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FAQ - Form G-1145

What is the purpose of Form G-1145?
To provide to you a complete statement of your liability, expenses and assets as well as your annual financial statement for the previous tax year, subject to audit. The following items of information must be included in your tax return: Your name, residence and employer; Your gross income, gross and net (adjusted gross income); The number and value of your taxable transactions; If the transaction(s) that you report as being for business purposes was a trade or business, the amount of the business item, including the cost to purchase or lease your taxable assets; The date, place and number of the transaction(s) and your annual report of the amount earned or lost on these transactions; The amount of income received or accrued and the source of the income; The amount of business losses incurred and the sources of the losses; The tax and other penalties you may have incurred for any transactions not reported on your returns, net of certain other expenses and credits, the net of which shall be deducted from taxable income and capital gain for which depreciation may be allowed; The annual income tax return information return (Form 1040-ES) for the previous year in which you worked; The amount of reimbursed expenses related to the current year's tax year and the estimated dates of payment; Tax rates for the prior year and the amount of credits; The balance owed to the Revenue Department for the return. The information required by this paragraph must be reported on your annual financial statement. Can I correct any errors in the amount reported on my tax return? Yes. With written notice, you can make a partial or full adjustment to the amount reported as income, including by changing the category of income, the itemized deduction or an itemized deduction, the gross income or net income, or adjusting the itemized basis of your assets. Where must Form 990 be filed? You must file Form 990, Annual Return of Federal income Tax, with your Federal tax return if you earned more than 600. Can I report any amount that is not considered income? No. Amounts not included on your Form 990 must be deducted from your income under section 6501 of the Internal Revenue Code.
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