Form 8613 - Return Of Excise Tax On Undistributed Income Of Regulated Investment Companies Page 2
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Form 8613 (Rev. 03-2012)
Page
General Instructions
Extension of time to file. File Form
Late payment of tax. A fund that does
7004, Application for Automatic
not pay the tax when due may be
Section references are to the Internal
Extension of Time To File Certain
penalized ½ of 1% of the unpaid tax for
Revenue Code.
Business Income Tax, Information, and
each month or part of a month the tax is
Other Returns, to request an extension
not paid, up to a maximum of 25% of the
What's New
of time to file. Filing Form 7004 does not
unpaid tax. This penalty will not be
Capital gain net income. For calendar
extend the time for payment of tax.
imposed if the fund can show that the
years beginning after December 22,
failure to pay on time was due to
Amended Return
2010, the required distribution
reasonable cause.
percentage for capital gain net income
To amend a previously filed Form 8613,
Other penalties. Other penalties can be
has been increased to 98.2%.
file a corrected Form 8613 and write
imposed for negligence, substantial
“Amended” at the top of the form.
Election to defer certain net ordinary
understatement of tax, and fraud. See
losses. For calendar years beginning
sections 6662, 6662A, and 6663.
Who Must Sign
after December 22, 2010, RICs may
Specific Instructions
elect to defer certain net ordinary losses
Form 8613 must be signed and dated by
under section 4982(e)(7).
the president, vice president, treasurer,
Period covered. Show the calendar year
assistant treasurer, chief accounting
Future developments. The IRS has
for which the return is filed at the top of
officer, or by any other officer (such as
created a page on IRS.gov for
the form. Figure income on a calendar
tax officer) authorized to sign.
information about Form 8613, at
year basis even if the fund files its
Receivers, trustees, or assignees must
Information
income tax return and keeps its books
also sign and date any return filed on
about any future developments affecting
and records on a fiscal year basis.
behalf of a fund.
Form 8613 such as legislation enacted
Address. Include the suite, room, or
Note: If this return is being filed for a
after we release it will be posted on that
other unit number after the street
page.
series fund (see section 851(g)(2)), the
address. If the Post Office does not
return may be signed by any officer
Purpose of Form
deliver mail to the street address and
authorized to sign for the RIC in which
the fund has a P.O. box, show the box
the fund is a series.
Use Form 8613 to figure and pay the
number instead.
excise tax on undistributed income
Rounding Off to Whole
under section 4982. The tax is 4% of
Election under section 4982(e)(4). This
Dollars
the excess, if any, of the required
election is available to funds whose tax
distribution over the distributed amount.
years end in November or December. If
The fund may show amounts on the
the fund qualifies, it may substitute its
return as whole dollars. To do so, drop
Also use Form 8613 to make the
tax year for the 1-year period ending on
any amount less than 50 cents and
section 4982(e)(4) election.
October 31.
increase any amount from 50 cents
Who Must File
through 99 cents to the next higher
If the RIC makes the election, Form
dollar.
8613 must be filed even if no tax is due.
Any regulated investment company (RIC)
The election is made no later than the
that is liable for the tax on undistributed
Interest and Penalties
time for filing Form 8613 (including
income or that makes an election under
Interest. Interest is charged on taxes
extensions) for the year in which the
section 4982(e)(4) must file Form 8613.
paid late even if an extension of time to
election will apply. Once made, the
A RIC that makes this election must file
file is granted. Interest is also charged
election is revocable only with IRS
the form even if no tax is due.
on penalties imposed for failure to file,
consent.
If a RIC has more than one fund, each
negligence, fraud, and substantial
fund files a separate Form 8613. The
Required Distribution
understatements of tax from the due
term “fund” refers to a series fund as
date (including extensions) to the date
Line 1a. Include on this line the following
defined in section 851(g) and to any RIC
of payment. The interest charge is
types of income.
that does not have more than one
figured at a rate determined under
portfolio of assets.
1. Adjustments that result in the
section 6621.
distribution of deficiency dividends
Exemption. The tax does not apply to
Late filing of return. A fund that does
under section 860(f) for the year in
funds in which all the shareholders
not file its tax return by the due date,
which the dividends are paid.
during the year were certain trusts or
including extensions, may have to pay a
2. If a RIC is a partner in a partnership,
segregated asset accounts of a life
penalty of 5% of the unpaid tax for each
insurance company. Shares attributable
recognize the fund’s share of partnership
month or part of a month the return is
to an investment of no more than
ordinary income (loss) and deductions at
late, up to a maximum of 25% of the
$250,000 made in connection with the
the same time they are taken into
unpaid tax. The minimum penalty for a
organization of the RIC will not prevent
account by the partnership, regardless of
return that is over 60 days late is the
the RIC from qualifying for this
the fund’s tax year or the tax year of the
smaller of the tax due or $135.
exemption. See section 4982(f).
partnership in which the fund is a partner.
The penalty will not be imposed if the
See Rev. Rul. 94-40, 1994-1 C.B. 274.
When and Where To File
fund can show that the failure to file on
Also see Rev. Proc. 94-71, 1994-2
time was due to reasonable cause.
File Form 8613, with the Internal
C.B. 810, for the circumstances under
Funds that file late must attach a
Revenue Service Center where the
which the IRS will not challenge the
statement explaining the reasonable
fund’s income tax return is filed, by
method used by a fund to account for
cause.
March 15 following the calendar year in
partnership items when its required
which the tax liability applies.
distribution is determined under section
4982.
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