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This form is used by certain organizations to report excise taxes related to self-dealing, undistributed income, excess business holdings, investments, and political expenditures, as outlined under
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How to fill out form 4720
How to fill out Form 4720
01
Obtain a copy of Form 4720 from the IRS website.
02
Fill in your name, address, and taxpayer identification number at the top of the form.
03
Indicate the tax year you are reporting for.
04
Complete Part I to report any excess benefit transactions.
05
Complete Part II for certain initial and additional taxes on excess amounts.
06
Fill out Part III if applicable, to report penalties for failure to file.
07
Review the form for accuracy to ensure all appropriate sections are filled out.
08
Sign and date the form before submission.
09
Mail the completed form to the address indicated in the instructions.
Who needs Form 4720?
01
Nonprofit organizations that engage in excess benefit transactions.
02
Organizations that need to report certain taxes related to private foundation activities.
03
Individuals who receive excess benefits from their organization.
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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.
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What is Form 4720?
Form 4720 is a tax form used by certain tax-exempt organizations to report and pay excise taxes imposed on various prohibited transactions and activities, including excess benefit transactions.
Who is required to file Form 4720?
Organizations and individuals that engage in prohibited transactions, such as managers and substantial contributors receiving excess benefits from tax-exempt organizations, are required to file Form 4720.
How to fill out Form 4720?
To fill out Form 4720, taxpayers must provide information about the prohibited transactions, calculate the excise tax owed, and disclose the details of the transactions. It is important to follow the IRS instructions for accurate completion.
What is the purpose of Form 4720?
The purpose of Form 4720 is to ensure compliance with tax laws by reporting and taxing certain prohibited transactions involving tax-exempt organizations to maintain the integrity of tax-exempt status.
What information must be reported on Form 4720?
Form 4720 requires reporting of information such as the type of prohibited transaction, the amounts involved, the parties to the transaction, and the applicable excise taxes owed.
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