PTIN if self-employed Firm s EIN Phone no. Cat. No. 11523K Form 1120-POL 2016 Page 2 Section references are to the Internal Revenue Code unless otherwise noted. Future developments. 1120-POL Form Department of the Treasury Internal Revenue Service Information about Form 1120-POL and its instructions is available at www.irs.gov/form1120pol. For calendar year 2016 or other tax year beginning Check the box if this is a section 501 c organization. For a fiscal year fill in the tax year space at...the top of the form. Note The 2016 Form 1120-POL may also be used if than 12 months that begins and ends in 2017 and Page 5 The 2017 Form 1120-POL isn t available at the time the organization is required to file its return. The organization must show its 2017 tax year on the 2016 Form law changes that are effective for tax years beginning after December 31 2016. 2016 and ending. Employer identification number Name of organization Check if OMB No. 1545-0123 U.S. Income Tax Return for Certain...Political Organizations Final return Number street and room or suite no. If a P. O. box see instructions. Name change Candidates for U.S. Congress Only If this is a principal campaign committee and it is the ONLY political committee check here the only political committee check here and attach a copy of designation. See instructions Address change Deductions Income Amended return a b Tax Dividends attach statement. Interest. Gross rents. Gross royalties. Capital gain net income attach Schedule D...Form 1120. Net gain or loss from Form 4797 Part II line 17 attach Form 4797. In addition anyone who prepares Form 1120-POL but doesn t charge the section. Generally anyone who is paid to prepare the return must sign it and fill in the Paid Preparer Use Only area. The paid preparer must complete the required preparer information and Sign the return in the space provided for the preparer s signature and Give a copy of the return to the taxpayer. Note A paid preparer may sign original or...mechanical device or computer software program. Also facsimile signatures are authorized. Paid Preparer Authorization If the organization wants to allow the IRS to discuss its 2016 tax return with the paid preparer who signed it check the Yes box in the signature area of the return. This authorization applies only to the individual whose signature appears in the Paid doesn t apply to the firm if any shown in that section. If the Yes box is checked the that may arise during the processing of its...return. The organization is also authorizing Give the IRS any information that is missing from its return Call the IRS for information about the processing of its return or the status of any refund or payment s and Respond to certain IRS notices that the preparer about math errors offsets and return preparation. The notices won t be sent to the preparer. Note A paid preparer may sign original or mechanical device or computer software program. Also facsimile signatures are authorized. Paid...Preparer Authorization If the organization wants to allow the IRS to discuss its 2016 tax return with the paid preparer who signed it check the Yes box in the signature area of the return. This authorization applies only to the individual whose signature appears in the Paid doesn t apply to the firm if any shown in that section. If the Yes box is checked the that may arise during the processing of its return. The organization is also authorizing Give the IRS any information that is missing from...its return Call the IRS for information about the processing of its return or the status of any refund or payment s and Respond to certain IRS notices that the preparer about math errors offsets and return preparation. The notices won t be sent to the preparer. The organization isn t authorizing the paid preparer to receive any refund check bind the organization to anything including any additional tax liability or otherwise represent it before the IRS. If the preparer s authorization see Pub....947 Practice Before the IRS and Power of Attorney. However the authorization will automatically end no later than the due date excluding extensions for filing the 2017 tax return. If you want to revoke the When and Where To File In general an organization must file Form 1120-POL by the 15th day of the 4th month after the end of the tax year.
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How to fill out IRS 1120-POL
Instructions and Help about IRS 1120-POL
How to edit IRS 1120-POL
To edit IRS 1120-POL, utilize tools that focus on PDF editing. pdfFiller allows users to upload the form, make necessary adjustments, and save the updated version. Ensure that all changes are accurate to avoid errors during submission.
How to fill out IRS 1120-POL
To fill out IRS 1120-POL, follow a systematic approach. First, gather all required financial information relevant to the tax year. Then, complete each section of the form by entering accurate data regarding the organization's income, deductions, and tax calculations. Lastly, review the filled form for errors before submission.
About IRS 1120-POL 2016 previous version
What is IRS 1120-POL?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
Due date
What payments and purchases are reported?
How many copies of the form should I complete?
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 1120-POL 2016 previous version
What is IRS 1120-POL?
IRS 1120-POL is the tax form used by political organizations to report their income, gains, losses, deductions, and credits, as well as to calculate their tax liability. This form is specifically designed for entities that qualify under the IRS definitions of political organizations.
What is the purpose of this form?
The purpose of IRS 1120-POL is to ensure that political organizations comply with federal tax regulations by accurately reporting their financial activities. This reporting helps in determining the tax owed by the organization on any taxable income they generate.
Who needs the form?
Organizations that qualify as political organizations under IRC Section 527 must file IRS 1120-POL. This includes groups involved in political campaign activities, lobbying, or any other endeavor that meets the IRS definition of a political organization.
When am I exempt from filling out this form?
An organization is exempt from filing IRS 1120-POL if it does not receive any taxable income or maintain its tax-exempt status under Section 527. Additionally, organizations with gross receipts that do not exceed a certain threshold may be exempt from filing this form.
Components of the form
IRS 1120-POL includes several components such as the identification section, income reporting, deductions, and tax calculation. Each component is designed to capture specific financial information necessary for accurate tax reporting.
Due date
The due date for filing IRS 1120-POL is typically the 15th day of the 4th month following the end of the organization’s tax year. If the organization’s tax year ends on December 31, the form is due on April 15 of the following year.
What payments and purchases are reported?
IRS 1120-POL requires reporting of all taxable income generated as well as any expenditures that qualify as deductions. This includes contributions to candidates, PACs, or other political entities, and detailed records of all significant financial transactions should be maintained.
How many copies of the form should I complete?
Organizations usually need to complete one copy of IRS 1120-POL for filing with the IRS. However, it is advisable to maintain additional copies for the organization's records and any state filings that may be required, depending on local laws.
What are the penalties for not issuing the form?
Failure to file IRS 1120-POL may result in penalties imposed by the IRS, including monetary fines and potential disqualification of the organization’s tax-exempt status. It is critical for organizations to adhere to filing requirements to avoid such consequences.
What information do you need when you file the form?
When filing IRS 1120-POL, organizations must provide identifying information such as the organization’s name, address, and employer identification number (EIN), along with financial statements detailing income, deductions, and tax calculations.
Is the form accompanied by other forms?
IRS 1120-POL may require accompanying forms depending on the financial activities reported. For example, if the organization has employees, it might also need to file payroll-related forms. Always verify the specifics based on the organization’s structure and activities.
Where do I send the form?
IRS 1120-POL should be sent to the address specified in the form's instructions. Typically, this will be a designated IRS processing center. Ensure that the correct address is used to facilitate timely processing of the form.
FAQ about IRS 1120-POL
How can I correct mistakes made on the 2016 form 1120?
To correct mistakes on your 2016 form 1120, you must file an amended return using Form 1120-X. This form allows you to indicate the specific changes and provide explanations for each correction. Ensure that you retain copies of all documents submitted for your records.
What should I do if I receive a notice from the IRS regarding my 2016 form 1120?
If you receive a notice from the IRS concerning your 2016 form 1120, read it carefully to understand the issue. Respond promptly with the necessary documentation to support your case. It’s advisable to keep copies of all correspondence and consult a tax professional if needed.
How can I verify the status of my filed 2016 form 1120?
You can verify the status of your filed 2016 form 1120 by using the IRS 'Where's My Refund?' tool or by contacting the IRS directly. Be prepared to provide your EIN and other identifying information to facilitate the inquiry.
What common errors should I avoid when filing the 2016 form 1120?
Common errors to avoid on the 2016 form 1120 include incorrect EIN, miscalculated figures, and failure to sign the form. Double-check all entries for accuracy and ensure that all required fields are completed to prevent processing delays.
Is e-signature acceptable for the 2016 form 1120?
Yes, the IRS accepts e-signatures for the 2016 form 1120 when filed electronically. Make sure you meet any specific requirements outlined by the IRS regarding e-signatures to ensure your filing is valid.
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