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This document outlines the regulations specifying the filing dates for Form 4720 returns to be filed by disqualified persons and organization managers liable for Internal Revenue Code section 4958
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How to fill out form 4720
How to fill out Form 4720
01
Obtain Form 4720 from the IRS website or your tax professional.
02
Fill in your personal information in the top section, including your name, address, and Social Security number or EIN.
03
Indicate the type of tax return you are filing for and the corresponding tax year.
04
Report any excess contributions or distributions that are subject to penalties.
05
Calculate any applicable penalties based on the instructions provided for each line item.
06
Complete any required schedules that apply to your situation, such as Schedule A for excess contributions.
07
Review the form for accuracy and completeness.
08
Sign and date the form.
09
Submit the completed Form 4720 to the appropriate IRS address.
Who needs Form 4720?
01
Nonprofit organizations that have made excess contributions to employee benefit plans.
02
Organizations that are subject to excise taxes due to certain prohibited transactions.
03
Individuals who fail to report excess contributions or distributions from retirement accounts.
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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, private foundations, and supporting organizations to report on various excise taxes incurred under the Internal Revenue Code.
Who is required to file Form 4720?
Entities and individuals, such as tax-exempt organizations, private foundations, and organizations that engage in prohibited activities must file Form 4720. Specifically, it is required for foundations engaging in excess benefit transactions, self-dealing, or failing to distribute income appropriately.
How to fill out Form 4720?
To fill out Form 4720, you need to provide your organization's details, identify the type of tax owed, report any related transactions, and calculate the excise tax based on the applicable rates. Ensure all required schedules are completed accurately.
What is the purpose of Form 4720?
The purpose of Form 4720 is to report and assess excise taxes on certain prohibited activities for tax-exempt organizations and private foundations to ensure compliance with IRS regulations.
What information must be reported on Form 4720?
Form 4720 requires reporting of information related to excess benefit transactions, self-dealing, and failure to meet distribution requirements, including the amounts involved, parties engaged in the transaction, and calculations of the excise tax due.
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