Form 8050 - Direct Deposit Of Corporate Tax Refund

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8050
Direct Deposit of Corporate Tax Refund
Form
OMB No. 1545-1762
(December 2001)
Attach to Form 1120, 1120-A, or 1120S.
Department of the Treasury
Internal Revenue Service
Name of corporation (as shown on tax return)
Employer identification number
Phone number (optional)
(
)
1.
Routing number (must be nine digits). The first two digits must be between 01 and 12 or 21 through 32.
3. Type of account (one box
must be checked):
2.
Account number (include hyphens but omit spaces and special symbols):
Checking
Savings
General Instructions
How To File
the information. We need it to ensure that
you are complying with these laws and to
Attach Form 8050 to the corporation’s
Purpose of Form
allow us to figure and collect the right
Form 1120, 1120-A, or 1120S after
amount of tax.
File Form 8050 to request that the IRS
Schedule N (Form 1120) (if applicable). To
You are not required to provide the
deposit a corporate income tax refund
ensure that the corporation’s tax return is
information requested on a form that is
(including a refund of $1 million or more)
correctly processed, see Assembling the
subject to the Paperwork Reduction Act
directly into an account at any U.S. bank
Return in the instructions for Form 1120,
unless the form displays a valid OMB
or other financial institution (such as a
1120-A, or 1120S.
control number. Books or records relating
mutual fund or brokerage firm) that
to a form or its instructions must be
Specific Instructions
accepts direct deposits.
retained as long as their contents may
The benefits of a direct deposit include a
become material in the administration of
Line 1. Enter the financial institution’s
faster refund, the added security of a
any Internal Revenue law. Generally, tax
routing number and verify that the
paperless payment, and the savings of tax
returns and return information are
institution will accept a direct deposit. See
dollars associated with the reduced
confidential, as required by section 6103.
the sample check below for an example of
processing costs.
The time needed to complete and file
where the routing number may be shown.
this form will vary depending on individual
Who May File
For accounts payable through a financial
circumstances. The estimated average
institution other than the one at which the
times are: Recordkeeping, 1 hr., 25 min.;
Only corporations requesting a direct
account is located, check with your
Learning about the law or the form, 6
deposit of refund with its original Form
financial institution for the correct routing
1120, 1120-A, or 1120S may file Form
min.; Preparing, copying, assembling,
number. Do not use a deposit slip to verify
and sending the form to the IRS, 7 min.
8050.
the routing number.
If you have comments concerning the
The corporation is not eligible to request
Line 2. Enter the corporation’s account
accuracy of these time estimates or
a direct deposit if:
number. Enter the number from left to right
suggestions for making this form simpler,
● The receiving financial institution is a
and leave any unused boxes blank. See the
we would be happy to hear from you. You
foreign bank or a foreign branch of a U.S.
sample check below for an example of
can write to the IRS at the address listed
bank or
where the account number may be shown.
in the instructions of the tax return with
● The corporation has applied for an
which this form is filed.
Paperwork Reduction
employer identification number but is filing
its tax return before receiving one.
Act Notice
Note. For other corporate tax returns,
including Form 1120X, Amended U.S.
We ask for the information on this form to
Corporation Income Tax Return, and Form
carry out the Internal Revenue laws of the
1139, Corporation Application for Tentative
United States. You are required to give us
Refund, a corporation may request a direct
deposit of refunds of $1 million or more by
filing Form 8302, Direct Deposit of Tax
Sample Check
Refund of $1 Million or More.
Conditions Resulting in a
ABC Corporation
1234
Refund by Check
123 Main Street
15-0000/0000
Anyplace, NJ 07000
If the IRS is unable to process this request
for a direct deposit, a refund by check will
be generated instead. Reasons for not
PAY TO THE
$
ORDER OF
processing a request include:
Routing
Account
● The name of the corporation on the tax
number
number
DOLLARS
return does not match the name on the
(line 1)
(line 2)
account.
ANYTOWN BANK
Do not include
● The financial institution rejects the direct
Anytown, MD 20000
the check number.
deposit because of an incorrect routing or
account number.
For
● The corporation fails to indicate the type
:202020 "’ 86 " . 1234
|
|
:250250025
of account the deposit is to be made to
(i.e., checking or savings).
Note. The routing and account numbers may be in different places on the corporation’s check.
8050
Form
(12-2001)
Cat. No. 30211X

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