Get the free Form 4720

Use Form 4720 to figure and pay the initial taxes on private foundations, foundation managers, and self-dealers under sections 4941 through 4945 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 an authorized source.
2. Fill in your personal information, including name, address, and taxpayer identification number.
3. Indicate the type of organization or individual that is filing the form.
4. Complete Part I to report the excess benefit transactions, if applicable.
5. Fill out Part II to detail any taxable expenditures.
6. Provide information in Part III regarding any potential penalties.
7. Review the form for accuracy, ensuring all relevant sections are completed.
8. Sign and date the form before submission.
9. Submit Form 4720 by mail to the appropriate IRS address or electronically if permitted.

Who needs Form 4720?

1. Charities and nonprofit organizations that have engaged in excess benefit transactions.
2. Certain individuals who received excess benefits from a charitable organization.
3. Organizations that made taxable expenditures under specific tax laws.

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 an IRS form used by certain tax-exempt organizations to report and pay excise taxes on excess benefit transactions, required distributions, and other specified activities.

Who is required to file Form 4720?

Entities such as private foundations, certain charitable organizations, and certain individuals involved in excess benefit transactions or self-dealing must file Form 4720.

How to fill out Form 4720?

To fill out Form 4720, taxpayers must follow the instructions provided by the IRS, including reporting specific transactions, calculating any applicable excise taxes, and providing necessary identification and financial information.

What is the purpose of Form 4720?

The purpose of Form 4720 is to ensure compliance with tax regulations for exempt organizations and to report any excise taxes owed on specified transactions that violate tax-exempt rules.

What information must be reported on Form 4720?

Information that must be reported includes details about excess benefit transactions, self-dealing violations, and any unpaid excise tax regarding these activities.