Form1120-Pol - U.s. Income Tax Return For Certain Political Organizations - 2015 Page 4
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Form 1120-POL (2015)
Page
Accounting Methods
Penalties
financial institution to submit a same day
wire payment on your behalf. EFTPS is a
Figure taxable income using the method of
Penalties may be imposed if the
free service provided by the Department of
accounting regularly used in keeping the
organization is required to file Form
Treasury. Services provided by your tax
organization’s books and records.
1120-POL and it fails to file the form by
professional, financial institution, payroll
Generally, permissible methods include:
the due date. The following penalties may
services, or other third party may have a
apply if the organization does not file its tax
• Cash,
fee. To get more information about EFTPS
return by the due date, including
or to enroll in EFTPS, visit
• Accrual, or
extensions.
or call 1-800-555-4477. Additional
• Any other method authorized by the
information about EFTPS is available in
Late filing of return. The organization
Internal Revenue Code.
Publication 966, Electronic Federal Tax
may be charged a penalty of 5% of the
In all cases, the method used must
Payment System A Guide To Getting
unpaid tax for each month or part of a
clearly show taxable income.
Started.
month the return is late, up to a maximum
of 25% of the unpaid tax. The minimum
Change in accounting method.
Depositing on time. For deposits made by
penalty for a return that is more than 60
Generally, the organization may only
EFTPS to be on time, you must submit the
days late is the smaller of the tax due or
change the method of accounting used to
deposit by 8 p.m. Eastern time the day
$135. If you receive a notice about a
report taxable income (for income as a
before the date the deposit is due. If you
penalty after you file this return, reply to the
whole or for any material item) by getting
use a third party to make deposits on its
notice with an explanation and we will
consent on Form 3115, Application for
behalf, they may have different cutoff
determine if you meet reasonable-cause
Change in Accounting Method. For more
times.
criteria. Do not include an explanation
information, see Pub. 538, Accounting
Same-Day payment option. If you fail to
when you file your return.
Periods and Methods.
submit a deposit transaction on EFTPS by
Late payment of tax. An organization that
8 p.m. Eastern time the day before the date
Accounting Period
does not pay the tax when due generally
a deposit is due, you can still make the
The organization must figure its taxable
may have to pay a penalty of
½
of 1% of
deposit on time by using the Federal Tax
income on the basis of a tax year. The tax
the unpaid tax for each month or part of a
Application (FTA). Before using the same-
year is the annual accounting period the
month the tax is not paid, up to a
day payment option, you will need to make
organization uses to keep its records and
maximum of 25% of the unpaid tax. If you
arrangements with your financial institution
report its income and expenses if that
receive a notice about a penalty after you
ahead of time. Please check with the
period is a calendar year or a fiscal year.
file this return, reply to the notice with an
financial institution regarding availability,
However, an organization that does not
explanation and we will determine if you
deadlines, and costs. To learn more about
keep books or does not have an annual
meet reasonable-cause criteria. Do not
making a same-day payment and
accounting period must use the calendar
include an explanation when you file your
download the Same-Day Payment
year as its tax year. A new organization
return.
Worksheet, visit .
must adopt its tax year by the due date
Other penalties. Other penalties can be
Deposits on business days only. If a
(not including extensions) of its first income
imposed for negligence, substantial
deposit is required to be made on a day
tax return.
understatement of tax, and fraud. See
that is not a business day, the deposit is
Change of tax year. After the organization
sections 6662 and 6663.
considered timely if it is made by the close
has adopted a tax year, it must get the
of the next business day. A business day is
Assembling the Return
consent of the IRS to change its tax year
any day other than Saturday, Sunday, or
by filing Form 1128, Application To Adopt,
Attach Form 4136, Credit for Federal Tax
legal holiday. For example, if a deposit is
Change, or Retain a Tax Year. See
Paid on Fuels, after page 1 of Form
required to be made on a Friday and Friday
Regulations section 1.442-1 and Pub. 538.
1120-POL. Attach schedules in
is a legal holiday, the deposit will be
alphabetical order and other forms in
considered timely if it is made by the
Rounding Off to Whole Dollars
numerical order after Form 4136.
following Monday (if that Monday is a
The organization may round off cents to
business day). The term “legal holiday”
Complete every applicable entry space
whole dollars on the return and
means any legal holiday in the District of
on Form 1120-POL. Do not write “See
accompanying schedules. If the
Columbia.
attached” instead of completing the entry
organization does round to whole dollars, it
spaces. If you need more space on the
If the organization owes tax
▲
must round all amounts. To round, drop
!
forms or schedules, attach separate sheets
when it files Form 1120-POL,
amounts under 50 cents and increase
using the same size and format as on the
do not include the payment
amounts from 50 to 99 cents to the next
printed forms. Show the totals on the
with the tax return. Instead,
CAUTION
dollar. For example, $1.39 becomes $1 and
printed forms. Attach these separate
use EFTPS.
$2.50 becomes $3.
sheets after all the schedules and forms.
Interest and Penalties
If two or more amounts must be added
Be sure to put the organization’s name and
to figure the amount to enter on a line,
EIN on each sheet.
Interest
include cents when adding the amounts
Specific Instructions
and round off only the total.
Interest is charged on taxes paid late even
if an extension of time to file is granted.
Federal Tax Deposits Must be
Period covered. File the 2015 return for
Interest is also charged on penalties
calendar year 2015 and fiscal years that
Made by Electronic Funds
imposed for failure to file, negligence,
begin in 2015 and end in 2016. For a fiscal
Transfer
fraud, gross valuation overstatements, and
year, fill in the tax year space at the top of
substantial understatement of tax from the
You must use electronic funds transfer to
the form.
due date (including extensions) to the date
make all federal deposits (such as deposits
Note. The 2015 Form 1120-POL may also
of payment. The interest charge is figured
of estimated tax, employment tax, and
be used if:
at a rate determined under section 6621.
excise tax). Generally, electronic fund
• The organization has a tax year of less
transfers are made using the Electronic
than 12 months that begins and ends in
Federal Tax Payment System (EFTPS). If
2016, and
you do not want to use EFTPS, you can
arrange for your tax professional, financial
institution, payroll service, or other trusted
third party to make deposits on your
behalf. Also you may arrange for your
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