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8870 Information Return for Transfers Associated With Certain Personal Benefit Contracts Form (Rev. August 2013) Department of the Treasury Internal Revenue Service OMB No. 1545-1702 Page 1 of (Under

How to fill out form 8870 information return

How to fill out Form 8870 Information Return:

1. Begin by entering your name and contact information in the appropriate fields on the form.
2. Next, provide the name and contact information of the organization for which you are filing the information return.
3. Indicate the type of organization by selecting the appropriate box – whether it is a corporation, partnership, trust, or other entity.
4. Enter the date that the information in the return was compiled.
5. Provide details about the nature of the organization's activities and indicate whether it is exempt from certain requirements outlined in the form.
6. Complete the sections related to the organization's governance and board of directors, including their names and addresses.
7. Report the financial information of the organization, including its income and expenses for the reporting period.
8. If the organization had any transactions with related parties, disclose the details in the appropriate section of the form.
9. Provide information about any loans or financial arrangements the organization had during the reporting period.
10. Summarize the organization's fundraising activities, including any contributions received and events held.
11. Lastly, sign and date the form, certifying that the information provided is accurate and complete.

Who needs Form 8870 Information Return:

1. Nonprofit organizations: Nonprofit organizations are generally required to file Form 8870 Information Return if they have annual gross receipts exceeding $200,000 or total assets exceeding $500,000.
2. Religious organizations: Religious organizations, including churches, are also required to file Form 8870 if they meet the above-mentioned thresholds.
3. Certain political organizations: Political organizations that engage in certain activities, such as influencing elections or making campaign expenditures, may also need to file this information return.

Note: It is important to consult the official guidelines and seek professional advice to ensure accurate completion of form 8870 and to determine if your specific organization needs to file this information return.

For pdfFiller’s FAQs

What is form 8870 information return?

Form 8870 is used to report on certain uncorrelated amounts paid on intellectual property. It is an information return that provides information to the Internal Revenue Service (IRS) about the intellectual property transactions.

Who is required to file form 8870 information return?

Any person or entity who made uncorrelated payments of at least $10,000 to another person or entity related to intellectual property must file form 8870.

How to fill out form 8870 information return?

To fill out form 8870, you need to provide the payer's and recipient's information, the total amount paid, and a description of the intellectual property transaction. The form must be filed electronically using the IRS's e-file system.

What is the purpose of form 8870 information return?

The purpose of form 8870 is to report uncorrelated payments made on intellectual property and to provide the IRS with necessary information for tax compliance.

What information must be reported on form 8870 information return?

Form 8870 requires reporting of the payer's and recipient's information, the total amount paid, and details about the intellectual property transaction, such as the description, date, and location.

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