Get the free Form 4720

This document provides detailed instructions for the completion and submission of Form 4720, which is used to report and pay certain excise taxes under Chapters 41 and 42 of the Internal Revenue Code.

How to fill out form 4720

How to fill out Form 4720

1. Obtain Form 4720 from the IRS website or your tax professional.
2. Fill in your name, address, and taxpayer identification number at the top of the form.
3. Indicate the tax year for which you are filing the form.
4. Complete Part I by providing required details about excess benefits or taxes owed.
5. Fill out Part II if applicable, detailing any excise tax on excess expenditures.
6. If necessary, complete Part III for reporting on penalties related to failure to disclose.
7. Review the form for accuracy and completeness.
8. Sign and date the form before submission.
9. Submit the form to the appropriate IRS address as indicated in the instructions.

Who needs Form 4720?

1. Form 4720 is required for certain tax-exempt organizations and their managers who may have incurred excise taxes related to excess benefits or other specified actions.
2. Individuals involved in transactions that create excess benefit transactions or that fail to disclose necessary information may also need to file this form.

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 tax-exempt organizations to report and pay excise taxes on specific prohibited activities or transactions.

Who is required to file Form 4720?

Form 4720 must be filed by private foundations and other tax-exempt organizations that engage in prohibited activities such as excess benefit transactions, self-dealing, and failure to distribute income.

How to fill out Form 4720?

To fill out Form 4720, organizations must provide identifying information, details of the prohibited activities, calculate the excise taxes owed, and report any applicable penalties.

What is the purpose of Form 4720?

The purpose of Form 4720 is to ensure compliance with tax laws for tax-exempt organizations and to assess and collect excise taxes on specific prohibited activities.

What information must be reported on Form 4720?

Form 4720 requires reporting of the organization’s name, EIN, details of the prohibited transaction, the amount of excise tax due, and any penalties assessed.