Instructions For Form 1120-H - 2004 (Page 3 of 5) in pdf

Form 1120-H (2004)

Page

Other Forms and Statements

Attach schedules in alphabetical order

50 cents and increase amounts from 50

and additional forms in numerical order

to 99 cents to the next dollar (for

That May Be Required

after Form 4136.

example, $1.39 becomes $1 and $2.50

becomes $3).

The association may have to file some of

Complete every applicable entry space

the following. See the form for more

on Form 1120-H. Do not write “See

If two or more amounts must be

information.

Attached” instead of completing the

added to figure the amount to enter on a

● Form W-2, Wage and Tax Statement,

entry spaces. If more space is needed

line, include cents when adding the

and Form W-3, Transmittal of Wage and

on the forms or schedules, attach

amounts and round off only the total.

Tax Statements. Use these forms to

separate sheets using the same size and

Depository Methods of Tax

report wages, tips, and other

format as the printed forms. If there are

compensation, and withheld income,

supporting statements and attachments,

Payment

arrange them in the same order as the

social security, and Medicare taxes for

The association must pay the tax due in

schedules or forms they support and

employees.

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

attach them last. Show the totals on the

● Form 940 or Form 940-EZ, Employer’s

month after the end of the tax year. The

printed forms. Also, be sure to enter the

Annual Federal Unemployment (FUTA)

two methods of depositing association

association’s name and EIN on each

Tax Return. The association may be

income taxes are discussed below.

supporting statement or attachment.

liable for FUTA tax and may have to file

Electronic deposit requirement. The

Accounting Methods

Form 940 or Form 940-EZ if it either:

association must make electronic

1. Paid wages of $1,500 or more in

Figure taxable income using the method

deposits of all depository taxes (such as

any calendar quarter in 2003 or 2004, or

of accounting regularly used in keeping

employment tax, excise tax, and

2. Had one or more employees who

the association’s books and records.

corporate income tax) using the

worked for the association for at least

Generally, permissible methods include

Electronic Federal Tax Payment System

some part of a day in any 20 or more

cash, accrual, or any other method

(EFTPS) in 2005 if:

different weeks in 2003 or 20 or more

authorized by the Internal Revenue

● The total deposits of such taxes in

different weeks in 2004.

Code. In all cases, the method used

2003 were more than $200,000 or

must clearly show taxable income.

● Form 941, Employer’s Quarterly

● The association was required to use

Federal Tax Return. File this form

Generally, an accrual basis taxpayer

EFTPS in 2004.

quarterly to report income tax withheld

can deduct accrued expenses in the tax

If the association is required to use

and employer and employee social

year when (a) all events that determine

EFTPS and fails to do so, it may be

security and Medicare taxes.

the liability have occurred, (b) the

subject to a 10% penalty. If the

● Form 945, Annual Return of Withheld

amount of the liability can be figured

association is not required to use

with reasonable accuracy, and

Federal Income Tax. File this form to

EFTPS, it may participate voluntarily. To

report income tax withheld from

enroll in or get more information about

with respect to the expense. There are

nonpayroll distributions or payments.

EFTPS, call 1-800-555-4477 or

exceptions for recurring items. See

● Form 1098, Mortgage Interest

1-800-945-8400 or visit the EFTPS

section 461(h) and the related

Statement. Use this form to report the

website at

regulations for the rules for determining

receipt from any individual of $600 or

when economic performance takes

Depositing on time. For EFTPS

more of mortgage interest (including

place.

deposits to be made timely, the

certain points) in the course of the

association must initiate the transaction

To change its method of accounting

association’s trade or business.

at least 1 business day before the date

used to report taxable income (for

● Forms 1099-A, B, DIV, INT, MISC, and

the deposit is due.

income as a whole or for any material

S. Use these information returns to

item) the association must file

Deposits with Form 8109. If the

report acquisitions or abandonments of

Form 3115, Application for Change in

association does not use EFTPS,

secured property, proceeds from broker

Accounting Method. For more

deposit tax payments (and estimated tax

and barter exchange transactions,

information, see Form 3115 and

payments) with Form 8109, Federal Tax

certain dividends and distributions,

Pub. 538, Accounting Periods and

Deposit Coupon. If you do not have a

interest income, miscellaneous income

Methods.

preprinted Form 8109, use Form 8109-B

(payments to providers of health and

to make deposits. You can get this form

medical services; miscellaneous income

Change of Tax Year

by calling 1-800-829-4933. Be sure to

payments and nonemployee

have your EIN ready when you call.

Generally, an association must get the

compensation), and proceeds from real

consent of the IRS before changing its

estate transactions. Also use these

Do not send deposits directly to an

tax year by filing Form 1128, Application

returns to report amounts received as a

IRS office; otherwise, the association

To Adopt, Change, or Retain a Tax Year.

nominee for another person.

may have to pay a penalty. Mail or

However, under certain conditions, an

For more information, see the

deliver the completed Form 8109 with

association can change its tax year

Instructions for Forms 1099, 1098, 5498,

the payment to an authorized depositary

without getting the consent.

and W-2G.

(a commercial bank or other financial

For more information on change of tax

● Form 8300, Report of Cash Payments

institution authorized to accept federal

year, see Form 1128, Regulations

tax deposits). Make checks or money

Over $10,000 Received in a Trade or

section 1.442-1, and Pub. 538.

orders payable to the depositary.

Business. Use this form to report the

receipt of more than $10,000 in cash or

To help ensure proper crediting, enter

Rounding Off to Whole

foreign currency in one transaction or in

the association’s EIN, the tax period to

Dollars

a series of related transactions.

which the deposit applies, and “Form

1120-H” on the check or money order.

The association may round off cents to

Assembling the Return

Be sure to darken the “1120” box under

whole dollars on its return and

“Type of Tax” and the appropriate

schedules. If the association does round

Attach Form 4136, Credit for Federal

“Quarter” box under “Tax Period” on the

to whole dollars, it must round all

Tax Paid on Fuels, to Form 1120-H.

coupon. Records of these deposits will

amounts. To round, drop amounts under

Instructions For Form 1120-H - 2004 Page 3

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