Instructions For Form Ct-1 - Employer'S Annual Railroad Retirement Tax Return - Internal Revenue Service - 2007 Page 6
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An explanation of the item the adjustment is intended to
to your 2008 Form CT-1 or refunded to you. If line 16 is less
correct showing the compensation subject to Tier I and
than $1, we will send you a refund or apply it to your next
Tier II taxes and their respective tax rates.
return only on written request.
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The year(s) to which the adjustment relates.
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Third-Party Designee
The amount of the adjustment for each year.
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The name and account number of any employee from
If you want to allow an employee of your business, a return
whom employee tax was undercollected or overcollected.
preparer, or other third party to discuss your 2007
•
How you and the employee have settled any
Form CT-1 with the IRS, check the “Yes” box in the
undercollection or overcollection of employee tax.
Third-Party Designee section of Form CT-1. Also, enter the
designee’s name, phone number, and any five digits that
A timely filed return is considered to be filed on the
person chooses as his or her personal identification number
TIP
last day of February of the year after the close of the
(PIN).
tax year. Generally, adjustments for prior year
returns may be made only within 3 years of that date.
By checking the “Yes” box, you are authorizing the IRS to
speak with the designee to answer any questions relating to
Fractions of cents. If there is a difference between the
the processing of or the information reported on Form CT-1.
total employee tax (lines 4, 5, 6, 9, and 10) and the total
You are also authorizing the designee to:
actually deducted (employee compensation including tips
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Exchange information concerning Form CT-1 with the
plus the employer’s contribution) due to rounding fractions of
IRS, and
cents when collecting the tax, report the deduction or
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Respond to certain IRS notices that you have shared with
addition on line 12.
your designee relating to Form CT-1. The IRS will not send
If this is the only entry on line 12, you are not
notices to your designee.
TIP
required to attach a statement explaining the
You are not authorizing the designee to receive any
adjustment.
refund check, bind you to anything (including additional tax
liability), or otherwise represent you before the IRS. If you
Line 13. Total Railroad Retirement
want to expand the designee’s authority, see Pub. 947,
Taxes Based on Compensation
Practice Before the IRS and Power of Attorney.
The authorization will automatically expire 1 year from the
Combine the amounts shown on lines 11 and 12 and enter
due date (without regard to extensions) for filing your 2007
the result on line 13.
Form CT-1. If you or your designee wants to revoke this
authorization, send a written statement of revocation to:
Line 14. Total Deposits for the Year
Department of the Treasury, Internal Revenue Service
Enter the total Form CT-1 taxes you deposited. Also, include
Center, Cincinnati, OH 45999. See Pub. 947 for more
any overpayment applied from your 2006 Form CT-1.
information.
Line 15. Balance Due
Alternative Signature Method
Subtract line 14 from line 13. You should have a balance
Corporate officers or duly authorized agents may sign Form
due only if line 13 is less than $2,500, unless the balance
CT-1, Employer’s Annual Railroad Retirement Tax Return,
due is a shortfall amount for monthly schedule depositors as
by rubber stamp, mechanical device, or computer software
explained under the Accuracy of Deposits Rule on page 4.
program. For details and required documentation, see Rev.
Form CT-1(V), Payment Voucher, has instructions for
Proc. 2005-39. You can find Rev. Proc. 2005-39 on page 82
making a payment with Form CT-1. You do not have to pay
of Internal Revenue Bulletin 2005-28 at
if line 15 is less than $1.
Line 16. Overpayment
Enter the overpayment on the designated entry line. Then
check the appropriate box to have the overpayment applied
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