Get the free Form 4720 - irs

This document provides instructions for Form 4720, which is used to report and calculate certain excise taxes applicable to private foundations, foundation managers, and self-dealers under specific

How to fill out form 4720 - irs

How to fill out Form 4720

1. Obtain a copy of Form 4720 from the IRS website.
2. Provide your name and address at the top of the form.
3. Indicate the type of return by checking the appropriate box (e.g., original or amended).
4. Fill out Part I: Tax and Penalty on Excess Contributions, if applicable.
5. Complete Part II: Taxes on Prohibited Transactions, if applicable.
6. Report any related support or additional calculations needed for each section.
7. Sign and date the form at the bottom.
8. Submit the completed Form 4720 to the IRS by the due date.

Who needs Form 4720?

1. Organizations that are subject to the private foundation excise taxes.
2. Tax-exempt organizations that have made excess tax benefits or engaged in prohibited transactions.
3. Any taxpayer required to report and pay tax on certain excess benefit transactions.

People Also Ask about

Can tax amendments be filed electronically?

How many amended returns can be filed electronically? (updated January 2, 2024) You can electronically file up to three amended returns per tax year. If you file a third amended return that is accepted, all subsequent attempts will be rejected.

Can Form 4720 be filed electronically?

Electronic filing. All persons required to file can file Form 4720 electronically.

What is a 4720 tax form?

What is Form 4720? Form 4720 is used to report certain excise taxes under Chapter 42 of the Internal Revenue Code. This form is important for organizations like private foundations and charities to disclose any taxes owed on excess benefits or other tax-related issues.

Can you e-file form 4720?

Electronic filing. All persons required to file can file Form 4720 electronically.

Can W7 be filed electronically?

1. Can I file Form W-7 online? No, ITIN applications must be mailed or submitted in person.

Is Form 4720 open to public inspection?

Forms 4720 filed by private foundations are publicly disclosable. Don't enter Social Security Numbers on these publicly disclosable returns.

Which forms cannot be electronically filed?

Form 8283, Noncash Charitable Contributions. Form 8873, Extraterritorial Income Exclusion. Form 14039, Identity Theft Affidavit. Form W-7, Application for IRS Individual Taxpayer Identification Number.

Who is required to pay federal excise tax?

Excise taxes are taxes imposed on certain goods, services, and activities. Taxpayers include importers, manufacturers, retailers, and consumers, and vary depending on the specific tax. Excise taxes may be imposed at the time of: Entry into the United States, or sale or use after importation.

For pdfFiller’s FAQs

What is Form 4720?

Form 4720 is a United States Internal Revenue Service (IRS) form used by certain tax-exempt organizations to report certain excise taxes imposed on them under the Internal Revenue Code.

Who is required to file Form 4720?

Form 4720 must be filed by tax-exempt organizations that have engaged in prohibited transactions, such as excess benefit transactions, certain self-dealing transactions, or if they are liable for other specific excise taxes.

How to fill out Form 4720?

To fill out Form 4720, organizations must report specific types of transactions and calculate the applicable excise taxes. The form requires detailing the nature of the transaction and the parties involved, as well as calculating any taxes owed.

What is the purpose of Form 4720?

The purpose of Form 4720 is to ensure compliance with tax laws and to report any excise taxes owed due to certain transactions that tax-exempt organizations may engage in that violate IRS regulations.

What information must be reported on Form 4720?

Form 4720 requires reporting information such as the type of excise tax, the amount owed, details about the transaction, the involved parties, and any mitigating circumstances that may apply.