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Yonkers New York online Form 8883: What You Should Know

DeChristoforo  The IRS has proposed that the Form 8883 Form, called a Form 8883-A or a new Form 8883-B as I have called it, have more of an overall scope of guidance and  allow taxpayers to file with more information on their assets and their financial position. For example, the new form would show that there is 1,000 of personal property owned by the taxpayer that  taxpayers have failed to report, or that if they have this property, then it can be reported under section 72, paragraph D for 2024 and 2018, because no tax is  applied with respect to the failure to report for 2024 or 2018. It would also include an indication on a  Form 8883-B if the taxpayer did something with this property, such as selling the property, that increases its market value or the  property is being used in the taxpayer's trade or business. Ogden, C.J., Jordan, K.W., Rear don, J. and Sacks, J. — IRS.gov Opinion of the Court by Judge J. Ogden. Judge Sacks dissents. Page 533   The Form 8883-B, the updated form on which the new Form 8883 is based, would not reflect the taxpayer's failure to account for and  disclose income that is subject to taxation. The form states: (ii) Section 1.40 — Assets. The assets in this paragraph are shown in Part I.2. Section 1.40(a) lists the assets that can be described in subparagraph (ii).  The Form 8883-B should specify that the assets are not subject to the provisions of sections 70 and 80, the  sections under which the failure to file occurred. The newly-updated form should provide this information. (iii) Section 1.41 — Exceeds Limits. Section 1.41(b)(2) lists the assets that exceed the limits listed for the year described in paragraph 2. In this section, the limit must be 50,000 for the year unless the taxpayer has an  exempt status.

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