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File Tax Return For 2011

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File Tax Return For 2011

File tax return for 2011 1. File tax return for 2011   Organizations Subject to the Tax Table of Contents The tax on unrelated business income applies to most organizations exempt from tax under section 501(a). File tax return for 2011 These organizations include charitable, religious, scientific, and other organizations described in section 501(c), as well as employees' trusts forming part of pension, profit-sharing, and stock bonus plans described in section 401(a). File tax return for 2011 In addition, the following are subject to the tax on unrelated business income. File tax return for 2011 Individual retirement arrangements (IRAs), including traditional IRAs, Roth IRAs, Coverdell IRAs, simplified employee pensions (SEP-IRAs), and savings incentive match plans for employees (SIMPLE IRAs). File tax return for 2011 State and municipal colleges and universities. File tax return for 2011 Qualified state tuition programs. File tax return for 2011 Medical savings accounts (MSAs) described in section 220(d). File tax return for 2011 Coverdell savings accounts described in section 530. File tax return for 2011 U. File tax return for 2011 S. File tax return for 2011 instrumentalities. File tax return for 2011   A corporation that is a U. File tax return for 2011 S. File tax return for 2011 instrumentality described in section 501(c)(1) is not subject to the tax on unrelated business income if the corporation is organized under an Act of Congress and, under the Act, is exempt from federal income taxes. File tax return for 2011 Colleges and universities. File tax return for 2011   Colleges and universities that are agencies or instrumentalities of any government or any political subdivision of a government, or that are owned or operated by a government or political subdivision of a government, are subject to the tax on unrelated business income. File tax return for 2011 As used here, the word government includes any foreign government (to the extent not contrary to a treaty) and all domestic governments (the United States and any of its possessions, any state, and the District of Columbia). File tax return for 2011   The tax is on the unrelated business income of both the universities and colleges themselves and on their wholly owned tax exempt subsidiary organizations. File tax return for 2011 It is immaterial whether the business is conducted by the university or by a separately incorporated wholly owned subsidiary. File tax return for 2011 If the business activity is unrelated, the income in both instances will be subject to the tax. File tax return for 2011 If the primary purpose of a wholly owned subsidiary is to operate or conduct any unrelated trade or business (other than holding title to property and collecting income from it), the subsidiary is not an exempt organization, and this rule does not apply. File tax return for 2011 Title-holding corporations. File tax return for 2011   When an exempt title-holding corporation, described in section 501(c)(2), pays any of its net income to an organization that itself is exempt from tax under section 501(a) (or would pay such an amount except that the expenses of collecting its income exceed the amount collected) and files a consolidated return with that organization, the title-holding corporation is treated, for unrelated business income tax purposes, as organized and operated for the same purposes as the exempt payee organization. File tax return for 2011   Thus, a title-holding corporation whose source of income is related to the exempt purposes of the payee organization is not subject to the unrelated business income tax if the holding corporation and the payee organization file a consolidated return. File tax return for 2011 However, if the source of the income is not so related, the title-holding corporation is subject to unrelated business income tax. File tax return for 2011 Example. File tax return for 2011 X, a title-holding corporation, is required to distribute its net income to A, an exempt organization. File tax return for 2011 During the tax year, X realizes net income of $900,000 from source M, which is related to A's exempt function. File tax return for 2011 X also receives $100,000 from source N, which is not related to A's exempt function. File tax return for 2011 X and A file a consolidated return for the tax year. File tax return for 2011 X has unrelated business income of $100,000. File tax return for 2011 Prev  Up  Next   Home   More Online Publications
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The File Tax Return For 2011

File tax return for 2011 2. File tax return for 2011   The Tax and Filing Requirements Table of Contents Returns and Filing Requirements Payment of TaxFederal Tax Deposits Must be Made by Electronic Funds Transfer All organizations subject to the tax on unrelated business income, except the exempt trusts described in section 511(b)(2), are taxable at corporate rates on that income. File tax return for 2011 All exempt trusts subject to the tax on unrelated business income that, if not exempt, would be taxable as trusts are taxable at trust rates on that income. File tax return for 2011 However, an exempt trust may not claim the deduction for a personal exemption that is normally allowed to a trust. File tax return for 2011 The tax is imposed on the organization's unrelated business taxable income (described in chapter 4). File tax return for 2011 The tax is reduced by any applicable tax credits, including the general business credits (such as the investment credit) and the foreign tax credit. File tax return for 2011 Alternative minimum tax. File tax return for 2011   Organizations liable for tax on unrelated business income may be liable for alternative minimum tax on certain adjustments and tax preference items. File tax return for 2011 Returns and Filing Requirements An exempt organization subject to the tax on unrelated business income must file Form 990-T and attach any required supporting schedules and forms. File tax return for 2011 The obligation to file Form 990-T is in addition to the obligation to file any other required returns. File tax return for 2011 Form 990-T is required if the organization's gross income from unrelated businesses is $1,000 or more. File tax return for 2011 An exempt organization must report income from all its unrelated businesses on a single Form 990-T. File tax return for 2011 Each organization must file a separate Form 990-T, except section 501(c)(2) title holding corporations and organizations receiving their earnings that file a consolidated return under section 1501. File tax return for 2011 The various provisions of tax law relating to accounting periods, accounting methods, at-risk limits (described in section 465), assessments, and collection penalties that apply to tax returns generally also apply to Form 990-T. File tax return for 2011 When to file. File tax return for 2011   The Form 990-T of an employees' trust described in section 401(a), an IRA (including a traditional, SEP, SIMPLE, Roth, or Coverdell IRA), or an MSA must be filed by the 15th day of the 4th month after the end of its tax year. File tax return for 2011 The Form 990-T of any other exempt organization must be filed by the 15th day of the 5th month after the end of its tax year. File tax return for 2011 If the due date falls on a Saturday, Sunday, or legal holiday, the return is due by the next business day. File tax return for 2011 Extension of time to file. File tax return for 2011   A Form 990-T filer may request an automatic 3-month (6 months for corporation) extension of time to file a return by submitting Form 8868, Application for Extension of Time To File an Exempt Organization Return. File tax return for 2011 The Form 990-T filer may also use Form 8868 to apply for an additional (not automatic) 3-month extension to file the return if the original 3-month extension was not enough time. File tax return for 2011 Public Inspection Requirements of Section 501(c)(3) Organizations. File tax return for 2011   Under section 6104(d), a section 501(c)(3) organization that has gross income from an unrelated trade or business of $1,000 or more must make its annual exempt organization business income tax return (including amended returns) available for public inspection. File tax return for 2011    A section 501(c)(3) organization filing the Form 990-T only to request a credit for certain federal excise taxes paid does not have to make the Form 990-T available for public inspection. File tax return for 2011 Payment of Tax Estimated tax. File tax return for 2011   A tax-exempt organization must make estimated tax payments if it expects its tax (unrelated business income tax after certain adjustments) to be $500 or more. File tax return for 2011 Estimated tax payments are generally due by the 15th day of the 4th, 6th, 9th, and 12th months of the tax year. File tax return for 2011 If any due date falls on a Saturday, Sunday, or legal holiday, the payment is due on the next business day. File tax return for 2011   Any organization that fails to pay the proper estimated tax when due may be charged an underpayment penalty for the period of underpayment. File tax return for 2011 Generally, to avoid the estimated tax penalty, the organization must make estimated tax payments that total 100% of the organization's current tax year liability. File tax return for 2011 However, an organization can base its required estimated tax payments on 100% of the tax shown on its return for the preceding year (unless no tax is shown) if its taxable income for each of the 3 preceding tax years was less than $1 million. File tax return for 2011 If an organization's taxable income for any of those years was $1 million or more, it can base only its first required installment payment on its last year's tax. File tax return for 2011   All tax-exempt organizations should use Form 990-W (Worksheet), to figure their estimated tax. File tax return for 2011    Tax due with Form 990-T. File tax return for 2011   Any tax due with Form 990-T must be paid in full when the return is filed, but no later than the date the return is due (determined without extensions). File tax return for 2011 Federal Tax Deposits Must be Made by Electronic Funds Transfer You must use electronic funds transfer to make all federal deposits (such as deposits of estimated tax, employment tax, and excise tax). File tax return for 2011 Forms 8109 and 8109-B, Federal Tax Deposit Coupon, are no longer in use. File tax return for 2011 Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). File tax return for 2011 If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make deposits on your behalf. File tax return for 2011 Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. File tax return for 2011 EFTPS is a free service provided by the Department of Treasury. File tax return for 2011 Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. File tax return for 2011 To get more information about EFTPS or to enroll in EFTPS, visit www. File tax return for 2011 eftps. File tax return for 2011 gov or call 1-800-555-4477. File tax return for 2011 Additional information about EFTPS is available in Publication 966, The Secure Way to Pay Your Federal Taxes. File tax return for 2011 Deposits on business days only. File tax return for 2011   If a deposit is required to be made on a day that is not a business day, the deposit is considered timely if it is made by the close of the next business day. File tax return for 2011 A business day is any day other than a Saturday, Sunday, or legal holiday. File tax return for 2011 For example, if a deposit is required to be made on a Friday and Friday is a legal holiday, the deposit will be considered timely if it is made by the following Monday (if that Monday is a business day). File tax return for 2011 The term "legal holiday" means any legal holiday in the District of Columbia. File tax return for 2011 Prev  Up  Next   Home   More Online Publications