Get the free Form 4720

Use Form 4720 to figure and pay taxes on private foundations and other organizations regarding excise taxes related to self-dealing, undistributed income, excess business holdings, investments jeopardizing

How to fill out form 4720

How to fill out Form 4720

1. Obtain a copy of Form 4720 from the IRS website or any tax professional.
2. Identify the type of tax each section requires (self-dealing, excess benefit transactions, etc.).
3. Fill out Part I with your name, address, and EIN (Employer Identification Number).
4. Complete Part II, detailing any payments or benefits received that may constitute an excess benefit transaction.
5. In Part III, list any self-dealing transactions, including detailed descriptions of each transaction.
6. If applicable, complete Part IV for the acts of self-dealing and provide explanations.
7. Review all information for accuracy and completeness.
8. Sign and date the form before submitting it to the IRS.

Who needs Form 4720?

1. Tax-exempt organizations and their managers who engage in prohibited transactions, excess benefit transactions, or self-dealing.
2. Certain private foundations and their related parties.

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, including private foundations, to report excise taxes imposed on them under the Internal Revenue Code.

Who is required to file Form 4720?

Organizations that are subject to excise taxes, including private foundations and other tax-exempt entities that engage in certain prohibited activities or transactions, are required to file Form 4720.

How to fill out Form 4720?

To fill out Form 4720, organizations must provide information about themselves, detail the specific excise taxes owed, report any relevant financial information, and disclose the nature of any prohibited transactions.

What is the purpose of Form 4720?

The purpose of Form 4720 is to ensure compliance with tax laws and regulations for tax-exempt organizations by reporting and calculating any applicable excise taxes.

What information must be reported on Form 4720?

Form 4720 requires reporting information such as the type of excise tax being reported, the amount due, details about the organization, and descriptions of the transactions or activities that triggered the excise tax.