for every small business owner or any taxpayer about to start a business. This year's CD includes:
An updated version of this CD is available each year in early April. You can get a free copy by calling 1-800-829-3676 or by visiting www.irs.gov/smallbiz. |
Glossary |
|
|
An accounting method under which you report your income when you earn it, whether or not you have received it. You generally deduct your expenses when you incur a liability for them, rather than when you pay them.
Rules that limit the amount of loss you may deduct to the amount you risk losing in the activity.
Basis is the amount of your investment in property for tax purposes. The basis of property you buy is usually the cost. Basis is used to figure gain or loss on the sale or disposition of investment property.
A demand loan (defined later) on which interest is payable at a rate below the applicable federal rate, or a term loan where the amount loaned is more than the present value of all payments due under the loan.
An option that entitles the purchaser to buy, at any time before a specified future date, property such as a stated number of shares of stock at a specified price.
An accounting method under which you report your income in the year in which you actually or constructively receive it. You generally deduct your expenses in the year you pay them.
A person who is actively engaged in trading section 1256 contracts and is registered with a domestic board of trade designated as a contract market by the Commodities Futures Trading Commission.
A contract made on a commodity exchange, calling for the sale or purchase of a fixed amount of a commodity at a future date for a fixed price.
Any transaction that you entered into after April 30, 1993, that meets both of these tests.
A loan payable in full at any time upon demand by the lender.
A distribution of money or other property made by a corporation to its shareholders out of its earnings and profits.
Any option:
The price at which property would change hands between a willing buyer and a willing seller, both having reasonable knowledge of the relevant facts.
The amount of interest that would be payable for any period if interest accrued at the applicable federal rate and was payable annually on December 31, minus any interest payable on the loan for that period.
A contract to deliver a substantially fixed amount of property (including cash) for a substantially fixed price.
An exchange-traded contract to buy or sell a specified commodity or financial instrument at a specified price at a specified future date. See also Commodity future.
Any below-market loan where the forgone interest is in the nature of a gift.
Compensation for the use or forbearance of money.
The interest you paid or accrued on money you borrowed that is allocable to property held for investment.
A partner whose participation in partnership activities is restricted, and whose personal liability for partnership debts is limited to the amount of money or other property that he or she contributed or may have to contribute.
Any option that is traded on, or subject to the rules of, a qualified board or exchange.
The treatment of each section 1256 contract (defined later) held by a taxpayer at the close of the year as if it were sold for its fair market value on the last business day of the year.
The stated redemption price of a bond at maturity minus your basis in the bond immediately after you acquire it. Market discount arises when the value of a debt obligation decreases after its issue date.
Any bond having market discount except:
A person who receives, in his or her name, income that actually belongs to someone else.
Any listed option that is not an equity option, such as debt options, commodity futures options, currency options, and broad-based stock index options.
Any person registered with an appropriate national securities exchange as a market maker or specialist in listed options.
The amount by which the stated redemption price at maturity of a debt instrument is more than its issue price.
An activity involving the conduct of a trade or business in which you do not materially participate and any rental activity. However, the rental of real estate is not a passive activity if both of the following are true.
Gross income from interest, dividends, annuities, or royalties that is not derived in the ordinary course of a trade or business. It includes gains from the sale or trade of property (other than an interest in a passive activity) producing portfolio income or held for investment.
The amount by which your cost or other basis in a bond right after you get it is more than the total of all amounts payable on the bond after you get it (other than payments of qualified stated interest).
A bond that is part of a state or local government bond issue of which:
An option that entitles the purchaser to sell, at any time before a specified future date, property such as a stated number of shares of stock at a specified price.
An entity that is formed for the purpose of holding a fixed pool of mortgages secured by interests in real property, with multiple classes of interests held by investors. These interests may be either regular or residual.
A section 1256 contract that:
Stock you get for services you perform that is nontransferable and is subject to a substantial risk of forfeiture.
Any:
A contract of sale for future delivery of a single security or of a narrow-based security index.
The sale of property that you generally do not own. You borrow the property to deliver to a buyer and, at a later date, you buy substantially identical property and deliver it to the lender.
Generally, a set of offsetting positions on personal property. A straddle may consist of a purchased option to buy and a purchased option to sell on the same number of shares of the security, with the same exercise price and period.
Stock that meets the following tests.
Any loan that is not a demand loan.
A sale of stock or securities at a loss within 30 days before or after you buy or acquire in a fully taxable trade, or acquire a contract or option to buy, substantially identical stock or securities.
Previous Page:
Publication 550 - Investment Income and Expenses - Special Rules for Traders in SecuritiesNext Page:
Publication 551 - Basis of Assets - Basis of Assets
|
||||
