What happens if I don't provide the requested information on my tax return?

If you do not provide the required information, you may forfeit any refund of interest otherwise owed to you and/or be subject to penalties.

Can I file a civil or criminal litigation with the Department of Justice?

The Department of Justice represents the federal government in civil and criminal litigation. If you need legal assistance, you should contact a private attorney.

How can I file a complaint with the National Taxpayer Advocate?

You may file a complaint with the National Taxpayer Advocate by mail, email, or phone. The contact information is available on their website at .

What is the purpose of a look-back method for computing interest?

The look-back method computes interest based on the total amount of underpayments or overpayments of tax during the applicable redetermination year. It allows taxpayers to avoid double interest charges by taking into account both prior and subsequent periods of time.

What is the purpose of the Paperwork Reduction Act?

The Paperwork Reduction Act requires federal agencies to evaluate the burden imposed on the public by the collection of information, and to minimize that burden whenever possible.

What is the effect of not providing identifying number on my tax return?

Tax returns and return information are confidential, as required by section 6103. If you do not provide your identifying number, you may be subject to penalties.

How can I learn about my rights under the Privacy Act?

You may contact the Privacy Act Office at the Department of Health and Human Services, or visit their website at for information on your rights under the Privacy Act.

Form 8697

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Interest Computation Under the Look-Back Method for Completed Long-Term Contracts

Rev. November 2018

Form 8697 instructions for computing interest on underpayments or overpayments of alternative minimum tax (AMT) and regular tax for prior years due to differences between actual contract prices and estimated prices. This form is used when a taxpayer has had income from contracts that were not completed until after February 1986, and the reported amounts were based on estimated prices instead of actual prices.

Instructions

Form 8697 Instructions - Instructions for Form 8697, Interest Computation Under the Look-Back Method for Completed Long-Term Contracts

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FAQ

What happens if I don't provide the requested information on my tax return?
If you do not provide the required information, you may forfeit any refund of interest otherwise owed to you and/or be subject to penalties.
Can I file a civil or criminal litigation with the Department of Justice?
The Department of Justice represents the federal government in civil and criminal litigation. If you need legal assistance, you should contact a private attorney.
How can I file a complaint with the National Taxpayer Advocate?
You may file a complaint with the National Taxpayer Advocate by mail, email, or phone. The contact information is available on their website at <https://www.taxadvocate.irs.gov/contact-us/>.
What is the purpose of a look-back method for computing interest?
The look-back method computes interest based on the total amount of underpayments or overpayments of tax during the applicable redetermination year. It allows taxpayers to avoid double interest charges by taking into account both prior and subsequent periods of time.
What is the purpose of the Paperwork Reduction Act?
The Paperwork Reduction Act requires federal agencies to evaluate the burden imposed on the public by the collection of information, and to minimize that burden whenever possible.
What is the effect of not providing identifying number on my tax return?
Tax returns and return information are confidential, as required by section 6103. If you do not provide your identifying number, you may be subject to penalties.
How can I learn about my rights under the Privacy Act?
You may contact the Privacy Act Office at the Department of Health and Human Services, or visit their website at <https://www.hhs.gov/privacy/index.html> for information on your rights under the Privacy Act.

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Tax forms

Form 8697 is one of Tax forms that are documents used to report income, deductions, and tax liability to the relevant tax authority. These forms are an essential part of the tax filing process and are used to ensure individuals and businesses comply with tax laws and accurately calculate their tax obligations.

The specific tax forms required can vary depending on factors such as an individual's filing status, sources of income, and the country's tax laws. However, here are some common types of tax forms:

Individual Income Tax Forms: These forms, such as the 1040 series in the United States, are used by individuals to report their income, claim deductions and credits, and calculate their tax liability.

Business Tax Forms: Businesses, including sole proprietorships, partnerships, corporations, and self-employed individuals, may have to file various forms to report their income, expenses, and taxes owed. Examples include Schedule C (Profit or Loss from Business) and Form 1120 (U.S. Corporation Income Tax Return).

Employment Tax Forms: Employers are required to report employee wages and withhold and remit payroll taxes. Forms such as W-2 (Wage and Tax Statement) and 941 (Employer's Quarterly Federal Tax Return) are used for this purpose.

Investment and Retirement Account Forms: These forms are used to report investment income, capital gains, and losses, as well as contributions and distributions from retirement accounts. Examples include Form 1099-DIV (Dividends and Distributions) and Form 5498 (IRA Contribution Information).

Estate and Gift Tax Forms: When a person passes away or makes significant gifts, specific forms such as Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return) and Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) are used to report and calculate any applicable estate or gift taxes.

It is important to note that tax laws and forms can change over time, so individuals and businesses should consult the relevant tax authority or seek professional tax advice to ensure compliance with the current requirements.

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