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90% of the excess of the RIC’s interest

Private delivery services cannot

Give the IRS any information that is

income excludable from gross income

deliver items to P.O. boxes. You

missing from the return,

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under section 103(a) over its deductions

must use the U.S. Postal Service

Call the IRS for information about the

CAUTION

disallowed under sections 265 and

to mail any item to an IRS P.O. box

processing of the return or the status of

171(a)(2).

address.

any related refund or payment(s), and

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Respond to certain IRS notices about

Extension of Time To File

A RIC that does not satisfy the

math errors, offsets, and return

distribution requirements will be

File Form 7004, Application for Automatic

preparation.

subject to taxation as a C

Extension of Time To File Certain

CAUTION

The RIC is not authorizing the paid

corporation.

Business Income Tax, Information, and

preparer to receive any refund check,

Other Returns, to request a 6-month

Earnings and profits. The RIC must

bind the RIC to anything (including any

extension of time to file. Generally, the

either have been a RIC for all tax years

additional tax liability), or otherwise

corporation must file Form 7004 by the

ending after November 7, 1983, or, at the

represent the RIC before the IRS.

regular due date of the return.

end of the current tax year, had no

The authorization will automatically

accumulated earnings and profits from

Who Must Sign

end no later than the due date (excluding

any non-RIC tax year.

extensions) for filing the RIC’s 2009 tax

The return must be signed and dated by:

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Note. For this purpose, current year

return. If the RIC wants to expand the

The president, vice president,

distributions are treated as made from the

paid preparer’s authorization or revoke

treasurer, assistant treasurer, chief

earliest earnings and profits accumulated

the authorization before it ends, see Pub.

accounting officer or

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in any non-RIC tax year. See section

947, Practice Before the IRS and Power

Any other corporate officer (such as tax

852(c)(3). Also see section 852(e) for

of Attorney.

officer) authorized to sign.

procedures that may allow the RIC to

If a return is filed on behalf of a RIC

Assembling the Return

avoid disqualification for the initial year if

by a receiver, trustee, or assignee, the

the RIC did not meet this requirement.

To ensure that the RIC’s tax return is

fiduciary must sign the return, instead of

correctly processed, attach all schedules

the corporate officer. Returns and forms

Definition of a Fund

and other forms after page 4, Form

signed by a receiver or trustee in

1120-RIC, in the following order.

bankruptcy on behalf of a RIC must be

The term “fund” refers to a separate

accompanied by a copy of the order or

portfolio of assets, whose beneficial

1. Schedule N (Form 1120).

instructions of the court authorizing

interests are owned by the holders of a

2. Schedule O (Form 1120).

signing of the return or form.

class or series of stock of the RIC that is

3. Form 4626.

preferred over all other classes or series

4. Form 4136.

Note. If this return is being filed for a

for that portfolio of assets.

5. Additional schedules in alphabetical

series fund (as defined in section

order.

851(g)(2)), the return may be signed by

6. Additional forms in numerical order.

When To File

any officer authorized to sign for the RIC

in which the fund is a series.

Generally, a RIC must file its income tax

Complete every applicable entry space

If an employee of the RIC completes

return by the 15th day of the 3rd month

on Form 1120-RIC. Do not enter “See

Form 1120-RIC, the paid preparer’s

after the end of its tax year. A new RIC

attached” instead of completing the entry

space should remain blank. A preparer

filing a short period return must generally

spaces. If more space is needed on the

who does not charge the RIC to prepare

file by the 15th day of the 3rd month after

forms or schedules, attach separate

Form 1120-RIC should not complete that

the short period ends. A RIC that has

sheets using the same size and format as

section. Generally, anyone who is paid to

dissolved must generally file by the 15th

the printed forms. If there are supporting

prepare the return must sign it and fill in

day of the 3rd month after the date of

statements and attachments, arrange

the “Paid Preparer’s Use Only” area.

dissolution.

them in the same order as the schedules

The paid preparer must complete the

or forms they support and attach them

If the due date falls on a Saturday,

required preparer information and:

last. Show the totals on the printed forms.

Sunday, or legal holiday, the RIC may file

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Sign the return in the space provided

Enter the RIC’s name and EIN on each

its return on the next business day.

for the preparer’s signature; and

supporting statement or attachment.

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Give a copy of the return to the

Private delivery services

corporation.

Depository Methods

RICs can use certain private delivery

Note. A paid preparer may sign original

services designated by the IRS to meet

of Tax Payment

or amended returns by rubber stamp,

the “timely mailing as timely filing/paying”

The RIC must pay the tax due in full no

mechanical device, or computer software

rule for tax returns and payments.

later than the 15th day of the 3rd month

program.

These private delivery services include

after the end of the tax year. The two

only the following.

methods of depositing RIC income taxes

Paid Preparer

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DHL Express (DHL): DHL Same Day

are discussed below.

Authorization

Service, DHL Next Day 10:30 am, DHL

Electronic Deposit Requirement

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

If the RIC wants to allow the IRS to

pm, and DHL 2nd Day Service.

The RIC must make electronic deposits of

discuss its 2008 tax return with the paid

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Federal Express (FedEx): FedEx

all depository taxes (such as employment

preparer who signed the return, check the

Priority Overnight, FedEx Standard

tax, excise tax, and corporate income tax)

“Yes” box in the signature area of the

Overnight, FedEx 2Day, FedEx

using the Electronic Federal Tax Payment

return. This authorization applies only to

International Priority, and FedEx

System (EFTPS) in 2009 if:

the individual whose signature appears in

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International First.

The total deposits of such taxes in

the “Paid Preparer’s Use Only” section of

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United Parcel Service (UPS): UPS Next

2007 were more than $200,000; or

the RIC’s return. It does not apply to the

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Day Air, UPS Next Day Air Saver, UPS

The RIC was required to use EFTPS in

firm, if any, shown in that section.

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

2008.

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

Worldwide Express Plus, and UPS

authorizing the IRS to call the paid

If the RIC is required to use EFTPS

Worldwide Express.

preparer to answer any questions that

and fails to do so, it may be subject to a

The private delivery service can tell

may arise during the processing of its

10% penalty. If the RIC is not required to

you how to get written proof of the mailing

return. The RIC is also authorizing the

use EFTPS, it can participate voluntarily.

date.

paid preparer to:

To enroll in or receive more information

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Instructions For Form 1120-Ric - U.s. Income Tax Return For Regulated Investment Companies Page 3

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