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Coral Springs Florida Form 668(Z): What You Should Know

IRS Form 668-Z and the 531.094 Form Oct 13, 2023 — The IRS issued new guidance to tax professionals and taxpayers clarifying the 531.094 filing requirement concerning a Form 668-Z Lien Release (LLR). In general, if a taxpayer receives a Form 668-Z on behalf of the taxpayer's spouse, the spouse is not required to file an 1140 Schedule C. However, once the amount of the federal tax liability on the taxpayer's joint return would exceed the combined amount of tax liabilities owed by both spouses in connection with the filing of a joint return, a joint return must not be filed based on the amount of the federal debt on the tax return alone. The 1140 Schedule C provides a  method for the spouse that would be subject to the tax liability from the joint return to report and pay the full liability to the IRS. In addition, Section 526.5 of the Internal Revenue Code, provides that a Form 668-Z must be filed to notify both individual taxpayers and joint return taxpayers of: 1. The partial release of a lien filed at any time; 2. The filing of an agreement to settle the tax obligation; and, 3. The partial release of the taxpayer's federal income tax liability. The IRS uses Form 706, Statement of Current Federal Tax Withholding to report any Federal tax payments due on behalf of the taxpayer.  You may need to use this form to make the payments if the total balance of the federal tax owing on your tax return exceeds the total federal debt due, with the balance due being the amount reported on the Form 668-Z. In general, a taxpayer that receives the Form 668-Z should notify either the Internal Revenue Service (IRS) or their individual taxpayer representative, so the IRS cannot miss the payment. The individual taxpayer representative could be an attorney, a tax preparer, or an accountant. A trust or estate might be the taxpayer's sole or co-owner, and notify the Trust or Estate.  When to file Most debtors should file Form 668-Z by January 31st of each year, but some will need to file by April 15th each year.

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