Instructions For Form 1120-H - 2008 (Page 3 of 5) in pdf

prepares Form 1120-H but does not

If the “Yes” box is checked, the

information, see Form 3115 and Pub.

charge the association should not

association is authorizing the IRS to call

538, Accounting Periods and Methods.

complete that section. Generally, anyone

the paid preparer to answer any

There are some instances when the

who is paid to prepare the return must

questions that may arise during the

association can obtain automatic consent

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

processing of its return. The association

from the IRS to change to certain

Only” area.

is also authorizing the paid preparer to:

accounting methods. See Rev. Proc.

•

Give the IRS any information that is

2008-52, 2008-36 I.R.B. 587, as modified

The paid preparer must complete the

missing from the return,

by Announcement 2008-84, 2008-38

required preparer information and:

•

Call the IRS for information about the

I.R.B. 748.

Sign the return in the space provided

processing of the return or the status of

for the preparer’s signature.

•

any related refund or payment(s), and

Change of Tax Year

Give a copy of the return to the

•

Respond to certain IRS notices about

taxpayer.

Generally, an association must get the

math errors, offsets, and return

consent of the IRS before changing its tax

Note. A paid preparer may sign original

preparation.

year by filing Form 1128, Application To

or amended returns by rubber stamp,

The association is not authorizing the

Adopt, Change, or Retain a Tax Year.

mechanical device, or computer software

paid preparer to receive any refund

However, under certain conditions, an

program.

check, bind the association to anything

association can change its tax year

(including any additional tax liability), or

without getting the consent.

Where To File

otherwise represent the association

For more information on change of tax

File the association’s return at the

before the IRS.

year, see the Instructions for Form 1128

address listed below.

The authorization will automatically

and Pub. 538.

end no later than the due date (excluding

If the association’s

Use the following

extensions) for filing the association’s

Rounding Off to Whole

principal business,

address:

2009 tax return. If the association wants

office, or agency is

Dollars

to expand the paid preparer’s

located in:

authorization, see Pub. 947, Practice

The association can round off cents to

Before the IRS and Power of Attorney.

Connecticut,

whole dollars on its return and schedules.

Delaware, District of

If the association does round to whole

Other Forms and

Columbia, Georgia,

dollars, it must round all amounts. To

Illinois, Indiana,

round, drop amounts under 50 cents and

Statements That May Be

Kentucky, Maine,

increase amounts from 50 to 99 cents to

Maryland,

Required

the next dollar (for example, $1.39

Department of the

Massachusetts,

becomes $1 and $2.50 becomes $3).

Treasury

See the Instructions for Form 1120 and

Michigan, New

Internal Revenue

If two or more amounts must be added

Pub. 542, Corporations, for a list of other

Hampshire, New

Service Center

to figure the amount to enter on a line,

forms and statements the association

Jersey, New York,

Cincinnati, OH

include cents when adding the amounts

may be required to file.

North Carolina, Ohio,

45999-0012

and round off only the total.

Pennsylvania, Rhode

Assembling the Return

Island, South

Payment of Tax (Line 24)

Carolina, Tennessee,

Attach Form 4136, Credit for Federal Tax

Vermont, Virginia,

The association must pay any tax due in

Paid on Fuels, to Form 1120-H. Attach

West Virginia,

full no later than the 15th day of the 3rd

schedules in alphabetical order and

Wisconsin

month after the end of the tax year. Do

additional forms in numerical order after

not include the payment with the tax

Form 4136.

Alabama, Alaska,

return. This payment must be deposited

Arizona, Arkansas,

Complete every applicable entry space

California, Colorado,

using Form 8109 or EFTPS, as discussed

on Form 1120-H. Do not write “See

Florida, Hawaii,

below.

Attached” instead of completing the entry

Idaho, Iowa, Kansas,

Electronic deposit requirement. The

Department of the

spaces. If more space is needed on the

Louisiana, Minnesota,

association must make electronic

Treasury

forms or schedules, attach separate

Mississippi, Missouri,

deposits of all depository taxes (such as

Internal Revenue

sheets using the same size and format as

Montana, Nebraska,

employment tax, excise tax, and

Service Center

the printed forms. If there are supporting

Nevada, New Mexico,

Ogden, UT 84201-0012

corporate income tax) using the

statements and attachments, arrange

North Dakota,

Electronic Federal Tax Payment System

them in the same order as the schedules

Oklahoma, Oregon,

(EFTPS) in 2009 if:

or forms they support and attach them

South Dakota, Texas,

•

The total deposits of such taxes in

last. Show the totals on the printed forms.

Utah, Washington,

2007 were more than $200,000 or

Enter the association’s name and EIN on

Wyoming

•

The association was required to use

each supporting statement or attachment.

Internal Revenue

EFTPS in 2008.

A foreign country or

Service Center

Accounting Methods

If the association is required to use

U.S. possession

P.O. Box 409101

EFTPS and fails to do so, it may be

Figure taxable income using the method

Ogden, UT 84409

subject to a 10% penalty. If the

of accounting regularly used in keeping

association is not required to use EFTPS,

the association’s books and records. In all

it may participate voluntarily. To enroll in

cases, the method used must clearly

Paid Preparer

or get more information about EFTPS,

show taxable income. Permissible

Authorization

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

methods include cash, accrual, or any

the EFTPS website at

other method authorized by the Internal

If the association wants to allow the IRS

Revenue Code.

Depositing on time. For EFTPS

to discuss its 2008 tax return with the paid

deposits to be made timely, the

preparer who signed it, check the “Yes”

Change in accounting method. To

association must initiate the transaction at

box in the signature area of the return.

change its method of accounting used to

least 1 business day before the date the

This authorization applies only to the

report taxable income (for income as a

deposit is due.

individual whose signature appears in the

whole or for the treatment of any material

“Paid Preparer’s Use Only” section of the

item) the association generally must file

Deposits with Form 8109. If the

return. It does not apply to the firm, if any,

Form 3115, Application for Change in

association does not use EFTPS, deposit

shown in that section.

Accounting Method. For more

association income tax payments (and

-3-

Instructions for Form 1120-H

Instructions For Form 1120-H - 2008 Page 3

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