Get Form 4720 Return Of Certain Excise Taxes On Charities And Other Persons Under Chapters 41 And 42 Of

Form 4720, Return of Certain Excise Taxes on Charities and Other Persons Under Chapters 41 and 42 of the Internal Revenue CodePDF, is intended primarily for use with Form 990-PF and provides for figuring and reporting the initial taxes imposed under sections 4941, 4942, 4943, 4944 and 4945 on private foundations, ...

All private foundations reporting information required as to liability for tax imposed under Chapter 42 on the Form 4720 (Schedules A-F, J, or N) must file this form electronically, regardless of the number of other returns the private foundation must file during the calendar year.

The IRS will meet the second goal of the Paperless Processing Initiative by the start of Filing Season 2024 by providing the option for taxpayers to e-file 20 additional tax forms, enabling up to 4 million additional tax documents to be digitally filed every year.

Form 4720 generally must be filed by the due date for filing the annual information or tax return. The due date may be extended by filing Form 8868 (Explanation: §6081, Extension of Time Filing Returns, Tax-Exempt Organizations) (Reg. §53.6071-1(a); Instructions for Form 4720).

Excise taxes are taxes levied on specific goods or services like fuel, tobacco, and alcohol. They are primarily taxes that must be paid by businesses, usually increasing prices for consumers indirectly. Excise taxes can be ad valorem (paid by percentage) or specific (cost charged by unit).

An organization that has violated a tax rule that makes it liable for private foundation excise taxes must file Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue CodePDF, to report and pay such taxes.