Form 1120-Pol - U.s. Income Tax Return For Certain Political Organizations - 2012 Page 4
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Form 1120-POL (2012)
Page
Penalties
The following political organizations
If two or more amounts must be
are not required to file Form 990.
added to figure the amount to enter on a
Penalties may be imposed if the
line, include cents when adding the
• Any political organization excepted
organization is required to file Form
amounts and round off only the total.
from the requirement to file Form 8871,
1120-POL and it fails to file the form by
and
Federal Tax Deposits Must
the due date. The following penalties
• Any caucus or association of state or
may apply if the organization does not
be Made by Electronic
local officials.
file its tax return by the due date,
Funds Transfer
including extensions.
See the instructions for Form 990 or
Form 990-EZ.
You must use electronic funds transfer
Late filing of return. The organization
to make all federal deposits (such as
may be charged a penalty of 5% of the
Accounting Methods
deposits of estimated tax, employment
unpaid tax for each month or part of a
tax, and excise tax). Forms 8109 and
month the return is late, up to a
Figure taxable income using the method
8109-B, Federal Tax Deposit Coupon,
maximum of 25% of the unpaid tax. The
of accounting regularly used in keeping
are no longer in use. Generally,
minimum penalty for a return that is
the organization’s books and records.
electronic fund transfers are made using
more than 60 days late is the smaller of
Generally, permissible methods include:
the Electronic Federal Tax Payment
the tax due or $135. If you receive a
• Cash,
System (EFTPS). If you do not want to
notice about a penalty after you file this
• Accrual, or
use EFTPS, you can arrange for your tax
return, reply to the notice with an
professional, financial institution, payroll
explanation and we will determine if you
• Any other method authorized by the
service, or other trusted third party to
meet reasonable-cause criteria. Do not
Internal Revenue Code.
make deposits on your behalf. Also you
include an explanation when you file
In all cases, the method used must
may arrange for your financial institution
your return.
clearly show taxable income.
to initiate a same day wire payment on
Late payment of tax. An organization
Change in accounting method.
your behalf. EFTPS is a free service
that does not pay the tax when due
Generally, the organization may only
provided by the Department of Treasury.
generally may have to pay a penalty of
change the method of accounting used
Services provided by your tax
/
of 1% of the unpaid tax for each
1
to report taxable income (for income as
2
professional, financial institution, payroll
month or part of a month the tax is not
a whole or for any material item) by
services, or other third party may have a
paid, up to a maximum of 25% of the
getting consent on Form 3115,
fee. To get more information about
unpaid tax. If you receive a notice about
Application for Change in Accounting
EFTPS or to enroll in EFTPS, visit
a penalty after you file this return, reply
Method. For more information, see Pub.
or call 1-800-555-4477.
to the notice with an explanation and we
538, Accounting Periods and Methods.
Additional information about EFTPS is
will determine if you meet reasonable-
available in Publication 966, Electronic
Accounting Period
cause criteria. Do not include an
Federal Tax Payment System A Guide To
explanation when you file your return.
Getting Started.
The organization must figure its taxable
Other penalties. Other penalties can be
income on the basis of a tax year. The
Deposits on business days only. If a
imposed for negligence, substantial
tax year is the annual accounting period
deposit is required to be made on a day
understatement of tax, and fraud. See
the organization uses to keep its records
that is not a business day, the deposit is
sections 6662 and 6663.
and report its income and expenses if
considered timely if it is made by the
that period is a calendar year or a fiscal
close of the next business day. A
Assembling the Return
year. However, an organization that does
business day is any day other than
Attach Form 4136, Credit for Federal
not keep books or does not have an
Saturday, Sunday, or legal holiday. For
annual accounting period must use the
Tax Paid on Fuels, after page 1 of Form
example, if a deposit is required to be
1120-POL. Attach schedules in
calendar year as its tax year. A new
made on a Friday and Friday is a legal
alphabetical order and other forms in
organization must adopt its tax year by
holiday, the deposit will be considered
numerical order after Form 4136.
the due date (not including extensions)
timely if it is made by the following
of its first income tax return.
Monday (if that Monday is a business
Complete every applicable entry
Change of tax year. After the
day). The term "legal holiday" means any
space on Form 1120-POL. Do not write
legal holiday in the District of Columbia.
“See attached” instead of completing
organization has adopted a tax year, it
must get the consent of the IRS to
the entry spaces. If you need more
space on the forms or schedules, attach
change its tax year by filing Form 1128,
If the organization owes tax
▲
!
separate sheets using the same size and
Application To Adopt, Change, or Retain
when it files Form 1120-POL,
format as on the printed forms. Show the
a Tax Year. See Regulations section
do not include the payment
totals on the printed forms. Attach these
1.442-1 and Pub. 538.
CAUTION
with the tax return. Instead,
separate sheets after all the schedules
use EFTPS.
Rounding Off to Whole
and forms. Be sure to put the
Dollars
Interest and Penalties
organization’s name and EIN on each
sheet.
The organization may round off cents to
Interest
whole dollars on the return and
Interest is charged on taxes paid late
accompanying schedules. If the
even if an extension of time to file is
organization does round to whole
granted. Interest is also charged on
dollars, it must round all amounts. To
penalties imposed for failure to file,
round, drop amounts under 50 cents
negligence, fraud, gross valuation
and increase amounts from 50 to 99
overstatements, and substantial
cents to the next dollar. For example,
understatement of tax from the due date
$1.39 becomes $1 and $2.50 becomes
(including extensions) to the date of
$3.
payment. The interest charge is figured
at a rate determined under section 6621.
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