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TN Form 12203: What You Should Know

This tax year the information may be on your tax return for filing. If you fail to file an adjusted return in accordance with section 6211, the IRS may assess a 400 penalty. The tax law allows a taxpayer to challenge the accuracy-related penalty only upon the written request of the taxpayer in the form and manner prescribed by the Tax Court Rules and Regulations. A taxpayer may file a formal written protest with the Tax Court for that purpose by filing a protest with the Tax Court. Jan 27, 2024 — The taxpayer is still subject to the annual penalty as outlined above. The taxpayer is encouraged to file Form 12203 by January 28. The taxpayer is not required to file this form until February 26. The taxpayer may file Form 12203 for any tax year, even if the information is wrong for multiple tax years. A separate protest is required for each tax year the information is wrong (i.e. there is no correction required in one tax year and a correction would have to be made in a subsequent tax year). Taxpayers are also encouraged not to attempt to resolve or settle outstanding information issues through informal resolution through the IRS. Taxpayers are encouraged to file a response to the protest or a Form 12203. The IRS has an official process for providing a statement (Form 2855) to taxpayers who disagree with the accuracy-related penalty, which can be filed electronically through the IRS website at:. Also, available on the website is a sample statement that should be used in lieu of sending a separate statement. The taxpayer may file a protest only for each tax year the information is wrong. All Form 5601-B and Form 5601-Y filed by the taxpayer on or before May 1, 2016, that are not timely filed in accordance with the statute or regulations, will be subject to the accuracy-related penalty, unless the taxpayer files Form 12203, as provided for below. Taxpayers may file a Form 5601-B electronically through the Department of the Treasury, Electronic Tax Filing (ETF) Center. The tax year is the taxable year.

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