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Article #: 14928
Form 8275 is a Disclosure Statement that can be sent with the return to the IRS. Per the 8275 instructions:
“Form 8275 is used by taxpayers and tax return preparers to disclose items or positions, except those taken contrary to a regulation, that are not otherwise adequately disclosed on a tax return to avoid certain penalties. The form is filed to avoid the portions of the accuracy-related penalty due to disregard of rules or to a substantial understatement of income tax for non-tax shelter items if the return position has a reasonable basis. It can also be used for disclosures relating to the economic substance penalty and the preparer penalties for tax understatements due to unreasonable positions or disregard of rules.
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Form 8275 is filed by individuals, corporations, pass-through entities, and tax return preparers.”
To access this form, go to Data Entry > Other Forms tab > 8275 screen. It is available in 1040 and 1041 returns.
For further instruction, please see the 8275 Instructions and Form 8275.