Form1120-Pol - U.s. Income Tax Return For Certain Political Organizations - 2013 Page 4
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Form 1120-POL (2013)
Page
Rounding Off to Whole
3. Form 990, Return of Organization
Deposits on business days only. If a
Exempt From Income Tax, or
deposit is required to be made on a day
Dollars
Form 990-EZ, Short Form Return of
that is not a business day, the deposit is
The organization may round off cents to
Organization Exempt From Income Tax.
considered timely if it is made by the
whole dollars on the return and
close of the next business day. A
An exempt political organization must
accompanying schedules. If the
business day is any day other than
also file one of these forms if its annual
organization does round to whole
Saturday, Sunday, or legal holiday. For
gross receipts are $25,000 or more
dollars, it must round all amounts. To
example, if a deposit is required to be
($100,000 or more for a QSLPO).
round, drop amounts under 50 cents
made on a Friday and Friday is a legal
The following political organizations
and increase amounts from 50 to 99
holiday, the deposit will be considered
are not required to file Form 990.
cents to the next dollar. For example,
timely if it is made by the following
• Any political organization excepted
$1.39 becomes $1 and $2.50 becomes
Monday (if that Monday is a business
from the requirement to file Form 8871,
$3.
day). The term "legal holiday" means any
and
legal holiday in the District of Columbia.
If two or more amounts must be
• Any caucus or association of state or
added to figure the amount to enter on a
▲
If the organization owes tax
!
local officials.
line, include cents when adding the
when it files Form 1120-POL,
amounts and round off only the total.
See the instructions for Form 990 or
do not include the payment
CAUTION
with the tax return. Instead,
Form 990-EZ.
Federal Tax Deposits Must
use EFTPS.
Accounting Methods
be Made by Electronic
Interest and Penalties
Funds Transfer
Figure taxable income using the method
of accounting regularly used in keeping
Interest
You must use electronic funds transfer
the organization’s books and records.
to make all federal deposits (such as
Interest is charged on taxes paid late
Generally, permissible methods include:
deposits of estimated tax, employment
even if an extension of time to file is
• Cash,
tax, and excise tax). Generally, electronic
granted. Interest is also charged on
fund transfers are made using the
• Accrual, or
penalties imposed for failure to file,
Electronic Federal Tax Payment System
negligence, fraud, gross valuation
• Any other method authorized by the
(EFTPS). If you do not want to use
overstatements, and substantial
Internal Revenue Code.
EFTPS, you can arrange for your tax
understatement of tax from the due date
In all cases, the method used must
professional, financial institution, payroll
(including extensions) to the date of
clearly show taxable income.
service, or other trusted third party to
payment. The interest charge is figured
make deposits on your behalf. Also you
Change in accounting method.
at a rate determined under section 6621.
may arrange for your financial institution
Generally, the organization may only
to initiate a same day wire payment on
change the method of accounting used
Penalties
your behalf. EFTPS is a free service
to report taxable income (for income as
provided by the Department of Treasury.
Penalties may be imposed if the
a whole or for any material item) by
Services provided by your tax
getting consent on Form 3115,
organization is required to file Form
professional, financial institution, payroll
1120-POL and it fails to file the form by
Application for Change in Accounting
services, or other third party may have a
the due date. The following penalties
Method. For more information, see Pub.
fee. To get more information about
may apply if the organization does not
538, Accounting Periods and Methods.
EFTPS or to enroll in EFTPS, visit
file its tax return by the due date,
Accounting Period
or call 1-800-555-4477.
including extensions.
Additional information about EFTPS is
The organization must figure its taxable
Late filing of return. The organization
available in Publication 966, Electronic
income on the basis of a tax year. The
may be charged a penalty of 5% of the
Federal Tax Payment System A Guide To
tax year is the annual accounting period
unpaid tax for each month or part of a
Getting Started.
the organization uses to keep its records
month the return is late, up to a
and report its income and expenses if
maximum of 25% of the unpaid tax. The
Depositing on time. For deposits made
that period is a calendar year or a fiscal
minimum penalty for a return that is
by EFTPS to be on time, you must
year. However, an organization that does
more than 60 days late is the smaller of
initiate the deposit by 8 p.m. Eastern
not keep books or does not have an
the tax due or $135. If you receive a
time the day before the date the deposit
annual accounting period must use the
notice about a penalty after you file this
is due. If you use a third party to make
calendar year as its tax year. A new
return, reply to the notice with an
deposits on its behalf, they may have
organization must adopt its tax year by
explanation and we will determine if you
different cutoff times.
the due date (not including extensions)
meet reasonable-cause criteria. Do not
Same-Day payment option. If you fail
of its first income tax return.
include an explanation when you file
to initiate a deposit transaction on
your return.
Change of tax year. After the
EFTPS by 8 p.m. Eastern time the day
organization has adopted a tax year, it
Late payment of tax. An organization
before the date a deposit is due, you
must get the consent of the IRS to
that does not pay the tax when due
can still make the deposit on time by
change its tax year by filing Form 1128,
generally may have to pay a penalty of
using the Federal Tax Application (FTA).
Application To Adopt, Change, or Retain
/
of 1% of the unpaid tax for each
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2
Before using the same-day payment
a Tax Year. See Regulations section
month or part of a month the tax is not
option, you will need to make
1.442-1 and Pub. 538.
paid, up to a maximum of 25% of the
arrangements with your financial
unpaid tax. If you receive a notice about
institution ahead of time. Please check
a penalty after you file this return, reply
with the financial institution regarding
to the notice with an explanation and we
availability, deadlines, and costs. To
will determine if you meet reasonable-
learn more about making a same-day
cause criteria. Do not include an
payment and download the Same-Day
explanation when you file your return.
Payment Worksheet, visit
.
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