ExpressTaxExempt has a new form that’s specifically designed and ready to be filed by political organizations. Form 1120-POL is typically filed by political organizations and certain tax-exempt organizations with taxable income remaining after the $100 special deduction has been taken for the taxable year.
Form 1120-POL is due annually on the 15th day of the fourth month following the organization’s tax year end date.
For organizations that operate on a calendar tax year (January 1 to December 31), the due date is April 15 each year.
To e-file Form 1120-POL, you’ll need some information about the organization such as its tax year beginning and end dates as well as the organization name, employer identification number (EIN), and address. Financial details including income, deductions, and tax data will also be needed once you navigate through the e-filing process. Once this information has been submitted, an officer of the organization must sign Form 1120-POL before e-filing it with the IRS.
It is extremely important for political organizations to file this form. Failing to file or filing late can result in the group incurring penalties from the IRS. Organizations that fail to file are required to pay an additional fine equal to 5% of the tax due for each month the return is late, with a maximum of 25% of the total tax due. Form 1120-POL returns that are filed more than 60 days late will have to pay the remaining tax due or $135, whichever is smaller.
ExpressTaxExempt eliminates the hassle of a long filing process by providing Form 1120-POL with a very simplistic process that can be completed in five easy steps:
1) Create Your Account
- Enter your email address, password, and some basic identifying information to create your free account and start filing.
2) Start a New Form
- From your Dashboard, select the Start New Form option. Then, click Form 1120-POL to begin entering information to e-file your Form 1120-POL.
3) Enter Organization Information
- Here, you’ll enter your basic organization information needed to file Form 1120-POL. This information includes your organization name, EIN, and address. This information must match what’s on the IRS’s records.
4) Complete Our Interview Process
- Rather than fill out your form line by line, complete our simplified, interview-style process to enter information and complete your Form 1120-POL. Once you’ve finished, you can review your form to ensure everything looks correct.
5) Pay & Transmit
- Once you’ve confirmed that everything looks good to go on your Form 1120-POL, all that’s left to do is to pay our one-time transmittal fee and e-file your Form 1120-POL directly with the IRS.
Our simple and easy-to-use form can be completed at any time with ExpressTaxExempt for an affordable and competitive rate of $49.90. Be sure to take advantage of this great new form that will surely be beneficial to your organization when filing annually. If you have any questions about the e-filing process or need assistance while filing, we are always here to provide you with stellar customer support. We’re here to assist you by phone at 704. 839.2321 on Monday through Friday from 9 a.m. to 6 p.m. EST or feel free to reach us 24/7 via email at support@ExpressTaxExempt.com.