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Filing For Tax Extension

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Filing For Tax Extension

Filing for tax extension Publication 907 - Main Content Table of Contents IncomeDependent Care Benefits Social Security and Railroad Retirement Benefits Disability Pensions Military and Government Disability Pensions Other Payments Itemized DeductionsMedical Expenses Impairment-Related Work Expenses Tax CreditsChild and Dependent Care Credit Credit for the Elderly or the Disabled Earned Income Credit Household Employers Business Tax Incentives How To Get Tax Help Income All income is taxable unless it is specifically excluded by law. Filing for tax extension The following discussions highlight some income items (both taxable and nontaxable) that are of particular interest to people with disabilities and those who care for people with disabilities. Filing for tax extension Dependent Care Benefits Dependent care benefits include: Amounts your employer paid directly to either you or your care provider for the care of your qualifying person(s) while you worked, The fair market value of care in a daycare facility provided or sponsored by your employer, and Pre-tax contributions you made under a dependent care flexible spending arrangement. Filing for tax extension Exclusion or deduction. Filing for tax extension   If your employer provides dependent care benefits under a qualified plan, you may be able to exclude these benefits from your income. Filing for tax extension Your employer can tell you whether your benefit plan qualifies. Filing for tax extension To claim the exclusion, you must complete Part III of Form 2441, Child and Dependent Care Expenses. Filing for tax extension You cannot use Form 1040EZ. Filing for tax extension   If you are self-employed and receive benefits from a qualified dependent care benefit plan, you are treated as both employer and employee. Filing for tax extension Therefore, you would not get an exclusion from wages. Filing for tax extension Instead, you would get a deduction on Form 1040, Schedule C, line 14; Schedule E, line 19 or 28; or Schedule F, line 15. Filing for tax extension To claim the deduction, you must use Form 2441. Filing for tax extension   The amount you can exclude or deduct is limited to the smallest of: The total amount of dependent care benefits you received during the year, The total amount of qualified expenses you incurred during the year, Your earned income, Your spouse's earned income, or $5,000 ($2,500 if married filing separately). Filing for tax extension Statement for employee. Filing for tax extension   Your employer must give you a Form W-2 (or similar statement), showing in box 10 the total amount of dependent care benefits provided to you during the year under a qualified plan. Filing for tax extension Your employer will also include any dependent care benefits over $5,000 in your wages shown on your Form W-2 in box 1. Filing for tax extension Qualifying person(s). Filing for tax extension   A qualifying person is: A qualifying child who is under age 13 whom you can claim as a dependent. Filing for tax extension If the child turned 13 during the year, the child is a qualifying person for the part of the year he or she was under age 13. Filing for tax extension Your disabled spouse who is not physically or mentally able to care for himself or herself. Filing for tax extension Any disabled person who was not physically or mentally able to care for himself or herself whom you can claim as a dependent (or could claim as a dependent except that the person had gross income of $3,900 or more or filed a joint return). Filing for tax extension Any disabled person who was not physically or mentally able to care for himself or herself whom you could claim as a dependent except that you (or your spouse if filing jointly) could be claimed as a dependent on another taxpayer's 2013 return. Filing for tax extension For information about excluding benefits on Form 1040, Form 1040NR, or Form 1040A, see Form 2441 and its instructions. Filing for tax extension Social Security and Railroad Retirement Benefits If you received social security or equivalent Tier 1 railroad retirement (RRTA) benefits during the year, part of the amount you received may be taxable. Filing for tax extension Are any of your benefits taxable?   If the only income you received during the year was your social security or equivalent Tier 1 railroad retirement (RRTA) benefits, your benefits generally are not taxable. Filing for tax extension   If you received income during the year in addition to social security or equivalent Tier 1 railroad retirement (RRTA) benefits, part of your benefits may be taxable if all of your other income, including tax-exempt interest, plus half of your benefits are more than: $25,000 if you are single, head of household, or qualifying widow(er), $25,000 if you are married filing separately and lived apart from your spouse for all of 2013, $32,000 if you are married filing jointly, or $-0- if you are married filing separately and lived with your spouse at any time during 2013. Filing for tax extension   For more information, see the instructions for Form 1040, lines 20a and 20b, or Form 1040A, lines 14a and 14b. Filing for tax extension Publication 915, Social Security and Equivalent Railroad Retirement Benefits, contains more detailed information. Filing for tax extension Supplemental security income (SSI) payments. Filing for tax extension   Social security benefits do not include SSI payments, which are not taxable. Filing for tax extension Do not include these payments in your income. Filing for tax extension Disability Pensions If you retired on disability, you must include in income any disability pension you receive under a plan that is paid for by your employer. Filing for tax extension You must report your taxable disability payments as wages on line 7 of Form 1040 or Form 1040A until you reach minimum retirement age. Filing for tax extension Minimum retirement age generally is the age at which you can first receive a pension or annuity if you are not disabled. Filing for tax extension You may be entitled to a tax credit if you were permanently and totally disabled when you retired. Filing for tax extension For information on this credit, see Publication 524, Credit for the Elderly or the Disabled. Filing for tax extension Beginning on the day after you reach minimum retirement age, payments you receive are taxable as a pension or annuity. Filing for tax extension Report the payments on lines 16a and 16b of Form 1040 or on lines 12a and 12b of Form 1040A. Filing for tax extension For more information on pensions and annuities, see Publication 575, Pension and Annuity Income. Filing for tax extension Retirement and profit-sharing plans. Filing for tax extension   If you receive payments from a retirement or profit-sharing plan that does not provide for disability retirement, do not treat the payments as a disability pension. Filing for tax extension The payments must be reported as a pension or annuity. Filing for tax extension Accrued leave payment. Filing for tax extension   If you retire on disability, any lump-sum payment you receive for accrued annual leave is a salary payment. Filing for tax extension The payment is not a disability payment. Filing for tax extension Include it in your income in the tax year you receive it. Filing for tax extension See Publication 525, Taxable and Nontaxable Income, for more information. Filing for tax extension Military and Government Disability Pensions Generally, you must report disability pensions as income, but do not include certain military and government disability pensions. Filing for tax extension For information about military and government disability pensions, see Publication 525. Filing for tax extension VA disability benefits. Filing for tax extension   Do not include disability benefits you receive from the Department of Veterans Affairs (VA) in your gross income. Filing for tax extension If you are a military retiree and do not receive your disability benefits from the VA, see Publication 525 for more information. Filing for tax extension   Do not include in your income any veterans' benefits paid under any law, regulation, or administrative practice administered by the VA. Filing for tax extension These include: Education, training, and subsistence allowances, Disability compensation and pension payments for disabilities paid either to veterans or their families, Grants for homes designed for wheelchair living, Grants for motor vehicles for veterans who lost their sight or the use of their limbs, Veterans' insurance proceeds and dividends paid either to veterans or their beneficiaries, including the proceeds of a veteran's endowment policy paid before death, Interest on insurance dividends left on deposit with the VA, Benefits under a dependent-care assistance program, The death gratuity paid to a survivor of a member of the Armed Forces who died after September 10, 2001, or Payments made under the VA's compensated work therapy program. Filing for tax extension Other Payments You may receive other payments that are related to your disability. Filing for tax extension The following payments are not taxable. Filing for tax extension Benefit payments from a public welfare fund, such as payments due to blindness. Filing for tax extension Workers' compensation for an occupational sickness or injury if paid under a workers' compensation act or similar law. Filing for tax extension Compensatory (but not punitive) damages for physical injury or physical sickness. Filing for tax extension Disability benefits under a “no-fault” car insurance policy for loss of income or earning capacity as a result of injuries. Filing for tax extension Compensation for permanent loss or loss of use of a part or function of your body, or for your permanent disfigurement. Filing for tax extension Long-Term Care Insurance Long-term care insurance contracts generally are treated as accident and health insurance contracts. Filing for tax extension Amounts you receive from them (other than policyholder dividends or premium refunds) generally are excludable from income as amounts received for personal injury or sickness. Filing for tax extension More detailed information can be found in Publication 525. Filing for tax extension Accelerated Death Benefits You can exclude from income accelerated death benefits you receive on the life of an insured individual if certain requirements are met. Filing for tax extension Accelerated death benefits are amounts received under a life insurance contract before the death of the insured. Filing for tax extension These benefits also include amounts received on the sale or assignment of the contract to a viatical settlement provider. Filing for tax extension This exclusion applies only if the insured was a terminally ill individual or a chronically ill individual. Filing for tax extension For more information, see Publication 525. Filing for tax extension Itemized Deductions If you file Form 1040, you generally can either claim the standard deduction or itemize your deductions. Filing for tax extension You must use Schedule A (Form 1040) to itemize your deductions. Filing for tax extension See your form instructions for information on the standard deduction and the deductions you can itemize. Filing for tax extension The following discussions highlight some itemized deductions that are of particular interest to persons with disabilities. Filing for tax extension Medical Expenses When figuring your deduction for medical expenses, you can generally include medical and dental expenses you pay for yourself, your spouse, and your dependents. Filing for tax extension Medical expenses are the cost of diagnosis, cure, mitigation, treatment, or prevention of disease and the costs for treatments affecting any part or function of the body. Filing for tax extension They include the costs of equipment, supplies, diagnostic devices, and transportation for needed medical care and payments for medical insurance. Filing for tax extension You can deduct only the amount of your medical and dental expenses that is more than 10% (7. Filing for tax extension 5% if either you or your spouse was born before January 2, 1949) of your adjusted gross income shown on Form 1040, line 38. Filing for tax extension The following list highlights some of the medical expenses you can include in figuring your medical expense deduction. Filing for tax extension For more detailed information, see Publication 502, Medical and Dental Expenses (Including the Health Coverage Tax Credit). Filing for tax extension Artificial limbs, contact lenses, eyeglasses, and hearing aids. Filing for tax extension The part of the cost of Braille books and magazines that is more than the price of regular printed editions. Filing for tax extension Cost and repair of special telephone equipment for hearing-impaired persons. Filing for tax extension Cost and maintenance of a wheelchair or a three-wheel motor vehicle commercially known as an “autoette. Filing for tax extension ” Cost and care of a guide dog or other animal aiding a person with a physical disability. Filing for tax extension Costs for a school that furnishes special education if a principal reason for using the school is its resources for relieving a mental or physical disability. Filing for tax extension This includes the cost of teaching Braille and lip reading and the cost of remedial language training to correct a condition caused by a birth defect. Filing for tax extension Premiums for qualified long-term care insurance, up to certain amounts. Filing for tax extension Improvements to a home that do not increase its value if the main purpose is medical care. Filing for tax extension An example is constructing entrance or exit ramps. Filing for tax extension Improvements that increase a home's value, if the main purpose is medical care, may be partly included as a medical expense. Filing for tax extension See Publication 502 for more information. Filing for tax extension Impairment-Related Work Expenses If you are disabled, you can take a business deduction for expenses that are necessary for you to be able to work. Filing for tax extension If you take a business deduction for these impairment-related work expenses, they are not subject to the 10% (7. Filing for tax extension 5% if you or your spouse is age 65 or older) limit that applies to medical expenses. Filing for tax extension You are disabled if you have: A physical or mental disability (for example, blindness or deafness) that functionally limits your being employed, or A physical or mental impairment (including, but not limited to, a sight or hearing impairment) that substantially limits one or more of your major life activities, such as performing manual tasks, walking, speaking, breathing, learning, or working. Filing for tax extension Impairment-related expenses defined. Filing for tax extension   Impairment-related expenses are those ordinary and necessary business expenses that are: Necessary for you to do your work satisfactorily, For goods and services not required or used, other than incidentally, in your personal activities, and Not specifically covered under other income tax laws. Filing for tax extension Publication 502 contains more detailed information. Filing for tax extension Tax Credits This discussion highlights three tax credits that may be of interest to people with disabilities and those who care for people with disabilities. Filing for tax extension Child and Dependent Care Credit If you pay someone to care for either your dependent under age 13 or your spouse or dependent who is not able to care for himself or herself, you may be able to get a credit of up to 35% of your expenses. Filing for tax extension To qualify, you must pay these expenses so you can work or look for work. Filing for tax extension The care must be provided for: Your qualifying child who is your dependent and who was under age 13 when the care was provided, Your spouse who was not physically or mentally able to care for himself or herself and lived with you for more than half the year, or A person who was not physically or mentally able to care for himself or herself, lived with you for more than half the year, and either: Was your dependent, or Would have been your dependent except that: He or she received gross income of $3,900 or more, He or she filed a joint return, or You, or your spouse if filing jointly, could be claimed as a dependent on someone else's 2013 return. Filing for tax extension You can claim the credit on Form 1040 or 1040A. Filing for tax extension You cannot claim the credit on Form 1040EZ or Form 1040NR-EZ. Filing for tax extension You figure the credit on Form 2441. Filing for tax extension For more information, see the instructions for Form 1040, line 48, or Form 1040A, line 29. Filing for tax extension Publication 503, Child and Dependent Care Expenses, contains more detailed information. Filing for tax extension Credit for the Elderly or the Disabled You may be able to claim this credit if you are a U. Filing for tax extension S. Filing for tax extension citizen or a resident alien and either of the following apply. Filing for tax extension You were 65 or older at the end of 2013, You were under 65 at the end of 2013, and retired on permanent or total disability. Filing for tax extension You can claim the credit on Form 1040 or 1040A. Filing for tax extension You figure the credit on Schedule R. Filing for tax extension For more information, see the instructions for Form 1040, line 53, or Form 1040A, line 30. Filing for tax extension Publication 524, Credit for the Elderly or the Disabled, contains more detailed information. Filing for tax extension Earned Income Credit This credit is based on the amount of your earned income. Filing for tax extension You can get the credit if your adjusted gross income for 2013 is less than: $14,340 ($19,680 for married filing jointly) if you do not have a qualifying child, $37,870 ($43,210 for married filing jointly) if you have one qualifying child, $43,038 ($48,378 for married filing jointly) if you have two qualifying children, or $46,227 ($51,567 for married filing jointly) if you have three or more qualifying children. Filing for tax extension To figure the credit, use the worksheet in the instructions for Form 1040, 1040A, or 1040EZ. Filing for tax extension If you have a qualifying child, also complete Schedule EIC, Earned Income Credit, and attach it to your Form 1040 or 1040A. Filing for tax extension You cannot use Form 1040EZ if you have a qualifying child. Filing for tax extension Qualifying child. Filing for tax extension   To be a qualifying child, your child must be younger than you (or your spouse if married filing jointly) and under age 19 or a full-time student under age 24 at the end of 2013, or permanently and totally disabled at any time during 2013, regardless of age. Filing for tax extension Earned income. Filing for tax extension   If you are retired on disability, benefits you receive under your employer's disability retirement plan are considered earned income until you reach minimum retirement age. Filing for tax extension However, payments you received from a disability insurance policy that you paid the premiums for are not earned income. Filing for tax extension More information. Filing for tax extension   For more information, including all the requirements to claim the earned income credit, see the instructions for Form 1040, line 64a; Form 1040A, line 38a; or Form 1040EZ, line 8a. Filing for tax extension Publication 596, Earned Income Credit (EIC), contains more detailed information. Filing for tax extension Household Employers If you pay someone to work in your home, such as a babysitter or housekeeper, you may be a household employer who has to pay employment taxes. Filing for tax extension A person you hire through an agency is not your employee if the agency controls what work is done and how it is done. Filing for tax extension This control could include setting the fee, requiring regular reports, and providing rules of conduct and appearance. Filing for tax extension In this case you do not have to pay employment taxes on the amount you pay. Filing for tax extension But if you control what work is done and how it is done, the worker is your employee. Filing for tax extension If you possess the right to discharge a worker, that worker is generally considered to be your employee. Filing for tax extension If a worker is your employee, it does not matter that you hired the worker through an agency or from a list provided by an agency. Filing for tax extension To find out if you have to pay employment taxes, see Publication 926, Household Employer's Tax Guide For Wages Paid in 2013. Filing for tax extension Business Tax Incentives If you own or operate a business, or you are looking for work, you should be aware of the following tax incentives for businesses to help persons with disabilities. Filing for tax extension Deduction for costs of removing barriers to the disabled and the elderly—This is a deduction a business can take for making a facility or public transportation vehicle more accessible to and usable by persons who are disabled or elderly. Filing for tax extension For more information, see chapter 7 of Publication 535, Business Expenses. Filing for tax extension Disabled access credit—This is a nonrefundable tax credit for an eligible small business that pays or incurs expenses to provide access to persons with disabilities. Filing for tax extension The expenses must be to enable the eligible small business to comply with the Americans With Disabilities Act of 1990. Filing for tax extension See Form 8826, Disabled Access Credit, for more information. Filing for tax extension Work opportunity credit—This credit provides businesses with an incentive to hire individuals from targeted groups that have a particularly high unemployment rate or other special employment needs. Filing for tax extension One targeted group consists of vocational rehabilitation referrals. Filing for tax extension These are individuals who have a physical or mental disability that results in a substantial handicap to employment. Filing for tax extension See Form 5884, Work Opportunity Credit. Filing for tax extension How To Get Tax Help Go online, use a smart phone, call or walk in to an office near you. Filing for tax extension Whether it's help with a tax issue, preparing your tax return or picking up a free publication or form, get the help you need the way you want it. Filing for tax extension Free help with your tax return. Filing for tax extension   Free help in preparing your return is available nationwide from IRS-certified volunteers. Filing for tax extension The Volunteer Income Tax Assistance (VITA) program is designed to help low-to-moderate income, elderly, persons with disabilities, and limited English proficient taxpayers. Filing for tax extension The Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. Filing for tax extension Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Filing for tax extension Some VITA and TCE sites provide taxpayers the opportunity to prepare their return with the assistance of an IRS-certified volunteer. Filing for tax extension To find the nearest VITA or TCE site, visit IRS. Filing for tax extension gov or call 1-800-906-9887. Filing for tax extension   As part of the TCE program, AARP offers the Tax-Aide counseling program. Filing for tax extension To find the nearest AARP Tax-Aide site, visit AARP's website at www. Filing for tax extension aarp. Filing for tax extension org/money/taxaide or call 1-888-227-7669. Filing for tax extension   For more information on these programs, go to IRS. Filing for tax extension gov and enter “VITA” in the search box. Filing for tax extension Internet. Filing for tax extension IRS. Filing for tax extension gov and IRS2Go are ready when you are — every day, every night, 24 hours a day, 7 days a week. Filing for tax extension Apply for an Employer Identification Number (EIN). Filing for tax extension Go to IRS. Filing for tax extension gov and enter Apply for an EIN in the search box. Filing for tax extension Request an Electronic Filing PIN by going to IRS. Filing for tax extension gov and entering Electronic Filing PIN in the search box. Filing for tax extension Check the status of your 2013 refund with Where's My Refund? Go to IRS. Filing for tax extension gov or the IRS2Go app, and click on Where's My Refund? You'll get a personalized refund date as soon as the IRS processes your tax return and approves your refund. Filing for tax extension If you e-file, your refund status is usually available within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Filing for tax extension Check the status of your amended return. Filing for tax extension Go to IRS. Filing for tax extension gov and enter Where's My Amended Return in the search box. Filing for tax extension Download forms, instructions, and publications, including some accessible versions. Filing for tax extension Order free transcripts of your tax returns or tax account using the Order a Transcript tool on IRS. Filing for tax extension gov or IRS2Go. Filing for tax extension Tax return and tax account transcripts are generally available for the current year and past three years. Filing for tax extension Figure your income tax withholding with the IRS Withholding Calculator on IRS. Filing for tax extension gov. Filing for tax extension Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Filing for tax extension Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Filing for tax extension gov. Filing for tax extension Locate the nearest Taxpayer Assistance Center using the Office Locator tool on IRS. Filing for tax extension gov or IRS2Go. Filing for tax extension Stop by most business days for face-to-face tax help, no appointment necessary — just walk in. Filing for tax extension An employee can explain IRS letters, request adjustments to your tax account or help you set up a payment plan. Filing for tax extension Before you visit, check the Office Locator for the address, phone number, hours of operation and the services provided. Filing for tax extension If you have an ongoing tax account problem or a special need, such as a disability, you can request an appointment. Filing for tax extension Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Filing for tax extension Locate the nearest volunteer help site with the VITA Locator Tool on IRS. Filing for tax extension gov. Filing for tax extension Low-to-moderate income, elderly, persons with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Filing for tax extension The Tax Counseling for the Elderly (TCE) program helps taxpayers 60 and older with their tax returns. Filing for tax extension Most VITA and TCE sites offer free electronic filing and some provide IRS-certified volunteers who can help prepare your tax return. Filing for tax extension AARP offers the Tax-Aide counseling program as part of the TCE program. Filing for tax extension Visit AARP's website to find the nearest Tax-Aide location. Filing for tax extension Research your tax questions. Filing for tax extension Search publications and instructions by topic or keyword. Filing for tax extension Read the Internal Revenue Code, regulations, or other official guidance. Filing for tax extension Read Internal Revenue Bulletins. Filing for tax extension Sign up to receive local and national tax news by email. Filing for tax extension Phone. Filing for tax extension You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Filing for tax extension Download the free IRS2Go mobile app from the iTunes app store or from Google Play. Filing for tax extension Use it to watch the IRS YouTube channel, get IRS news as soon as it's released to the public, order transcripts of your tax returns or tax account, check your refund status, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Filing for tax extension Call to locate the nearest volunteer help site, 1-800-906-9887. Filing for tax extension Low-to-moderate income, elderly, persons with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Filing for tax extension The Tax Counseling for the Elderly (TCE) program helps taxpayers 60 and older with their tax returns. Filing for tax extension Most VITA and TCE sites offer free electronic filing. Filing for tax extension Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Filing for tax extension Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Filing for tax extension Call to check the status of your 2013 refund, 1-800-829-1954 or 1-800-829-4477. Filing for tax extension The automated Where's My Refund? information is available 24 hours a day, 7 days a week. Filing for tax extension If you e-file, your refund status is usually available within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Filing for tax extension Before you call, have your 2013 tax return handy so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Filing for tax extension Where's My Refund? can give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Filing for tax extension Where's My Refund? includes information for the most recent return filed in the current year and does not include information about amended returns. Filing for tax extension Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Filing for tax extension Call to order forms, instructions and publications, 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions and publications, and prior-year forms and instructions (limited to 5 years). Filing for tax extension You should receive your order within 10 business days. Filing for tax extension Call to order transcripts of your tax returns or tax account, 1-800-908-9946. Filing for tax extension Follow the prompts to provide your Social Security Number or Individual Taxpayer Identification Number, date of birth, street address and ZIP code. Filing for tax extension Call for TeleTax topics, 1-800-829-4477, to listen to pre-recorded messages covering various tax topics. Filing for tax extension Call to ask tax questions, 1-800-829-1040. Filing for tax extension Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Filing for tax extension The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Filing for tax extension These individuals can also contact the IRS through relay services such as the Federal Relay Service available at www. Filing for tax extension gsa. Filing for tax extension gov/fedrelay. Filing for tax extension Walk-in. Filing for tax extension You can find a selection of forms, publications and services — in-person, face-to-face. Filing for tax extension Products. Filing for tax extension You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Filing for tax extension Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Filing for tax extension Services. Filing for tax extension You can walk in to your local TAC most business days for personal, face-to-face tax help. Filing for tax extension An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. Filing for tax extension If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local TAC where you can talk with an IRS representative face-to-face. Filing for tax extension No appointment is necessary—just walk in. Filing for tax extension Before visiting, check www. Filing for tax extension irs. Filing for tax extension gov/localcontacts for hours of operation and services provided. Filing for tax extension Mail. Filing for tax extension You can send your order for forms, instructions, and publications to the address below. Filing for tax extension You should receive a response within 10 business days after your request is received. Filing for tax extension  Internal Revenue Service 1201 N. Filing for tax extension Mitsubishi Motorway Bloomington, IL 61705-6613 The Taxpayer Advocate Service Is Here to Help You. Filing for tax extension   The Taxpayer Advocate Service (TAS) is your voice at the IRS. Filing for tax extension Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Filing for tax extension What can TAS do for you?   We can offer you free help with IRS problems that you can't resolve on your own. Filing for tax extension We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Filing for tax extension You face (or your business is facing) an immediate threat of adverse action. Filing for tax extension You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Filing for tax extension   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Filing for tax extension Here's why we can help: TAS is an independent organization within the IRS. Filing for tax extension Our advocates know how to work with the IRS. Filing for tax extension Our services are free and tailored to meet your needs. Filing for tax extension We have offices in every state, the District of Columbia, and Puerto Rico. Filing for tax extension How can you reach us?   If you think TAS can help you, call your local advocate, whose number is in your local directory and at www. Filing for tax extension irs. Filing for tax extension gov/advocate, or call us toll-free at 1-877-777-4778. Filing for tax extension How else does TAS help taxpayers?   TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Filing for tax extension If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. Filing for tax extension irs. Filing for tax extension gov/sams. Filing for tax extension Low Income Taxpayer Clinics. Filing for tax extension   Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals, and tax collection disputes. Filing for tax extension Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Filing for tax extension Visit www. Filing for tax extension TaxpayerAdvocate. Filing for tax extension irs. Filing for tax extension gov or see IRS Publication 4134, Low Income Taxpayer Clinic List. Filing for tax extension Prev  Up  Next   Home   More Online Publications
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American Holidays

Americans celebrate a variety of federal holidays and other national observances.


Federal Holidays

Find the dates for this year's federal holidays.

Federal law establishes the following public holidays for federal employees. If the holiday falls during the weekend, it may be observed on a different day.

Many government offices are closed on federal holidays and some private businesses may close as well. If you plan to visit a government office on or around a federal holiday, you should contact them to determine when they will be open. Find contact information for government departments and agencies.

New Year's Day

New Year's Day is January 1. The celebration of this holiday begins the night before, when Americans gather to wish each other a happy and prosperous coming year. Many Americans make New Year's resolutions. See the New Year's resolutions that are popular every year.

Birthday of Martin Luther King, Jr.

Martin Luther King, Jr. Day is celebrated on the third Monday in January. The Reverend Martin Luther King, Jr. was an African-American clergyman who is recognized for his tireless efforts to win civil rights for all people through nonviolent means.

Washington's Birthday

Washington's Birthday is observed the third Monday of February in honor George Washington, the first President of the United States. This date is commonly called Presidents' Day and many groups honor the legacy of past presidents on this date.

Memorial Day

Memorial Day is a observed the last Monday of May. It originally honored the people killed in the American Civil War, but has become a day on which the American dead of all wars are remembered.

Independence Day

Independence Day is July 4. This holiday honors the nation's birthday - the adoption of the Declaration of Independence on July 4, 1776. It is a day of picnics and patriotic parades, a night of concerts, and fireworks.

Labor Day

Labor Day is the first Monday of September. This holiday honors the nation's working people, typically with parades. For most Americans it marks the end of the summer vacation season and the start of the school year.

Columbus Day

Columbus Day is a celebrated on the second Monday in October. The day commemorates October 12, 1492, when Italian navigator Christopher Columbus landed in the New World. The holiday was first proclaimed in 1937 by President Franklin D. Roosevelt.

Veterans Day

Veterans Day is celebrated on November 11. This holiday was originally called Armistice Day and established to honor Americans who had served in World War I. It now honors veterans of all wars in which the U.S. has fought. Veterans' organizations hold parades, and the president places a wreath on the Tomb of the Unknowns at Arlington National Cemetery in Virginia.

Thanksgiving Day

Thanksgiving Day is celebrated on the fourth Thursday in November. In the fall of 1621, the Pilgrims held a three-day feast to celebrate a bountiful harvest. Many regard this event as the nation's first Thanksgiving. The Thanksgiving feast became a national tradition and almost always includes some of the foods served at the first feast: roast turkey, cranberry sauce, potatoes, and pumpkin pie.

Christmas Day

Christmas Day is a celebrated on December 25. Christmas is a Christian holiday marking the birth of the Christ Child. Decorating houses and yards with lights, putting up Christmas trees, giving gifts, and sending greeting cards have become holiday traditions even for many non-Christian Americans. Find tips to help celebrate.

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Other Celebrations and Observances

There are many commonly observed celebrations in the United States that are not federal holidays. Some of these observances honor groups of people, such as National African American History Month and Women's History Month, or causes, such as National Oceans Month and National Substance Abuse Prevention Month. Many of these holidays and observances are proclaimed by the President ever year. View recent Presidential proclamations.

These are some of the most popular American celebrations and observances that occur every year.

Groundhog Day

Groundhog Day is February 2 and has been celebrated since 1887. On Groundhog Day, crowds gather in Punxsutawney, Pennsylvania, to see if groundhog Punxsutawney Phil sees his shadow after emerging from his burrow, thus predicting six more weeks of winter weather.

Valentine's Day

Valentine's Day is celebrated on February 14. The day was named after an early Christian martyr, and on Valentine's Day, Americans give presents like candy or flowers to the ones they love. The first mass-produced valentine cards were sold in the 1840s.

Earth Day

Earth Day is observed on April 22. First celebrated in 1970 in the United States, it inspired national legislation such as the Clean Air and Clean Water Acts. Earth Day is designed to promote ecology, encourage respect for life on earth, and highlight concern over pollution of the soil, air, and water.

Arbor Day

National Arbor Day was proclaimed as the last Friday in April by President Richard Nixon in 1970. A number of state Arbor Days are observed at other times of the year to coincide with the best tree planting weather. The observance began in 1872, when Nebraska settlers and homesteaders were urged to plant trees on the largely treeless plains.

Mother's Day

Mother's Day is the second Sunday of May. President Woodrow Wilson issued a proclamation in 1914 that started the holiday. He asked Americans to give a public expression of reverence to mothers on this day. Carnations have come to represent Mother's Day, following President William McKinley's habit of always wearing a white carnation, his mother's favorite flower.

Flag Day

Flag Day, celebrated June 14, has been a presidentially proclaimed observance since 1916. Although Flag Day is not a federal holiday, Americans are encouraged to display the flag outside their homes and businesses on this day to honor the history and heritage the American flag represents.

Father's Day

Father's Day celebrates fathers every third Sunday of June. Father's Day began in 1909 in Spokane, Washington, when a daughter requested a special day to honor her father, a Civil War veteran who raised his children after his wife died. The first presidential proclamation honoring fathers was issued in 1966 by President Lyndon Johnson.

Patriot Day

September 11, 2001, was a defining moment in American history. On that day, terrorists hijacked four commercial airliners to strike targets in the United States. Nearly 3,000 people died as a consequence of the attacks. Patriot Day and National Day of Service and Remembrance is observed on September 11 in honor of the victims of these attacks.

Halloween

Halloween is celebrated on October 31. On Halloween, American children dress up in funny or scary costumes and go "trick or treating" by knocking on doors in their neighborhood. The neighbors are expected to respond by giving them small gifts of candy or money.

Pearl Harbor Day

Pearl Harbor Remembrance Day is December 7. In 1994, Congress designated this national observance to honor the more than 2,400 military service personnel who died on this date in 1941, during the surprise attack on Pearl Harbor, Hawaii, by Japanese forces. The attack on Pearl Harbor caused the United States to enter World War II.

Ethnic and Religious Holidays

Various ethnic and religious groups in America celebrate days with special meaning to them even though these are not national holidays. For example, Christians celebrate the resurrection of Jesus Christ on Easter, Jews observe their high holy days in September, Muslims celebrate Ramadan, and African Americans celebrate Kwanzaa. There are many other religious and ethnic celebrations in the United States.

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The Filing For Tax Extension

Filing for tax extension 5. Filing for tax extension   Excise Taxes Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Prohibited Tax Shelter TransactionsEntity Level Tax Excess Benefit TransactionsTax on Disqualified Persons Tax on Organization Managers Excess Benefit Transaction Excess Business Holdings Taxable Distributions of Sponsoring Organizations Exception. Filing for tax extension A donor advised fund does not include: Taxes on Prohibited Benefits Resulting From Donor Advised Fund Distributions Excise Taxes on Private Foundations Excise Taxes on Black Lung Benefit Trusts Excise Tax on Failure to Meet the Community Health Needs Assessment Requirements Introduction An excise tax may be imposed on certain tax-exempt organizations. Filing for tax extension Topics - This chapter discusses: Prohibited tax shelter transactions Excess benefit transactions Excess business holdings Taxable distributions of sponsoring organizations Taxes on prohibited benefits distributed from donor advised funds Excise taxes on private foundations Excise taxes on 501(c)(21) black lung benefit trusts Excise Tax on Failure to Meet the Community Health Needs Assessment Requirements of Hospitals Useful Items - You may want to see: Forms (and Instructions) 4720 Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code See chapter 6 for more information about getting Form 4720. Filing for tax extension Prohibited Tax Shelter Transactions Section 4965 imposes an excise tax on: Certain tax-exempt entities that are party to prohibited tax shelter transactions, and Any entity manager who approves or otherwise causes the entity to be a party to a prohibited tax shelter transaction and knows or has reason to know that the transaction is a prohibited tax shelter transaction. Filing for tax extension  Additionally, section 6033 provides new disclosure requirements on a tax-exempt entity that is a party to a prohibited tax shelter transaction. Filing for tax extension Tax-exempt entities. Filing for tax extension   Tax-exempt entities that are subject to section 4965 include: Entities described in section 501(c), including but not limited to the following common types of entities: Instrumentalities of the United States described in section 501(c)(1); Churches, hospitals, museums, schools, scientific research organizations, and other charities described in section 501(c)(3); Civic leagues, social welfare organizations, and local associations of employees described in section 501(c)(4); Labor, agricultural, or horticultural organizations described in section 501(c)(5); Business leagues, chambers of commerce, trade associations, and other organizations described in section 501(c)(6); Voluntary employees' beneficiary associations (VEBAs) described in section 501(c)(9); Credit unions described in section 501(c)(14); Insurance companies described in section 501(c)(15); and Veterans' organizations described in section 501(c)(19). Filing for tax extension Religious or apostolic associations or corporations described in section 501(d). Filing for tax extension Entities described in section 170(c), including states, possessions of the United States, the District of Columbia, political subdivisions of states and political subdivisions of possessions of the United States (but not including the United States). Filing for tax extension Indian tribal governments within the meaning of section 7701(a)(40). Filing for tax extension Entity manager. Filing for tax extension    An entity manager is any person with authority or responsibility similar to that exercised by an officer, director, or trustee, and, for any act, the person that has authority or responsibility with respect to the prohibited transaction. Filing for tax extension Prohibited tax shelter transaction. Filing for tax extension   A prohibited tax shelter transaction is any listed transaction, within the meaning of section 6707A(c)(2), and any prohibited reportable transactions. Filing for tax extension A prohibited reportable transaction is a confidential transaction within the meaning of Regulations section 1. Filing for tax extension 6011-4(b)(3), and a transaction with contractual protection within the meaning of Regulations section 1. Filing for tax extension 6011-4(b)(4). Filing for tax extension See the Instructions for Form 8886 for more information on listed transactions and prohibited reportable transactions. Filing for tax extension Subsequently listed transaction. Filing for tax extension   Any transaction to which the tax-exempt entity is a party and is later determined to be a listed transaction after the entity has become a party to it, is a subsequently listed transaction. Filing for tax extension Entity Level Tax Section 4965(a)(1) imposes an entity level excise tax on any tax-exempt entity described in 1, 2, 3, or 4 above that becomes a party to a prohibited tax shelter transaction or is a party to a subsequently listed transaction (defined earlier). Filing for tax extension The excise tax imposed on a tax-exempt entity applies to tax years in which the entity becomes a party to the prohibited tax shelter transaction and any subsequent tax years. Filing for tax extension The amount of the excise tax depends on whether the tax-exempt entity knew or had reason to know that the transaction was a prohibited tax shelter transaction at the time it became a party to the transaction. Filing for tax extension To figure and report the excise tax imposed on a tax-exempt entity for being a party to a prohibited tax shelter transaction, file Form 4720. Filing for tax extension For more information about this excise tax, including information about how it is figured, see the Instructions for Form 4720. Filing for tax extension Manager Level Tax Section 4965(a)(2) imposes an excise tax on any tax-exempt entity manager who approves or otherwise causes the entity to be a party to a prohibited tax shelter transaction and knows (or has reason to know) that the transaction is a prohibited tax shelter transaction. Filing for tax extension The excise tax, in the amount of $20,000, is assessed for each approval or other act causing the organization to be a party to the prohibited tax shelter transaction. Filing for tax extension To report this tax, file Form 4720. Filing for tax extension Excess Benefit Transactions Excise tax on excess benefit transactions. Filing for tax extension   A disqualified person who benefits from an excess benefit transaction, such as compensation, fringe benefits, or contract payments from certain section 501(c)(3), 501(c)(4), or 501(c)(29) organizations, must correct the transaction and may have to pay an excise tax under section 4958. Filing for tax extension A manager of the organization may also have to pay an excise tax under section 4958. Filing for tax extension These taxes are reported on Form 4720. Filing for tax extension   The excise taxes are imposed if an applicable tax-exempt organization provides an excess benefit to a disqualified person and that benefit exceeds the value of the benefit received in exchange. Filing for tax extension   There are three taxes under section 4958. Filing for tax extension Disqualified persons are liable for the first two taxes and certain organization managers are liable for the third tax. Filing for tax extension    Taxes imposed on excess benefit transactions do not apply to a transaction under a written contract that was binding on September 13, 1995, and at all times thereafter before the transaction occurred. Filing for tax extension Tax on Disqualified Persons An excise tax equal to 25% of the excess benefit is imposed on each excess benefit transaction between an applicable tax-exempt organization and a disqualified person. Filing for tax extension The disqualified person who benefited from the transaction is liable for the tax. Filing for tax extension See definition of Disqualified person, later at Disqualified person. Filing for tax extension Additional tax on the disqualified person. Filing for tax extension   If the 25% tax is imposed and the excess benefit transaction is not corrected within the taxable period, an additional excise tax equal to 200% of the excess benefit is imposed on any disqualified person involved. Filing for tax extension   If a disqualified person makes a payment of less than the full correction amount, the 200% tax is imposed only on the unpaid portion of the correction amount. Filing for tax extension If more than one disqualified person received an excess benefit from an excess benefit transaction, all such disqualified persons are jointly and severally liable for the taxes. Filing for tax extension   To avoid the 200% tax, a disqualified person must correct the excess benefit transaction during the taxable period. Filing for tax extension The 200% tax is abated (refunded if collected) if the excess benefit transaction is corrected within a 90-day correction period beginning on the date a statutory notice of deficiency is issued. Filing for tax extension Taxable period. Filing for tax extension   The taxable period means the period beginning with the date on which the excess benefit transaction occurs and ending on the earlier of: The date a notice of deficiency was mailed to the disqualified person for the initial tax on the excess benefit transaction, or The date on which the initial tax on the excess benefit transaction for the disqualified person is assessed. Filing for tax extension Tax on Organization Managers If tax is imposed on a disqualified person for any excess benefit transaction, an excise tax equal to 10% of the excess benefit is imposed on an organization manager who knowingly participated in an excess benefit transaction, unless such participation was not willful and was due to reasonable cause. Filing for tax extension This tax cannot exceed $20,000 ($10,000 for transactions entered in a tax year beginning before August 18, 2006), for each transaction. Filing for tax extension There is also joint and several liability for this tax. Filing for tax extension A person can be liable for both the tax paid by the disqualified person and the organization manager tax for a particular excess benefit transaction. Filing for tax extension Organization Manager. Filing for tax extension   An organization manager is any officer, director, or trustee of an applicable tax-exempt organization, or any individual having powers or responsibilities similar to officers, directors, or trustees of the organization, regardless of title. Filing for tax extension An organization manager is not considered to have participated in an excess benefit transaction where the manager has opposed the transaction in a manner consistent with the fulfillment of the manager's responsibilities to the organization. Filing for tax extension For example, a director who votes against giving an excess benefit would ordinarily not be subject to the 10% tax. Filing for tax extension A person participates in a transaction knowingly if the person: Has actual knowledge of sufficient facts so that, based solely upon those facts, such transaction would be an excess benefit transaction; Is aware that such a transaction under these circumstances may violate the provisions of federal tax law governing excess benefit transactions; and Negligently fails to make reasonable attempts to ascertain whether the transaction is an excess benefit transaction, or the manager is in fact aware that it is such a transaction. Filing for tax extension Knowing does not mean having reason to know. Filing for tax extension The organization manager ordinarily will not be considered knowing if, after full disclosure of the factual situation to an appropriate professional, the organization manager relied on the professional's reasoned written opinion on matters within the professional's expertise or if the manager relied on the fact that the requirements for the rebuttable presumption of reasonableness have been satisfied. Filing for tax extension Participation by an organization manager is willful if it is voluntary, conscious, and intentional. Filing for tax extension An organization manager's participation is due to reasonable cause if the manager has exercised responsibility on behalf of the organization with ordinary business care and prudence. Filing for tax extension Excess Benefit Transaction An excess benefit transaction is a transaction in which an economic benefit is provided by an applicable tax-exempt organization, directly or indirectly, to or for the use of any disqualified person, and the value of the economic benefit provided by the organization exceeds the value of the consideration (including the performance of services) received for providing such benefit. Filing for tax extension The excess benefit transaction rules apply to all transactions with disqualified persons, regardless of whether the amount of the benefit provided is determined in whole or in part by the revenues of one or more activities of the organization. Filing for tax extension To determine whether an excess benefit transaction has occurred, all consideration and benefits exchanged between a disqualified person and the applicable tax-exempt organization, and all entities it controls, are taken into account. Filing for tax extension For purposes of determining the value of economic benefits, the value of property, including the right to use property, is the fair market value. Filing for tax extension Fair market value is the price at which property, or the right to use property, would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy, sell, or transfer property or the right to use property, and both having reasonable knowledge of relevant facts. Filing for tax extension Donor advised fund transactions occurring after August 17, 2006. Filing for tax extension   For a donor advised fund, an excess benefit transaction includes a grant, loan, compensation, or other similar payment from the fund to a: Donor or donor advisor, Family member of a donor, or donor advisor, 35% controlled entity of a donor, or donor advisor, or 35% controlled entity of a family member of a donor, or donor advisor. Filing for tax extension   The excess benefit in this transaction is the amount of the grant, loan, compensation, or other similar payment. Filing for tax extension For additional information, see the Instructions for Form 4720. Filing for tax extension Supporting organization transactions occurring after July 25, 2006. Filing for tax extension   For any supporting organization, defined in section 509(a)(3), an excess benefit transaction includes grants, loans, compensation, or other similar payment provided by the supporting organization to a: Substantial contributor, Family member of a substantial contributor, 35% controlled entity of a substantial contributor, or 35% controlled entity of a family member of a substantial contributor. Filing for tax extension   Additionally, an excess benefit transaction includes any loans provided by the supporting organization to a disqualified person (other than an organization described in section 509(a)(1), (2), or (4)). Filing for tax extension   The excess benefit for substantial contributors and parties related to those contributors includes the amount of the grant, loan, compensation, or other similar payment. Filing for tax extension For additional information, see the Instructions for Form 4720. Filing for tax extension   Excess benefit transaction rules generally do not apply to transactions between a supporting organization and its supported organization described in section 501(c)(4), (5), or (6) in furtherance of charitable purposes. Filing for tax extension Date of Occurrence An excess benefit transaction occurs on the date the disqualified person receives the economic benefit from the organization for federal income tax purposes. Filing for tax extension However, when a single contractual arrangement provides for a series of compensation or other payments to or for the use of a disqualified person during the disqualified person's tax year, any excess benefit transaction with respect to these payments occurs on the last day of the taxpayer's tax year. Filing for tax extension In the case of benefits provided to a qualified pension, profit-sharing, or stock bonus plan, the transaction occurs on the date the benefit is vested. Filing for tax extension In the case of the transfer of property subject to a substantial risk of forfeiture, or in the case of rights to future compensation or property, the transaction occurs on the date the property, or the rights to future compensation or property, is not subject to a substantial risk of forfeiture. Filing for tax extension Where the disqualified person elects to include an amount in gross income in the tax year of transfer under section 83(b), the excess benefit transaction occurs on the date the disqualified person receives the economic benefit for federal income tax purposes. Filing for tax extension Correcting the excess benefit. Filing for tax extension   An excess benefit transaction is corrected by undoing the excess benefit to the extent possible, and by taking any additional measures necessary to place the organization in a financial position not worse than what it would have been if the disqualified person were dealing under the highest fiduciary standards. Filing for tax extension   A disqualified person corrects an excess benefit by making a payment in cash or cash equivalents, excluding payment by a promissory note, equal to the correction amount to the applicable tax-exempt organization. Filing for tax extension The correction amount equals the excess benefit plus the interest on the excess benefit. Filing for tax extension The interest rate can be no lower than the applicable federal rate, compounded annually, for the month the transaction occurred. Filing for tax extension   A disqualified person can, with the agreement of the applicable tax-exempt organization, make a payment by returning the specific property previously transferred in the excess transaction. Filing for tax extension In this case, the disqualified person is treated as making a payment equal to the lesser of: The fair market value of the property on the date the property is returned to the organization, or The fair market value of the property on the date the excess benefit transaction occurred. Filing for tax extension   If the payment resulting from the return of property is less than the correction amount, the disqualified person must make an additional cash payment to the organization equal to the difference. Filing for tax extension   If the payment resulting from the return of the property exceeds the correction amount described above, the organization can make a cash payment to the disqualified person equal to the difference. Filing for tax extension Exception. Filing for tax extension   For a correction of an excess benefit transaction (discussed earlier), no amount repaid in a manner prescribed by the Secretary can be held in a donor advised fund. Filing for tax extension Applicable Tax-Exempt Organization An applicable tax-exempt organization is a section 501(c)(3), 501(c)(4), or 501(c)(29) organization that is tax-exempt under section 501(a), or was such an organization at any time during a 5-year period ending on the day of the excess benefit transaction. Filing for tax extension An applicable tax-exempt organization does not include: A private foundation as defined in section 509(a), A governmental entity that is: Exempt from (or not subject to) taxation without regard to section 501(a), or Not required to file an annual return, or A foreign organization, recognized by the IRS or by treaty, that receives substantially all of its support (other than gross investment income) from sources outside the United States. Filing for tax extension An organization is not treated as a section 501(c)(3), 501(c)(4), or 501(c)(29) organization for any period covered by a final determination that the organization was not tax-exempt under section 501(a), but only if the determination was not based on private inurement or one or more excess benefit transactions. Filing for tax extension Disqualified Person A disqualified person is: Any person (at any time during the 5-year period ending on the date of the transaction) in a position to exercise substantial influence over the affairs of the organization, A family member of an individual described in 1, and A 35% controlled entity. Filing for tax extension For donor advised funds, sponsoring organizations, and certain supporting organizations occurring after August 17, 2006. Filing for tax extension   The following persons will be considered disqualified persons along with certain family members and 35% controlled entities associated with them. Filing for tax extension Donors of donor advised funds, Investment advisors of sponsoring organizations, and Disqualified persons of a section 509(a)(3) supporting organization that supports the applicable tax-exempt organization. Filing for tax extension For certain supporting organization transactions occurring after July 25, 2006. Filing for tax extension   Substantial contributors to supporting organizations will also be considered disqualified persons with respect to the supporting organizations, along with their family members and 35% controlled entities. Filing for tax extension Investment advisor. Filing for tax extension   Investment advisor means for any sponsoring organization, any person compensated by such organization (but not an employee of such organization) for managing the investment of, or providing investment advice for, assets maintained in donor advised funds owned by such sponsoring organization. Filing for tax extension Substantial contributor. Filing for tax extension   In general, a substantial contributor means any person who contributed or bequeathed an aggregate of more than $5,000 to the organization, if that amount is more than 2% of the total contributions and bequests received by the end of the organization's tax year in which the contribution or bequest is received. Filing for tax extension A substantial contributor includes the grantor of a trust. Filing for tax extension Family members. Filing for tax extension   Family members of a disqualified person include a disqualified person's spouse, brothers or sisters (whether by whole or half-blood), spouses of brothers or sisters (whether by whole or half-blood), ancestors, children (including a legally adopted child), grandchildren, great grandchildren, and spouses of children, grandchildren, and great grandchildren (whether by whole or half-blood). Filing for tax extension 35% controlled entity. Filing for tax extension   A 35% controlled entity is: A corporation in which disqualified persons own more than 35% of the total combined voting power, A partnership in which such persons own more than 35% of the profits interest, or A trust or estate in which such persons own more than 35% of the beneficial interest. Filing for tax extension   In determining the holdings of a business enterprise, any stock or other interest owned directly or indirectly shall apply. Filing for tax extension Persons having substantial influence. Filing for tax extension   Among those who are in a position to exercise substantial influence over the affairs of the organization are, for example, voting members of the governing body, and persons holding the power of: Presidents, chief executives, or chief operating officers. Filing for tax extension Treasurers and chief financial officers. Filing for tax extension Persons with a material financial interest in a provider-sponsored organization. Filing for tax extension Persons not considered to have substantial influence. Filing for tax extension   Persons who are not considered to be in a position to exercise substantial influence over the affairs of an organization include: An employee who receives benefits that total less than the highly compensated amount in section 414(q)(1)(B)(i) and who does not hold the executive or voting powers mentioned earlier in the discussion on Disqualified Person, is not a family member of a disqualified person, and is not a substantial contributor, Tax-exempt organizations described in section 501(c)(3), and Section 501(c)(4) organizations with respect to transactions engaged in with other section 501(c)(4) organizations. Filing for tax extension Facts and circumstances. Filing for tax extension   The determination of whether a person has substantial influence over the affairs of an organization is based on all the facts and circumstances. Filing for tax extension Facts and circumstances that tend to show a person has substantial influence over the affairs of an organization include, but are not limited to, the following. Filing for tax extension The person founded the organization. Filing for tax extension The person is a substantial contributor to the organization under the section 507(d)(2)(A) definition, only taking into account contributions to the organization for the past 5 years. Filing for tax extension The person's compensation is primarily based on revenues derived from activities of the organization that the person controls. Filing for tax extension The person has or shares authority to control or determine a substantial portion of the organization's capital expenditures, operating budget, or compensation for employees. Filing for tax extension The person manages a discrete segment or activity of the organization that represents a substantial portion of the activities, assets, income, or expenses of the organization, as compared to the organization as a whole. Filing for tax extension The person owns a controlling interest (measured by either vote or value) in a corporation, partnership, or trust that is a disqualified person. Filing for tax extension The person is a nonstock organization controlled directly or indirectly by one or more disqualified persons. Filing for tax extension   Facts and circumstances tending to show that a person does not have substantial influence over the affairs of an organization include, but are not limited to, the following. Filing for tax extension The person has taken a bona fide vow of poverty as an employee or agent of a religious organization or on its behalf. Filing for tax extension The person is an independent contractor whose sole relationship to the organization is providing professional advice (without having decision-making authority) with respect to transactions from which the independent contractor will not economically benefit either directly or indirectly aside from customary fees received for the professional advice rendered. Filing for tax extension Any preferential treatment the person receives based on the size of the person's donation is also offered to others making comparable widely solicited donations. Filing for tax extension The direct supervisor of the person is not a disqualified person. Filing for tax extension The person does not participate in any management decisions affecting the organization as a whole or a discrete segment of the organization that represents a substantial portion of the activities, assets, income, or expenses of the organization, as compared to the organization as a whole. Filing for tax extension   In the case of multiple organizations affiliated by common control or governing documents, the determination of whether a person does or does not have substantial influence is made separately for each applicable tax-exempt organization. Filing for tax extension A person may be a disqualified person with respect to transactions with more than one organization. Filing for tax extension Reasonable Compensation. Filing for tax extension    Reasonable compensation is the value that would ordinarily be paid for like services by like enterprises under like circumstances. Filing for tax extension The section 162 standard will apply in determining the reasonableness of compensation. Filing for tax extension The fact that a bonus or revenue-sharing arrangement is subject to a cap is a relevant factor in determining reasonableness of compensation. Filing for tax extension   To determine the reasonableness of compensation, all items of compensation provided by an applicable tax-exempt organization in exchange for performance of services are taken into account in determining the value of compensation (except for economic benefits that are disregarded under the discussion Disregarded benefits , later). Filing for tax extension Items of compensation include: All forms of cash and noncash compensation, including salary, fees, bonuses, severance payments, and deferred noncash compensation, The payment of liability insurance premiums for, or the payment or reimbursement by the organization of penalties, taxes, or certain expenses under section 4958, unless excludable from income as a de minimis fringe benefit under section 132(a)(4), All other compensatory benefits, whether or not included in gross income for income tax purposes, Taxable and nontaxable fringe benefits, except fringe benefits described in section 132, and Foregone interest on loans. Filing for tax extension    Intent to treat benefits as compensation. Filing for tax extension An economic benefit is not treated as consideration for the performance of services unless the organization providing the benefit clearly indicates its intent to treat the benefit as compensation when the benefit is paid. Filing for tax extension   An applicable tax-exempt organization (or entity that it controls) is treated as clearly indicating its intent to provide an economic benefit as compensation for services only if the organization provides written substantiation that is contemporaneous with the transfer of the economic benefits under consideration. Filing for tax extension Ways to provide contemporaneous written substantiation of its intent to provide an economic benefit as compensation include: The organization produces a signed written employment contract, The organization reports the benefit as compensation on an original Form W-2, Form 1099, or Form 990, or on an amended form filed before starting an IRS examination, or The disqualified person reports the benefit as income on the person's original Form 1040, or on an amended form filed before starting an IRS examination. Filing for tax extension Exception. Filing for tax extension   If the economic benefit is excluded from the disqualified person's gross income for income tax purposes, the applicable tax-exempt organization is not required to indicate its intent to provide an economic benefit as compensation for services. Filing for tax extension Rebuttable presumption that a transaction is not an excess benefit transaction. Filing for tax extension   Payments under a compensation arrangement are presumed to be reasonable and the transfer of property (or right to use property) is presumed to be at fair market value, if the following three conditions are met. Filing for tax extension The transaction is approved in advance by an authorized body of the organization (or an entity it controls) which is composed of individuals who do not have a conflict of interest concerning the transaction. Filing for tax extension Before making its determination, the authorized body obtained and relied upon appropriate data as to comparability. Filing for tax extension (There is a special safe harbor for small organizations. Filing for tax extension If the organization has gross receipts of less than $1 million, appropriate comparability data includes data on compensation paid by three comparable organizations in the same or similar communities for similar services. Filing for tax extension ) The authorized body adequately documents the basis for its determination concurrently with making that determination. Filing for tax extension The documentation should include: The terms of the approved transaction and the date approved, The members of the authorized body who were present during debate on the transaction that was approved and those who voted on it, The comparability data obtained and relied upon by the authorized body and how the data was obtained, Any actions by a member of the authorized body having conflict of interest, and Documentation of the basis of the determination before the later of the next meeting of the authorized body or 60 days after the final actions of the authorized body are taken, and approval of records as reasonable, accurate, and complete within a reasonable time thereafter. Filing for tax extension Disregarded benefits. Filing for tax extension   The following economic benefits are disregarded for section 4958 purposes. Filing for tax extension Nontaxable fringe benefits that are excluded from income under section 132. Filing for tax extension Benefits provided to a volunteer for the organization if the benefit is provided to the general public in exchange for a membership fee or contribution of $75 or less. Filing for tax extension Benefits provided to a member of an organization due to the payment of a membership fee or to a donor as a result of a deductible contribution, if a significant number of disqualified persons make similar payments or contributions and are offered a similar economic benefit. Filing for tax extension Benefits provided to a person solely as a member of a charitable class that the applicable tax-exempt organization intends to benefit as part of the accomplishment of its exempt purpose. Filing for tax extension A transfer of an economic benefit to or for the use of a governmental unit, as defined in section 170(c)(1), if exclusively for public purposes. Filing for tax extension Special Exception for Initial Contracts      Section 4958 does not apply to any fixed payment made to a person under an initial contract. Filing for tax extension   A fixed payment is an amount of cash or other property specified in the contract, or determined by a fixed formula that is specified in the contract, which is to be paid or transferred in exchange for the provision of specified services or property. Filing for tax extension   A fixed formula can, generally, incorporate an amount that depends upon future specified events or contingencies, as long as no one has discretion when calculating the amount of a payment or deciding whether to make a payment (such as a bonus). Filing for tax extension   An initial contract is a binding written contract between an applicable tax-exempt organization and a person who was not a disqualified person immediately before entering into the contract. Filing for tax extension   A binding written contract, providing it can be terminated or canceled by the applicable tax-exempt organization without the other party's consent (except as a result of substantial nonperformance) and without substantial penalty, is treated as a new contract, as of the earliest date any termination or cancellation would be effective. Filing for tax extension Also, if the parties make a material change to a contract, which includes an extension or renewal of the contract (except for an extension or renewal resulting from the exercise of an option by the disqualified person), or a more than incidental change to the amount payable under the contract, it is treated as a new contract as of the effective date of the material change. Filing for tax extension More information. Filing for tax extension   For more information, see the Instructions to Forms 990 and 4720. Filing for tax extension Excess Business Holdings Private foundations are generally not permitted to hold more than a 20% interest in an unrelated business enterprise. Filing for tax extension They may be subject to an excise tax on the amount of any excess business holdings. Filing for tax extension For purposes of section 4943, for tax years beginning after August 17, 2006, donor advised funds and certain supporting organizations are considered private foundations. Filing for tax extension Donor advised fund. Filing for tax extension   In general, a donor advised fund is a fund or account separately identified by reference to contributions of a donor or donors that is owned and controlled by a sponsoring organization and for which the donor has or expects to have advisory privileges concerning the distribution or investment of the funds. Filing for tax extension Supporting organizations. Filing for tax extension   Only certain supporting organizations are subject to the excess business holdings tax under section 4943. Filing for tax extension These include (1) Type III supporting organizations that are not functionally integrated and (2) Type II supporting organizations that accept any gift or contribution from a person who by himself or in connection with a related party controls the supported organization that the Type II supporting organization supports. Filing for tax extension Taxes. Filing for tax extension   A private foundation that has excess holdings in a business enterprise may become liable for an excise tax based on the amount of holdings. Filing for tax extension The initial tax is 10% (5% for tax years beginning before August 18, 2006) of the value of the excess holdings and is imposed on the last day of each tax year that ends during the taxable period. Filing for tax extension The excess holdings are determined on the day during the tax year when they were the largest. Filing for tax extension   A foundation that fails to correct the excess business holdings becomes liable for an additional tax of 200% of the remaining excess business holdings as of the earlier of tax assessment or mailing of a notice of deficiency. Filing for tax extension   For more information on the tax on excess business holdings, see the Instructions for Form 4720. Filing for tax extension Taxable Distributions of Sponsoring Organizations An excise tax is imposed on a sponsoring organization for each taxable distribution it makes from a donor advised fund. Filing for tax extension An excise tax is also imposed on any fund manager of the sponsoring organization who agreed to the making of a distribution, knowing that it is a taxable distribution. Filing for tax extension Taxable distribution. Filing for tax extension   A taxable distribution is any distribution from a donor advised fund to any natural person or to any other person if: The distribution is for any purpose other than one specified in section 170(c)(2)(B), or The sponsoring organization maintaining the donor advised fund does not exercise expenditure responsibility with respect to the distribution in accordance with section 4945(h). Filing for tax extension    However, a taxable distribution does not include a distribution from a donor advised fund to: Any organization described in section 170(b)(1)(A) (other than a disqualified supporting organization), The sponsoring organization of the donor advised fund, or Any other donor advised fund. Filing for tax extension The tax on taxable distributions applies to distributions occurring in tax years beginning after August 17, 2006. Filing for tax extension Sponsoring organization. Filing for tax extension   A sponsoring organization is a section 170(c) organization that is neither a government organization (as referred to in section 170(c)(1) and (2)(A)) nor a private foundation. Filing for tax extension Donor advised fund. Filing for tax extension    A donor advised fund is a fund or account: Which is separately identified by reference to contributions of a donor or donors, Which is owned and controlled by a sponsoring organization, and For which the donor (or any person appointed or designated by the donor) has or expects to have advisory privileges concerning the distribution or investment of the funds held in the donor advised funds or accounts because of the donor's status as a donor. Filing for tax extension Exception. Filing for tax extension A donor advised fund does not include:    A fund or account that makes distributions only to a single identified organization or governmental entity, or Any fund or account for a person described in 3 above that gives advice about which individuals receive grants for travel, study, or similar purposes, if the following three requirements are met: The person's advisory privileges are performed exclusively by such person in their capacity as a committee member of which all the committee members are appointed by the sponsoring organization, No combination of persons with advisory privileges, described in 3 above, or persons related to those in 3 above directly or indirectly control the committee, and All grants from the fund or account are awarded on an objective and nondiscriminatory basis according to a procedure approved in advance by the board of directors of the sponsoring organization. Filing for tax extension The procedure must be designed to ensure that all grants meet the requirements of section 4945(g)(1), (2), or (3). Filing for tax extension Disqualified supporting organization. Filing for tax extension   A disqualified supporting organization includes (1) a Type III supporting organization that is not functionally integrated and (2) any supporting organization where the donor or donor advisor (and any related parties) directly or indirectly controls a supported organization of the supporting organization. Filing for tax extension Tax on sponsoring organization. Filing for tax extension   A tax of 20% of the amount of each taxable distribution is imposed on the sponsoring organization. Filing for tax extension Tax on fund manager. Filing for tax extension   If a tax is imposed on a taxable distribution of the sponsoring organization, a tax of 5% of the distribution will be imposed on any fund manager who agreed to the distribution knowing that it was a taxable distribution. Filing for tax extension Any fund manager who took part in the distribution and is liable for the tax must pay the tax. Filing for tax extension The maximum amount of tax on all fund managers for any one taxable distribution is $10,000. Filing for tax extension If more than one fund manager is liable for tax on a taxable distribution, all such managers are jointly and severally liable for the tax. Filing for tax extension   For more information on the tax on taxable distributions of sponsoring organizations, see the Instructions for Form 4720. Filing for tax extension Taxes on Prohibited Benefits Resulting From Donor Advised Fund Distributions Prohibited benefit. Filing for tax extension   If any donor, donor advisor, or related party advises the sponsoring organization about making a distribution which results in a donor, donor advisor, or related party receiving (either directly or indirectly) a more than incidental benefit, then such benefit is a prohibited benefit. Filing for tax extension The tax on prohibited benefits applies to distributions occurring in tax years beginning after August 17, 2006. Filing for tax extension Donor advisor. Filing for tax extension   A donor advisor is any person appointed or designated by a donor to advise a sponsoring organization on the distribution or investment of amounts held in the donor's fund or account. Filing for tax extension Related party. Filing for tax extension   A related party includes any family member or 35% controlled entity. Filing for tax extension See the definition of those terms under Disqualified Person , earlier. Filing for tax extension Tax on donor, donor advisor, or related person. Filing for tax extension    A tax of 125% of the benefit resulting from the distribution is imposed on both the party who advised as to the distribution (which might be a donor, donor advisor, or related party) and the party who received such benefit (which might be a donor, donor advisor, or related party). Filing for tax extension The advisor and the party who received the benefit are jointly and severally liable for the tax. Filing for tax extension Tax on fund managers. Filing for tax extension   If a tax is imposed on a prohibited benefit received by a donor, donor advisor, or related person, a tax of 10% of the amount of the prohibited benefit is imposed on any fund manager who agreed to the distribution knowing that it would confer a prohibited benefit. Filing for tax extension Any fund manager who took part in the distribution and is liable for the tax must pay the tax. Filing for tax extension The maximum amount of tax on all fund managers for any one taxable distribution is $10,000. Filing for tax extension If more than one fund manager is liable for tax on a taxable distribution, all such managers are jointly and severally liable for the tax. Filing for tax extension Exception. Filing for tax extension   If a person engaged in an excess benefit transaction and received a prohibited benefit for the same transaction, the person is taxed under section 4958, and no tax is imposed under section 4967 for a prohibited benefit. Filing for tax extension   For more information on taxes on prohibited benefits distributed from donor advised funds, see the Instructions for Form 4720. Filing for tax extension Excise Taxes on Private Foundations There is an excise tax on the net investment income of most domestic private foundations. Filing for tax extension Capital gains from appreciation are included in the tax base on private foundation net investment income. Filing for tax extension This tax must be reported on Form 990-PF and must be paid annually at the time for filing that return or in quarterly estimated tax payments if the total tax for the year (section 4940 tax minus credits) is $500 or more. Filing for tax extension Form 990-W is used to calculate the estimated tax. Filing for tax extension In addition, there are several other rules that apply to excise taxes on private foundations. Filing for tax extension These include: Restrictions on self-dealing between private foundations and their substantial contributors and other disqualified persons, Requirements that the foundation annually distribute income for charitable purposes, Limits on their holdings in any business enterprise (see Excess Business Holdings, earlier), Provisions that investments must not jeopardize the carrying out of exempt purposes, and Provisions to assure that expenditures further the organization's exempt purposes. Filing for tax extension Violations of these provisions give rise to taxes and penalties against the private foundation and, in some cases, its managers, its substantial contributors, and certain related persons. Filing for tax extension For more information on the excise taxes imposed on private foundations, see the Instructions for Form 4720 and the Instructions for Form 990-PF. Filing for tax extension Excise Taxes on Black Lung Benefit Trusts A black lung benefit trust that makes any expenditures, payments, or investments other than those described in chapter 4 under 501(c)(21) - Black Lung Benefit Trusts must pay a tax equal to 10% of the amount of such expenditures. Filing for tax extension If there are any acts of self-dealing between the trust and a disqualified person, a tax equal to 10% of the amount involved is imposed on the disqualified person. Filing for tax extension Both of these excise taxes are reported on Schedule A (Form 990-BL). Filing for tax extension See the Form 990-BL instructions for more information on these taxes and what has to be filed, even if the trust is excepted from filing. Filing for tax extension Excise Tax on Failure to Meet the Community Health Needs Assessment Requirements For tax years beginning after March 23, 2012, new section 4959 imposes an excise tax on hospital organizations which fail to meet certain section 501(r) requirements for each of their hospital facilities. Filing for tax extension These entities must meet section 501(r)(3) requirements at all times during their tax year. Filing for tax extension Section 501(r)(3) requirements pertain to a hospital organization preparing a community health needs assessment (CHNA). Filing for tax extension See Schedule H, Hospitals (Form 990), for details. Filing for tax extension Prev  Up  Next   Home   More Online Publications