Form1120-Pol - U.s. Income Tax Return For Certain Political Organizations - 2015 Page 6
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Form 1120-POL (2015)
Page
Note. Estimated tax and alternative
Additional Information
Paperwork Reduction Act Notice. We
minimum tax do not apply to political
ask for the information on this form to carry
Question 1
organizations.
out the Internal Revenue laws of the United
States. You are required to give us the
Foreign financial accounts. Check the
Line 21. Tax credits. The organization
information. We need it to ensure that you
“Yes” box if either 1 or 2 below applies to
may qualify for the following credits:
are complying with these laws and to allow
the organization. Otherwise, check the
• Foreign tax credit. See Form 1118,
us to figure and collect the right amount of
“No” box.
Foreign Tax Credit—Corporations.
tax.
1. At any time during the 2015 calendar
• Qualified electric vehicle credit. See
You are not required to provide the
year the organization had a financial
Form 8834, Qualified Electric Vehicle
information requested on a form that is
interest in or signature or other authority
Credit.
subject to the Paperwork Reduction Act
over a bank, securities, or other types of
• General business credit (excluding
unless the form displays a valid OMB
financial accounts in a foreign country;
the small employer health insurance
control number. Books or records relating
• The combined value of the accounts was
premium credit, and the work opportunity
to a form or its instructions must be
more than $10,000 at any time during the
credit). See Form 3800, General Business
retained as long as their contents may
calendar year; and
Credit.
become material in the administration of
• The account was not with a U.S. military
any Internal Revenue law. Generally, tax
Enter the total amount of qualified
banking facility operated by a U.S. financial
returns and return information are
credits on line 21 and attach the
institution.
confidential, as required by section 6103.
applicable credit forms.
2. The organization owns more than
The time needed to complete and file
Line 22. Total tax. If the political
50% of the stock in any corporation that
this form will vary depending on individual
organization must recapture any of the
would answer “Yes” to item 1 above.
circumstances. The estimated average time
qualified electric vehicle credit, include the
is:
See FinCEN Form 114, Report of Foreign
amount of the recapture in the total for line
Bank and Financial Accounts (FBAR), to
22. On the dotted line next to the entry
Recordkeeping .
.
.
. 17 hr., 13 min.
find out if the organization is considered to
space, write “QEV recapture” and the
Learning about the
have an interest in or signature or other
amount. See Regulations section 1.30-1 for
law or the form .
.
.
. 5 hr., 15 min.
authority over a financial account in a
details on how to figure the recapture.
Preparing the form .
.
. 12 hr., 17 min.
foreign country.
What If You Cannot Pay In Full?
Copying, assembling,
If “Yes” is checked for this question, file
and sending the form
FinCEN Form 114 electronically by June
If you cannot pay the full amount of tax you
to the IRS .
.
.
.
.
. 1 hr., 52 min.
30, 2016, with the Department of the
owe, you can apply for an installment
Treasury using FinCEN’s BSA E-Filing
agreement online.
If you have comments concerning the
System. Because FinCEN Form 114 is not
accuracy of these time estimates or
You can apply for an installment
a tax form, do not file it with Form
suggestions for making this form simpler,
agreement online if:
1120-POL.
we would be happy to hear from you. You
• You cannot pay the full amount shown on
can send your comments to:
See for more
line 24,
information.
Internal Revenue Service
• The total amount you owe is $25,000 or
Tax Forms and Publications Division
Also, if “Yes” is checked for this
less, and
1111 Constitution Ave. NW, IR-6526
question, enter the name of the foreign
• You can pay the liability in full in 24
Washington, DC 20224
country or countries. Attach a separate
months.
sheet if more space is needed.
We respond to many letters by
To apply using the Online Payment
telephone. Therefore, it would be helpful if
Question 2
Agreement Application, go to irs.gov., click
you would include your daytime phone
If you checked “Yes” to Question 2, the
on “Tools,” then click on “Online Payment
number, including the area code, in your
organization may be required to file Form
Agreement.”
correspondence.
3520, Annual Return To Report
Under an installment agreement, you can
You can send your comments from
Transactions With Foreign Trusts and
pay what you owe in monthly installments.
Click on “More
Receipt of Certain Foreign Gifts. For
There are certain conditions you must meet
Information” and then on “Give us
details, see Form 3520.
to enter into and maintain an installment
feedback.”
Note. An owner of a foreign trust must
agreement, such as paying the liability
Although we cannot respond individually
ensure that the trust files an annual
within 24 months and making all required
to each comment received, we do
information return on Form 3520-A, Annual
deposits and timely filing tax returns during
appreciate your feedback and will consider
Information Return of Foreign Trust With a
the length of the agreement.
your comments as we revise our tax
U.S. Owner. For details, see the
If your installment agreement is
products.
Instructions for Form 3520-A.
accepted, you will be charged a fee and
Do not send the tax form to this address.
you will be subject to penalties and interest
Question 3
See When and Where To File, earlier.
on the amount of tax not paid by the due
In the space provided, show any tax-
date of the return.
exempt interest income received or
accrued. Include any exempt-interest
dividends received as a shareholder in a
mutual fund or other regulated investment
company.
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