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Form 870 Bend Oregon: What You Should Know
The purpose of the joint agreement for filing and payment of taxes is for the IRS to provide one source, reliable, and transparent source of information concerning the facts and circumstances of each taxpayer's relationship to the partnership and to all partners. It is also intended to provide a procedure for the partnership and the taxpayer to determine when the partnership has, or intends to have, a valid claim for refund or payment of tax. It is possible for a partnership to have a valid claim for refund, but only if the basis of such claim is in fact correct. In some cases, the partnership may have a valid claim for tax recovery even though no return or return information is submitted. The IRS is responsible for all the collection of taxes and the return preparation, reporting, and payment of any taxes paid. The Partner's relationship to the partnership is the one in which each partnership agreement should apply. The partner is expected to file an Annual Return with all appropriate information. In a case in which the partnership does not provide an annual Return, the IRS may establish an Internal Revenue Service address of record through which the partner shall be contacted, and a form 1099 may be issued, but the partner is obligated to withhold further tax from the partnership until a return is filed or a filing or payment is made. In determining whether there is cause to dispute the validity of the partnership's claim for refund or payment of tax, the IRS may consider such information as: The nature of the partnership's business and the manner in which the relationship to the partnership is being conducted; Whether the partnership's business activities are or will be materially affected by an act of the United States Congress or any state, or by a judicial determination of the partner; and The facts and circumstances of the case that establish the basis of the partner's claim. The partner's statement of position in an Annual Return should state whether the partnership has a valid claim for refund or payment of tax. As in previous decades, partnerships may be required to file reports containing a statement relating to the partnership's tax position. In case of disputes involving the relationship of partnerships to the United States or state, the IRS may establish the following instructions: You are responsible for determining the partnership's basis for tax. If you disagree with our explanation, we request your comments before final judgment.
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