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Form 1040 Nr

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Form 1040 Nr

Form 1040 nr 13. Form 1040 nr   Payment of Taxes Table of Contents How To Make Deposits When To Make Deposits Amount of DepositsSafe Harbor Rule Generally, semimonthly deposits of excise taxes are required. Form 1040 nr A semimonthly period is the first 15 days of a month (the first semimonthly period) or the 16th through the last day of a month (the second semimonthly period). Form 1040 nr However, no deposit is required for the situations listed below; the taxes are payable with Form 720. Form 1040 nr The net liability for taxes listed in Part I (Form 720) does not exceed $2,500 for the quarter. Form 1040 nr The gas guzzler tax is being paid on a one-time filing. Form 1040 nr The liability is for taxes listed in Part II (Form 720), except for the floor stocks tax which generally requires a single deposit. Form 1040 nr How To Make Deposits Electronic deposit requirement. Form 1040 nr   You must use electronic funds transfer to make excise tax deposits. Form 1040 nr Generally, electronic funds transfers are made using the Electronic Federal Tax Payment System (EFTPS). Form 1040 nr 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. Form 1040 nr Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Form 1040 nr   EFTPS is a free service provided by the Department of Treasury. Form 1040 nr Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Form 1040 nr To get more information about EFTPS or to enroll in EFTPS, visit www. Form 1040 nr eftps. Form 1040 nr gov or call 1-800-555-4477. Form 1040 nr Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide to Getting Started. Form 1040 nr    Depositing on time. Form 1040 nr For EFTPS deposits to be on time, you must initiate the transaction at least 1 day before the date the deposit is due (before 8:00 p. Form 1040 nr m. Form 1040 nr Eastern time). Form 1040 nr You will automatically be enrolled in EFTPS when you apply for an EIN. Form 1040 nr You will receive a separate mailing containing instructions for activating your EFTPS enrollment after you receive your EIN. Form 1040 nr When To Make Deposits There are two methods for determining deposits: the regular method and the alternative method. Form 1040 nr The regular method applies to all taxes in Part I of Form 720 except for communications and air transportation taxes if deposits are based on amounts billed or tickets sold, rather than on amounts actually collected. Form 1040 nr See Alternative method below. Form 1040 nr If you are depositing more than one tax under a method, combine all the taxes under the method and make one deposit for the semimonthly period. Form 1040 nr Regular method. Form 1040 nr   The deposit of tax for a semimonthly period is due by the 14th day following that period. Form 1040 nr Generally, this is the 29th day of a month for the first semimonthly period and the 14th day of the following month for the second semimonthly period. Form 1040 nr If the 14th or the 29th day falls on a Saturday, Sunday, or legal holiday, you must make the deposit by the immediately preceding day that is not a Saturday, Sunday, or legal holiday. Form 1040 nr Alternative method (IRS Nos. Form 1040 nr 22, 26, 27, and 28). Form 1040 nr   Deposits of communications and air transportation taxes may be based on taxes included in amounts billed or tickets sold during a semimonthly period instead of on taxes actually collected during the period. Form 1040 nr Under the alternative method, the tax included in amounts billed or tickets sold during a semimonthly period is considered collected during the first 7 days of the second following semimonthly period. Form 1040 nr The deposit of tax is due by the 3rd banking day after the 7th day of that period. Form 1040 nr   For an example of the alternative method, see the Instructions for Form 720. Form 1040 nr To use the alternative method, you must keep a separate account of the tax included in amounts billed or tickets sold during the month and report on Form 720 the tax included in amounts billed or tickets sold and not the amount of tax that is actually collected. Form 1040 nr For example, amounts billed in December, January, and February are considered collected during January, February, and March and are reported on Form 720 as the tax for the 1st quarter of the calendar year. Form 1040 nr The separate account for each month must reflect: All items of tax included in amounts billed or tickets sold during the month, and Other items of adjustment relating to tax for prior months (within the statute of limitations on credits or refunds). Form 1040 nr The separate account for any month cannot include an adjustment resulting from a refusal to pay or inability to collect unless the refusal has been reported to the IRS. Form 1040 nr See Uncollected Tax Report in chapter 4. Form 1040 nr The net amount of tax that is considered collected during the semimonthly period must be either: The net amount of tax reflected in the separate account for the corresponding semimonthly period of the preceding month, or One-half of the net amount of tax reflected in the separate account for the preceding month. Form 1040 nr Special rule for deposits of taxes in September. Form 1040 nr   See the Instructions for Form 720 for a special rule on deposits made in September. Form 1040 nr Amount of Deposits Deposits for a semimonthly period generally must be at least 95% of the net tax liability for that period unless the safe harbor rule (discussed later) applies. Form 1040 nr Generally, you do not have to make a deposit for a period in which you incurred no tax liability. Form 1040 nr Net tax liability. Form 1040 nr   Your net tax liability is your tax liability for the period minus any claims on Schedule C (Form 720) for the period. Form 1040 nr You may figure your net tax liability for a semimonthly period by dividing your net liability incurred during the calendar month by two. Form 1040 nr If you use this method, you must use it for all semimonthly periods in the calendar quarter. Form 1040 nr Do not reduce your liability by any amounts from Form 720X. Form 1040 nr Safe Harbor Rule The safe harbor rule applies separately to deposits under the regular method and the alternative method. Form 1040 nr Persons who filed Form 720 for the look-back quarter (the 2nd calendar quarter preceding the current quarter) are considered to meet the semimonthly deposit requirement if the deposit for each semimonthly period in the current quarter is at least 1/6 (16. Form 1040 nr 67%) of the net tax liability reported for the look-back quarter. Form 1040 nr For the semimonthly period for which the additional deposit is required, the additional deposit must be at least 11/90 12. Form 1040 nr 23%), 10/90 (11. Form 1040 nr 12%) for non-EFTPS, of the net tax liability reported for the look-back quarter. Form 1040 nr Also, the total deposit for that semimonthly period must be at least 1/6 (16. Form 1040 nr 67%) of the net tax liability reported for the look-back quarter. Form 1040 nr Exceptions. Form 1040 nr   The safe harbor rule does not apply to: The 1st and 2nd quarters beginning on or after the effective date of an increase in the rate of tax unless the deposit of taxes for each semimonthly period in the calendar quarter is at least 1/6 (16. Form 1040 nr 67%) of the tax liability you would have had for the look-back quarter if the increased rate of tax had been in effect for that look-back quarter, Any quarter if liability includes any tax not in effect throughout the look-back quarter, or For deposits under the alternative method, any quarter if liability includes any tax not in effect throughout the look-back quarter and the month preceding the look-back quarter. Form 1040 nr Requirements to be met. Form 1040 nr   For the safe harbor rule to apply, you must: Make each deposit timely at an authorized financial institution, and Pay any underpayment for the current quarter by the due date of the return. Form 1040 nr    The IRS may withdraw the right to make deposits of tax using the safe harbor rule from any person not complying with these rules. Form 1040 nr Tax rate increases. Form 1040 nr   You must modify the safe harbor rule if there has been an increase in the rate of tax. Form 1040 nr You must figure your tax liability in the look-back quarter as if the increased rate had been in effect. Form 1040 nr To qualify for the safe harbor rule, your deposits cannot be less than 1/6 of the refigured tax liability. Form 1040 nr Prev  Up  Next   Home   More Online Publications
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Offshore Voluntary Disclosure Initiative: Passive Foreign Income Company Investment Computations

September 2010

A significant number of Offshore Voluntary Disclosure Practice (VDP) cases involve Passive Foreign Investment Company (PFIC) investments.  A lack of historical information on the cost basis and holding period of many PFIC investments makes it difficult for taxpayers to prepare statutory PFIC computations and for the Service to verify them.  As a result, resolution of many VDP cases is being unduly delayed.  Therefore, for purposes of this initiative, the Service is offering taxpayers an alternative to the statutory PFIC computation that will resolve PFIC issues on a basis that is consistent with the Mark to Market (MTM) methodology authorized in Internal Revenue Code section 1296 but will not require complete reconstruction of historical data.

The terms of this alternative resolution are as follows:

  • If elected, the alternative resolution will apply to all PFIC investments in cases that have been accepted into the VDP and that qualify for the special civil penalty framework announced by the IRS on March 23, 2009.  The initial MTM computation of gain or loss under this methodology will be for the first year of the VDP application but could be made after 2003 depending on when the first PFIC investment was made.  Generally, under the terms of the March 23, 2009 framework, the first year of the VDP application will be for the calendar year ending December 31, 2003.   This will require a determination of the basis for every PFIC investment, which should be agreed between the taxpayer and the Service based on the best available evidence. 


  • A tax rate of 20% will be applied to the MTM gain(s), MTM net gain(s) and gains from all PFIC dispositions during the VDP period, in lieu of the rate contained in section 1291(a)(1)(B) for the amount allocable to the current year and section 1291(c)(2) for the deferred tax amount(s) allocable to any other taxable year.

  • A rate of 7% of the tax computed for PFIC investments marked to market in the first year of the VDP application will be added to the tax for that year, in lieu of the interest charge mechanism described in sections 1291(c) and 1296(j).

  • MTM losses will be limited to unreversed inclusions (generally, previously reported MTM gains less allowed MTM losses) on an investment-by-investment basis in the same manner as section 1296. During the VDP period, these MTM losses will be treated as  ordinary losses (IRC 1296[c][1][B]) and the tax benefit is limited to the tax rate applicable to the MTM gains derived during the VDP period (20%).  This limitation is accomplished by multiplying the MTM loss by 20% and applying the result as a credit against the tax liability for the year.
     
  • Regular and Alternative Minimum Tax are both to be computed without the PFIC dispositions or MTM gains and losses.  The tax from the PFIC transactions (20% plus the 7% for 2003, if applicable) is added to (or subtracted from) the applicable total tax (either regular or AMT, whichever is higher).  The tax and interest (i.e., the 7% for the first year of the VDP) computed under the VDP alternative MTM can be added to the applicable total tax (either regular or AMT, whichever is higher) and placed on the amended return in the margin, with a supporting schedule.

  • Underpayment interest and penalties on the deficiency are computed in accordance with the Internal Revenue Code and the terms of the VDP.

  • For any PFIC investment retained beyond 12/31/2008, the taxpayer must continue using the MTM method, but will apply the normal statutory rules of section 1296 as well as the provisions of sections 1291-1298, as applicable.

Taxpayers should direct questions regarding PFICs and how the alternative resolution will affect their cases to the examiners assigned to their cases.  Before electing the alternative PFIC resolution, taxpayers with PFIC investments should consult their tax advisors to ensure that the issue is material in their cases and that the alternative is in fact preferable to the statutory computation in their situation.  If the taxpayer does not elect to use the alternative PFIC computation, then the PFIC provisions of section 1291-1298 apply. 

Page Last Reviewed or Updated: 09-Jan-2014

The Form 1040 Nr

Form 1040 nr Publication 907 - Introductory Material Table of Contents Future Developments IntroductionOrdering forms and publications. Form 1040 nr Tax questions. Form 1040 nr Future Developments For the latest information about developments related to Publication 907, such as legislation enacted after this publication was published, go to www. Form 1040 nr IRS. Form 1040 nr gov/pub907. Form 1040 nr    Introduction This publication gives you a brief introduction to certain parts of the tax law of particular interest to people with disabilities and those who care for people with disabilities. Form 1040 nr It includes highlights about: Income, Itemized deductions, Tax credits, Household employers, and Business tax incentives. Form 1040 nr You will find most of the information you need to complete your tax return in your form instruction booklet. Form 1040 nr If you need additional information, you may want to order a free tax publication. Form 1040 nr You may also want to take advantage of the other free tax help services that the IRS provides. Form 1040 nr See How To Get Tax Help , at the end of this publication, for information about getting publications, forms, and free tax services. Form 1040 nr Comments and suggestions. Form 1040 nr   We welcome your comments about this publication and your suggestions for future editions. Form 1040 nr   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Form 1040 nr NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Form 1040 nr Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Form 1040 nr   You can send your comments from www. Form 1040 nr irs. Form 1040 nr gov/formspubs/. Form 1040 nr Click on “More Information” and then on “Comment on Tax Forms and Publications”. Form 1040 nr   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Form 1040 nr Ordering forms and publications. Form 1040 nr   Visit www. Form 1040 nr irs. Form 1040 nr gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Form 1040 nr Internal Revenue Service 1201 N. Form 1040 nr Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Form 1040 nr   If you have a tax question, check the information available on IRS. Form 1040 nr gov or call 1-800-829-1040. Form 1040 nr We cannot answer tax questions sent to either of the above addresses. Form 1040 nr Prev  Up  Next   Home   More Online Publications