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Form 5471 online Kentucky: What You Should Know
Which the IRS calls “Form 1099-MISC” (money order) Forms. “Form 5471 is the Form 1099. This is not a form for a bank. Form 1099 is used as a means to report income to the IRS only in the event of an adjustment in your income tax liability (see IRS Publication 519). Therefore, Form 5471 is NOT meant for a financial institution to pay out to a person for a refund of non-refundable income tax. This is also one of the main reasons that the IRS (and now the Tax Court) has issued guidance urging taxpayers to submit Form 5471 as soon as possible after receiving a 1099. If you are a Kentucky resident with any U.S. tax liability or potential U.S. tax liability, it is recommended that you send your Form 5471. It is always best to send these forms in two to three different payment methods — credit card, cash, and check — in an attempt to maintain the integrity of the income tax return. However, please remember that Form 5471 is always for the U.S. Form 5471 (Rev. 8/14) includes information about your filing status as well as how your return will be processed and paid. We are not able to provide you with forms or other information that would allow you to comply with Form 5471 (Rev. 8/14). When mailing Form 5471 (Rev. 8/14), keep the following in mind: Form 5471 (Rev. 8/14) is a Form 1099. This is NOT a form for your bank account. This is used as a means to report income to the IRS ONLY in the event of an adjustment in your tax liability (see IRS Publication 519). Therefore, Form 5471 should not be used as a cash payment to someone — for a refund of non-refundable tax. This is also one of the main reasons that the IRS (and now the Tax Court) The Tax Court has issued guidance urging taxpayers to submit Form 5471 in two to three different payment methods — credit card, cash, check, and a wire transfer. Do not send the Form 5471 in one payment method. Make sure to send it by check or by wire transfer.
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