Instructions For Form 1120-Reit - 2006 (Page 3 of 13) in pdf

If the due date falls on a Saturday, Sunday,

If the “Yes” box is checked, the REIT is

transaction at least 1 business day before the

or legal holiday, the REIT can file on the next

authorizing the IRS to call the paid preparer to

date the deposit is due.

business day.

answer any questions that may arise during the

Deposits With Form 8109

processing of its return. The REIT is also

Private delivery services

authorizing the paid preparer to:

If the REIT does not use EFTPS, deposit REIT

•

Give the IRS any information that is missing

REITs can use certain private delivery services

income tax payments (and estimated tax

from the return,

designated by the IRS to meet the “timely

payments) with Form 8109, Federal Tax

•

Call the IRS for information about the

mailing as timely filing/paying” rule for tax

Deposit Coupon. If the REIT does not have a

processing of the REIT’s return or the status of

returns and payments.

preprinted Form 8109, use Form 8109-B to

any related refund or payment(s), and

make deposits. You can get this form by calling

These private delivery services include only

•

Respond to certain IRS notices about math

1-800-829-4933 or by visiting an IRS taxpayer

the following.

•

errors, offsets, and return preparation.

assistance center. Have the REIT’s EIN

DHL Express (DHL): DHL Same Day

available when you call or visit.

Service, DHL Next Day 10:30 am, DHL Next

The REIT is not authorizing the paid

Day 12:00 pm, DHL Next Day 3:00 pm, and

preparer to receive any refund check, bind the

Do not send deposits directly to an IRS

DHL 2nd Day Service.

REIT to anything (including any additional tax

office; otherwise, the REIT may have to pay a

•

Federal Express (FedEx): FedEx Priority

liability), or otherwise represent the corporation

penalty. Mail or deliver the completed Form

Overnight, FedEx Standard Overnight, FedEx

before the IRS.

8109 with the payment to an authorized

2Day, FedEx International Priority, and FedEx

depositary (a commercial bank or other

The authorization will automatically end no

International First.

financial institution authorized to accept federal

later than the due date (without regard to

•

United Parcel Service (UPS): UPS Next Day

tax deposits). Make checks or money orders

extensions) for filing the REIT’s 2007 tax

Air, UPS Next Day Air Saver, UPS 2nd Day

payable to the depositary.

return. If the REIT wants to expand the paid

Air, UPS 2nd Day Air A.M., UPS Worldwide

preparer’s authorization, see Pub. 947,

If the REIT prefers, it can mail the coupon

Express Plus, and UPS Worldwide Express.

Practice Before the IRS and Power of Attorney.

and payment to:

The private delivery service can tell you

Financial Agent, Federal Tax Deposit

how to get written proof of the mailing date.

Assembling the Return

Processing

Private delivery services cannot deliver

To ensure that the REIT’s tax return is correctly

P.O. Box 970030

items to P.O. boxes. You must use the

processed, attach all schedules and other

U.S. Postal Service to mail any item to

forms after page 4, Form 1120-REIT, and in

St. Louis, MO 63197

CAUTION

an IRS P.O. box address.

the following order.

Make the check or money order payable to

“Financial Agent.”

1. Schedule N (Form 1120).

Extension of Time To File

2. Schedule O (Form 1120).

To help ensure proper crediting, enter:

File Form 7004, Application for Automatic

•

3. Form 4626.

the REIT’s EIN;

6-month Extension of Time To File Certain

•

4. Form 4136.

the tax period to which the deposit applies;

Business Income Tax, Information, and Other

5. Additional schedules in alphabetical

and

Returns, to request a 6-month extension of

•

order.

“Form 1120-REIT” on the check or money

time to file. Generally, file Form 7004 by the

6. Additional forms in numerical order.

order.

regular due date of the REIT’s income tax

Darken the “1120” box under “Type of Tax” and

return.

Complete every applicable entry space on

the appropriate “Quarter” box under “Tax

Form 1120-REIT. Do not enter “See attached”

Period” on the coupon. Records of these

Who Must Sign

instead of completing the entry spaces. If more

deposits will be sent to the IRS. For more

space is needed on the forms or schedules,

information, see “Marking the Proper Tax

The return must be signed and dated by:

•

attach separate sheets using the same size

The president, vice president, treasurer,

Period” in the instructions for Form 8109.

and format as the printed forms. If there are

assistant treasurer, chief accounting officer; or

For more information on deposits, see the

•

supporting statements and attachments,

Any other corporate officer (such as tax

instructions in the coupon booklet (Form 8109)

arrange them in the same order as the

officer) authorized to sign.

and Pub. 583, Starting a Business and

schedules or forms they support and attach

If a return is filed on behalf of a REIT by a

Keeping Records.

them last. Show the totals on the printed forms.

receiver, trustee, or assignee, the fiduciary

Enter the REIT’s name and EIN on each

If the REIT owes tax when it files Form

must sign the return, instead of the corporate

supporting statement or attachment.

1120-REIT, do not include the payment

officer. Returns and forms signed by a receiver

with the tax return. Instead, mail or

CAUTION

or trustee in bankruptcy on behalf of a REIT

Depository Methods

deliver the payment with Form 8109 to an

must be accompanied by a copy of the order or

authorized depositary or use EFTPS, if

instructions of the court authorizing signing of

of Tax Payment

applicable.

the return or form.

The REIT must pay the tax due in full no later

If an employee of the REIT completes Form

than the 15th day of the 3rd month after the

Estimated Tax Payments

1120-REIT, the paid preparer’s space should

end of the tax year. Generally, this date falls on

Generally, the following rules apply to the

remain blank. Anyone who prepares Form

March 15th after the close of the REIT’s tax

REIT’s payments of estimated tax.

1120-REIT but does not charge the REIT

year, unless the REIT has maintained a fiscal

•

The REIT must make installment payments

should not complete that section. Generally,

year. The two methods of depositing REIT

of estimated tax if it expects its total tax for the

anyone who is paid to prepare the return must

income taxes, including the capital gains tax,

year (less applicable credits) to be $500 or

sign it and fill in the “Paid Preparer’s Use Only”

are discussed below.

more.

area.

•

The installments are due by the 15th day of

Electronic Deposit Requirement

The paid preparer must complete the

the 4th, 6th, 9th, and 12th months of the tax

required preparer information and:

The REIT must make electronic deposits of all

year. If any date falls on a Saturday, Sunday,

•

Sign the return in the space provided for the

depository taxes (such as employment tax,

or legal holiday, the installment is due on the

preparer’s signature; and

excise tax, and REIT income tax) using the

next regular business day.

•

Give a copy of the return to the taxpayer.

Electronic Federal Tax Payment System

•

Use Form 1120-W, Estimated Tax for

(EFTPS) in 2007 if:

Note. A paid preparer may sign original

Corporations, as a worksheet to compute

•

The total deposits of such taxes in 2005

returns, amended returns, or requests for filing

estimated tax.

were more than $200,000 or

•

extensions by rubber stamp, mechanical

If the REIT does not use EFTPS, use the

•

The REIT was required to use EFTPS in

device, or computer software program.

deposit coupons (Forms 8109) to make

2006.

deposits of estimated tax.

•

Paid Preparer Authorization

If the REIT is required to use EFTPS and

If the REIT overpaid its estimated tax, it may

fails to do so, it may be subject to a 10%

be able to get a quick refund by filing Form

If the REIT wants to allow the IRS to discuss its

penalty. If the REIT is not required to use

4466, Corporation Application for Quick Refund

2006 tax return with the paid preparer who

EFTPS, it may participate voluntarily. To enroll

of Overpaid Estimated Tax. The overpayment

signed it, check the “Yes” box in the signature

in or receive more information about EFTPS,

must be at least 10% of the REIT’s expected

area of the return. This authorization applies

call 1-800-555-4477. To enroll online, visit

income tax liability and at least $500.

only to the individual whose signature appears

in the “Paid Preparer’s Use Only” section of the

For more information, including penalties,

REIT’s return. It does not apply to the firm, if

Depositing on time. For EFTPS deposits to

see the Line 25. Estimated Tax Penalty

any, shown in that section.

be made timely, the REIT must initiate the

instructions.

-3-

Instructions For Form 1120-Reit - 2006 Page 3

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