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Cincinnati Ohio Form 8857: What You Should Know
IRS and KRS-One announced last week that they have made improvements to the Innocent Spouse Program, which resulted in a strong performance in fiscal year 2002. Based on this latest performance, the Innocent Spouse Program will be reviewed by the Treasury Inspector General for Tax Administration in 2003. The improvements, described in the press release, include: · A review of the program's performance and effectiveness; · A change in procedures for processing Forms 8857; · A change in training of IRS employees on Form 8857, including updating its format and structure to ensure it is completed by employees as soon as practicable; · A review by IRS management of how to improve and enhance the program; and, · A review of how the IRS can further improve the program. The IRS expects to finalize the changes this year. (GAO-02-558) (See IRS Innocent Spouse Program Overview.) Fiscal Year 2000 The following is a list of the Innocent Spouse Program (ISP), Forms 8857, Form 1040X, and Forms 1541, 1542, and 1543. Forms 8-8-8S, All, and S with Application of the U.S. Treasury Procedures Act and the instructions, for claiming the ISP or the alternative minimum tax. These forms apply to a single taxpayer. See Publication 3 of this publication. In addition, if a taxpayer is claimed as an ISP in the same taxpayer return as one person or more than one person, the taxpayer may either show the entire ISP on Form 1040X or claim a separate Form 8S for each person. See also Publication 3.4 of the Instructions to Form 1040. See Taxpayers, Taxpayers can claim an Individual Affordable Housing Credit. Publication 975, Information for Claiming Tax Credit for Purchase or Acquisition of an Affordable Housing, is available from the IRS. All taxpayers may claim an Alternative Minimum Tax. Publication 967, Tax Benefits for Taxpayers Who Have a Disability, may be obtained from the Internal Revenue Service. If the taxpayer claims the ISP, the ISP can be claimed on Forms 1040X and Schedule SE and on Form 1040. See the Instructions for Form 1040X. The taxpayer is not entitled to claim the ISP on Schedule SE until the taxpayer is notified by letter of the amount of the credit allowed on Form 1040.
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