Get the free Form 4720 - irs

This document provides instructions on how to use Form 4720 to calculate and pay various excise taxes related to private foundations, foundation managers, and self-dealers under the Internal Revenue

How to fill out form 4720 - irs

How to fill out Form 4720

1. Obtain Form 4720 from the IRS website or your tax professional.
2. Fill in your personal information, including your name, address, and taxpayer identification number.
3. Determine the reason for filing Form 4720, such as a tax underpayment or excess benefit transaction.
4. Complete the appropriate sections of the form based on the reason for filing, detailing the specific transactions involved.
5. Calculate any taxes owed according to IRS guidelines.
6. Review the form for accuracy and completeness.
7. Sign and date the form, certifying that the information provided is true and accurate.
8. Submit Form 4720 to the IRS by the due date.

Who needs Form 4720?

1. Individuals or organizations that engage in certain prohibited transactions involving tax-exempt organizations.
2. Those who owe excise taxes related to excess benefits or prohibited tax shelter investments.
3. Organizations that have incurred tax liabilities due to various reporting failures.

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 tax form used by certain organizations and individuals to report excise taxes imposed by the Internal Revenue Service (IRS) under various provisions of the Internal Revenue Code, primarily related to excess benefit transactions, self-dealing, and other prohibited transactions involving private foundations and tax-exempt organizations.

Who is required to file Form 4720?

Individuals and organizations that are involved in transactions that trigger excise taxes, such as disqualified persons engaging in self-dealing with private foundations, are required to file Form 4720. This includes foundation managers and certain organizations that have undertaken specific prohibited transactions.

How to fill out Form 4720?

To fill out Form 4720, taxpayers need to provide specific information regarding the excise tax liability. This includes details about the transactions involved, identifying information about the parties, calculation of the excise tax due, and any penalties. The form must be completed accurately, reflecting the transactions and taxes applicable.

What is the purpose of Form 4720?

The purpose of Form 4720 is to report and pay the excise taxes owed on certain prohibited transactions and self-dealing activities involving private foundations and other tax-exempt organizations. It helps ensure compliance with the IRS regulations concerning these activities.

What information must be reported on Form 4720?

Form 4720 must report information including the type of excise tax being paid, details about the disqualified person involved in the transaction, the nature of the prohibited transaction, the calculation of the tax owed, and any necessary identification numbers. Additional information regarding related penalties may also be included.