Hello, the session in which we would look at the topic of the original issue discount bond. But before we talked about this, we need to kind of go back and review what we learned in a prior session. In the prior session, we looked at something called constructive receipts. What is constructive receipts? This is a review. It's the doctrine that states that if the income is available, the taxpayer should not be allowed to postpone the income recognition. So we looked at this principle or concept in a private session and basically state, if the income is available to you, then you cannot postpone the income recognition. So if it's available, you should include it in your taxes. We looked at a few examples. One thing we're gonna look at today is something called original issue discount. So let's talk about original issue discount because this is one of the topics that we need to kind of get an exception to the rule. What is a discount? A bond or a loan issued at a discount. You go to the bank and you learn about this in financial accounting. You want to borrow, let's assume $100,000, that's the amount you want to borrow. The bank would say something to the effect that I'm gonna give you today, let's just say $80,000 today, and you will pay me back $100,000, that's assumed in three years. So what does this picture look like? Basically, today I'm gonna give you $80,000, and in three years, you're gonna give me back $100,000. What is implied in this deal is this: there's an interest component of $20,000, but you don't have to pay me any interest until three years from now. So let's look at it from a journal entry perspective. From a journal entry perspective,...
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8815 turbotax Form: What You Should Know
IRS form 8815: Fill out & sign online — Chub Here is another page of information on Forms 8815 form 8908 and 8923 — how to edit them in PDF format. IRS form 8908: How to edit IRS form 8908 to exclude interest from certain securities — T.J.C. IRS form 8923: How to edit IRS form 8923 to exclude interest on certain securities — T.J.C. Note for taxpayers with Turbo Tax: if you did not make all the required corrections by the deadline for filing, make sure you pay attention to what the IRS says about tax filing deadlines. If you didn't fix your form before, check your audit logs! You'll know when you should submit forms for audit. If you didn't fix it before, check your audit logs! You have until March 15 to file. When you file late, the IRS may suspend or revoke your status as a taxpayer for at least two years. If they take this step, you won't be able to file. Filing late will cost you. It will also cost us more to handle your case. IRS Form 8908 (PDF) — Chub Filing late is an IRS requirement. But filing late is not a crime. We don't file late. IRS Form 8923 (PDF) — IRS  Your paper returns will be delayed if your due date falls on a holiday. Do not make payments without an appointment. Late filing and fees are a tax penalty. You may be penalized for failure to make a payment or making a payment late. Your paper returns will be delayed if your due date falls on a tax return filing deadline. We will be closed on filing due dates. Your paper returns will be delayed if your due date falls on a filing date associated with a penalty period. You may be penalized for failure to file a tax return, or for not correcting errors or omissions in a return on time. In the event you owe tax, the time to file your return after the due date without an appointment will be three tax days. We will open on Filing Due Dates- You may be penalized for a late Form 8908 or Form 8923, or for failing to file a timely return.
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