2007-12-17 01:45:26 · 4 answers · asked by alborz a 1 in Business & Finance ➔ Taxes ➔ United States
SFR=substitute for return
ASFR=automated substitute for return.
The SFR will be done as MFS or SINGLE, standard deduction, one exemption only.
The taxpayer is still allowed to submit his/her own original 1040.
2007-12-17 06:22:34 · answer #1 · answered by Anonymous · 1⤊ 0⤋
What happens is the Government (IRS or your state) discovers you exist, normally through financial transactions, and have not filed a tax return. They send you a rather polite notice reminding you that they have not received your tax return and purpose an assessment. If you don't respond, eventually this will develop in to an Assessment of tax. From there the notices are less and less polite until they attach your wages or any thing else of value they can find. Frequently by the time you get to this point the interest and penalties have increased the amount you owe by two or three times the original tax. In my state there is something called a demand penalty which can be more than the tax, interest and the regular penalties for filing late combined. These assessments may or may not be anywhere near what your tax would have been had you filed a true tax return. It is rare that they come out in the taxpayers favor.
2007-12-17 11:40:57 · answer #2 · answered by ? 6 · 0⤊ 0⤋
The IRS term is substitute for return, usually just known as an SFR.
2007-12-17 09:51:01 · answer #3 · answered by taxreff 7 · 1⤊ 0⤋
That is called an estimated assessment.
2007-12-17 09:49:10 · answer #4 · answered by Steve 6 · 0⤊ 0⤋