Form 1120-Pol - U.s. Income Tax Return For Certain Political Organizations - 2014 Page 6
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Form 1120-POL (2014)
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 2014 calendar
• Qualified electric vehicle credit. See
You are not required to provide the
year the organization had a financial
Form 8834, Qualified Plug-in Electric and
information requested on a form that is
interest in or signature or other authority
Electric Vehicle Credit, and section 30.
subject to the Paperwork Reduction Act
over a bank, securities, or other types of
• General business credit (excluding the
unless the form displays a valid OMB
financial accounts in a foreign country;
small employer health insurance premium
control number. Books or records relating
• The combined value of the accounts was
credit, and the work opportunity credit).
to a form or its instructions must be
more than $10,000 at any time during the
See Form 3800, General Business Credit.
retained as long as their contents may
calendar year; and
become material in the administration of
Enter the total amount of qualified
• The account was not with a U.S. military
any Internal Revenue law. Generally, tax
credits on line 21 and attach the
banking facility operated by a U.S. financial
returns and return information are
applicable credit forms.
institution.
confidential, as required by section 6103.
Line 22. Total tax. If the political
2. The organization owns more than
The time needed to complete and file
organization must recapture any of the
50% of the stock in any corporation that
this form will vary depending on individual
qualified electric vehicle credit, include the
would answer “Yes” to item 1 above.
circumstances. The estimated average time
amount of the recapture in the total for line
is:
See FinCEN Form 114, Report of Foreign
22. On the dotted line next to the entry
Bank and Financial Accounts (FBAR), to
space, write “QEV recapture” and the
Recordkeeping .
.
.
. 17 hr., 13 min.
find out if the organization is considered to
amount. See Regulations section 1.30-1 for
Learning about the
have an interest in or signature or other
details on how to figure the recapture.
law or the form .
.
.
. 5 hr., 15 min.
authority over a financial account in a
What If You Cannot Pay In Full?
Preparing the form .
.
. 12 hr., 17 min.
foreign country.
Copying, assembling,
If “Yes” is checked for this question, file
If you cannot pay the full amount of tax you
and sending the form
FinCEN Form 114 electronically by June
owe, you can apply for an installment
to the IRS .
.
.
.
.
. 1 hr., 52 min.
30, 2015, with the Department of the
agreement online.
Treasury using FinCEN's BSA E-Filing
If you have comments concerning the
You can apply for an installment
System. Because FinCEN Form 114 is not
accuracy of these time estimates or
agreement online if:
a tax form, do not file it with Form
suggestions for making this form simpler,
1120-POL.
• You cannot pay the full amount shown on
we would be happy to hear from you. You
line 24,
can send your comments to:
See for more
information.
• The total amount you owe is $25,000 or
Internal Revenue Service
less, and
Tax Forms and Publications Division
Also, if “Yes” is checked for this
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
Agreement Application, go to irs.gov., click
Question 2
you would include your daytime phone
on “Tools”, then click on “Online Payment
If you checked “Yes” to Question 2, the
number, including the area code, in your
Agreement”.
organization may be required to file Form
correspondence.
Under an installment agreement, you can
3520, Annual Return To Report
You can send your comments from
pay what you owe in monthly installments.
Transactions With Foreign Trusts and
Click on “More
There are certain conditions you must meet
Receipt of Certain Foreign Gifts. For
Information” and then on “Give us
to enter into and maintain an installment
details, see Form 3520.
feedback.”
agreement, such as paying the liability
Note. An owner of a foreign trust must
within 24 months and making all required
Although we cannot respond individually
ensure that the trust files an annual
deposits and timely filing tax returns during
to each comment received, we do
information return on Form 3520-A, Annual
the length of the agreement.
appreciate your feedback and will consider
Information Return of Foreign Trust With a
your comments as we revise our tax
If your installment agreement is
U.S. Owner. For details, see the
products.
accepted, you will be charged a fee and
Instructions for Form 3520-A.
you will be subject to penalties and interest
Do not send the tax form to this address.
Question 3
on the amount of tax not paid by the due
See When and Where To File, earlier.
date of the return.
In the space provided, show any tax-
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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