IRS Form 14242 Report Suspected Abusive Tax Promotions or Preparers

What Is IRS Form 14242?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury on October 1, 2016. As of today, no separate filing guidelines for the form are provided by the IRS.

FAQ

Q: What is IRS Form 14242?
A: IRS Form 14242 is used to report suspected abusive tax promotions or preparers.

Q: Who should use IRS Form 14242?
A: Anyone who suspects an abusive tax promotion or preparer should use IRS Form 14242 to report it.

Q: What is considered an abusive tax promotion?
A: An abusive tax promotion is a scheme or arrangement that encourages taxpayers to unlawfully avoid paying their taxes.

Q: What is considered an abusive tax preparer?
A: An abusive tax preparer is a tax professional who engages in fraudulent or unethical practices to help clients avoid paying taxes.

Q: How do I report suspected abusive tax promotions or preparers?
A: You can report suspected abusive tax promotions or preparers by filling out IRS Form 14242 and submitting it to the IRS.

Q: Can I remain anonymous when reporting abusive tax promotions or preparers?
A: Yes, you can choose to remain anonymous when reporting abusive tax promotions or preparers on IRS Form 14242.

Q: What happens after I submit IRS Form 14242?
A: The IRS will review the information you provide and take appropriate action against the abusive tax promotion or preparer, if necessary.

Q: Are there any rewards for reporting abusive tax promotions or preparers?
A: Yes, the IRS has a whistleblower program that offers rewards for information leading to the successful recovery of unpaid taxes.