Fillable Form 1120-POL 2018 U.S. Income Tax Return for Certain Political Organizations

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Form 1120-POL 2018 U.S. Income Tax Return for Certain Political Organizations

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Form
1120-POL
Department of the Treasury
Internal Revenue Service
U.S. Income Tax Return for Certain Political Organizations
▶
Go to www.irs.gov/Form1120POL for the latest information.
OMB No. 1545-0123
2018
For calendar year 2018 or other tax year beginning , 2018, and ending
, 20
Check the box if this is a section 501(c) organization . . . . . . . . . . . . . . . . . . . . . . . . . .
▶
Check if:
Final return
Name change
Address change
Amended return
Name of organization
Number, street, and room or suite no. (If a P.O. box, see instructions.)
City or town, state or province, country, and ZIP or foreign postal code
Employer identification number
Income
1 Dividends (attach statement) . . . . . . . . . . . . . . . . . . . . . . . 1
2 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3 Gross rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4 Gross royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
5 Capital gain net income (attach Schedule D (Form 1120)) . . . . . . . . . . . . . . 5
6 Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) . . . . . . . . . . 6
7 Other income and nonexempt function expenditures (see instructions) . . . . . . . . . . 7
8 Total income. Add lines 1 through 7 . . . . . . . . . . . . . . . . . . . .
8
Deductions
9 Salaries and wages . . . . . . . . . . . . . . . . . . . . . . . . . . 9
10 Repairs and maintenance . . . . . . . . . . . . . . . . . . . . . . . . 10
11 Rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
12 Taxes and licenses . . . . . . . . . . . . . . . . . . . . . . . . . . 12
13 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
14 Depreciation (attach Form 4562) . . . . . . . . . . . . . . . . . . . . . . 14
15 Other deductions (attach statement) . . . . . . . . . . . . . . . . . . . . 15
16 Total deductions. Add lines 9 through 15 . . . . . . . . . . . . . . . . . . 16
17
Taxable income before specific deduction of $100. See instructions. Section 501(c) organizations show:
a
Amount of net investment income . . . . . . . . . . . . .
▶
b
Aggregate amount expended for an exempt function (attach statement) .
▶
17c
18 Specific deduction of $100 (not allowed for newsletter funds defined under section 527(g)) . . .
18
Tax
19 Taxable income. Subtract line 18 from line 17c. If line 19 is zero or less, see the instructions . . . 19
20 Income tax. See instructions . . . . . . . . . . . . . . . . . . . . . . 20
21 Tax credits. Attach the applicable credit forms. See instructions . . . . . . . . . . . 21
22 Total tax. Subtract line 21 from line 20 . . . . . . . . . . . . . . . . . . . . 22
23 Payments: a Tax deposited with Form 7004 . . . . . . . . 23a
b
Credit for tax paid on undistributed capital gains (attach Form 2439)
23b
c Credit for federal tax on fuels (attach Form 4136) . . . 23c
d Total payments. Add lines 23a through 23c . . . . . . . . . . . . . 23d
24 Tax due. Subtract line 23d from line 22. See instructions for depository method of payment . . . 24
25 Overpayment. Subtract line 22 from line 23d . . . . . . . . . . . . . . . . .
25
Additional
Information
1
At any time during the 2018 calendar year, did the organization have an interest in or a signature or
other authority over a financial account (such as a bank account, securities account, or other financial
account) in a foreign country? See instructions . . . . . . . . . . . . . . . . . .
Yes No
If “Yes,” enter the name of the foreign country
▶
2 During the tax year, did the organization receive a distribution from, or was it the grantor of, or transferor
to, a foreign trust? If “Yes,” the organization may have to file Form 3520 . . . . . . . . . .
Yes No
3 Enter the amount of tax-exempt interest received or accrued during the tax year . . .
▶
$
4
Date organization formed
▶
5a
The books are in care of
▶
b
Enter name of candidate
▶
c
The books are located at
▶
d
Telephone No.
▶
Sign
Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true,
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
▲
Signature of officer Date
▲
Title
May the IRS discuss this return
with the preparer shown below?
See instructions
Yes No
Paid
Preparer
Use Only
Print/Type preparer’s name Preparer’s signature Date
Check if
self-employed
PTIN
Firm’s name
▶
Firm’s address
▶
Firm’s EIN
▶
Phone no.
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11523K
Form 1120-POL (2018)
Form 1120-POL (2018)
Page 2
Section references are to the Internal
Revenue Code unless otherwise noted.
Future developments. For the latest
information about developments related to
Form 1120-POL, such as legislation
enacted after it was published, go to
www.irs.gov/Form1120POL.
What’s New
21% tax rate. P.L. 115-97 replaced the
graduated corporate tax structure with a
flat 21% corporate tax rate, effective for tax
years beginning after 2017. The 21% rate
applies to both a principal campaign
committee and a political organization that
is not a principal campaign committee.
P.L. 115-97 amended section 965. As a
result of the amendment, certain taxpayers
are required to include in income an
amount (section 965(a) inclusion amount)
based on the accumulated post-1986
deferred foreign income of certain foreign
corporations of which they are U.S.
shareholders, either directly or indirectly
through other entities. Other taxpayers may
have inclusions in income under section
951(a) by reason of section 965 due to
ownership of deferred foreign income
corporations (DFICs) through pass-through
entities that are themselves U.S.
shareholders of DFICs. Section 965 also
allows for a deduction (section 965(c)
deduction). Section 965(a) inclusions and
corresponding section 965(c) deductions
are taken into account in the U.S.
shareholder’s year that includes the last
day of the relevant foreign corporation’s
last tax year that began before January 1,
2018.
Inclusion of global intangible low-taxed
income (GILTI). P.L. 115-97 enacted new
section 951A, which requires U.S.
shareholders of controlled foreign
corporations to determine and include their
GILTI in taxable income every year. Section
951A is effective for tax years of foreign
corporations beginning after 2017, and to
tax years of U.S. shareholders in which or
with which such tax years of foreign
corporations end. Use Form 8992, U.S.
Shareholder Calculation of Global
Intangible Low-Taxed Income (GILTI), to
figure the domestic corporation's GILTI and
attach it to Form 1120-POL. See section
951A for more information.
Form 8994, Employer Credit for Paid
Family and Medical Leave. Form 8994
can be filed with Form 1120-POL. This is a
new general business credit explained in
P.L. 115-97, section 13403.
Reminder
For tax years beginning after 2015, the due
date of filing Form 1120-POL is the 15th
day of the 4th month after the end of the
organization’s tax year.
How To Get Forms and
Publications
Internet. You can access the IRS website 24
hours a day, 7 days a week, at www.irs.gov
to:
• Download forms, instructions, and
publications;
• Order IRS products online;
• Research your tax questions online;
• Search publications online by topic or
keyword;
• View Internal Revenue Bulletins (IRBs)
published in recent years; and
• Sign up to receive local and national tax
news by email.
Tax forms and publications. Go to
www.irs.gov/Forms to view, download, or
print all of the forms and publications you
may need. You can also download and
view popular tax publications and
instructions (including the 1040
instructions) on mobile devices as an
eBook at no charge. Or, you can go to
www.irs.gov/OrderForms to place an order
and have forms mailed to you within 10
business days.
General Instructions
Purpose of Form
Political organizations and certain exempt
organizations file Form 1120-POL to report
their political organization taxable income
and income tax liability under section 527.
Phone Help
If you have questions and/or need help
completing Form 1120-POL, please call
877-829-5500. This toll-free telephone
service is available Monday through
Friday.
Who Must File
A political organization, whether or not it is
tax exempt, must file Form 1120-POL if it
has any political organization taxable
income.
An exempt organization that isn’t a
political organization must file Form
1120-POL if it is treated as having political
organization taxable income under section
527(f)(1).
Political Organizations
A political organization is a party,
committee, association, fund (including a
separate segregated fund described in
section 527(f)(3) set up by a section 501(c)
organization), or other organization,
organized and operated primarily for the
purpose of accepting contributions or
making expenditures, or both, to influence
the selection, nomination, election, or
appointment of any individual to any public
office or office in a political organization, or
the election of Presidential or Vice
Presidential electors. Political
organizations include the following.
1. Newsletter fund, if it is a fund
established and maintained by an
individual who holds, has been elected to,
or is a candidate (as defined in section
527(g)(3)) for nomination or election to any
federal, state, or local elective public office.
The fund must be maintained exclusively
for the preparation and circulation of the
individual’s newsletter.
2. Separate segregated fund, if it is
maintained by a section 501(c) organization
(exempt from tax under section 501(a)). For
more information, see section 527(f)(3) and
Regulations section 1.527-6(f).
Taxable Income
Political organization taxable income (line
19) is the excess of (a) gross income for
the tax year (excluding exempt function
income (defined later)) over (b) deductions
directly connected with the earning of
gross income (excluding exempt function
income). Taxable income is figured with the
following adjustments.
1. A specific deduction of $100 is
allowed (but not for newsletter funds).
2. The net operating loss deduction isn’t
allowed.
3. The dividends-received deduction
and other special deductions for
corporations aren’t allowed. See section
527(c)(2)(C).
Effect of failure to file Form 8871. Unless
excepted (see Other Reports and Returns
That May Be Required, later) every
political organization, in order to be
considered a tax-exempt organization,
must file Form 8871, Political Organization
Notice of Section 527 Status. An
organization that is required to file Form
8871 but fails to file it when due must
include in taxable income for the period
before Form 8871 is filed its exempt
function income (including contributions
received, membership dues, and political
fundraising receipts), minus any deductions
directly connected with the production of
that income. The organization may not
deduct its exempt function expenditures
because section 162(e) denies a deduction
for political campaign expenditures.
Exempt Function and Exempt
Function Income
The exempt function of a political
organization includes all activities that are
related to and support the process of
influencing or attempting to influence the
selection, nomination, election, or
appointment of any individual to any
federal, state, or local public office, or
office of a political organization, or the
election of Presidential or Vice Presidential
electors, whether or not the individuals or
electors are selected, nominated, elected,
or appointed. The term “exempt function”
also means the making of expenditures
relating to the individual’s office, once
selected, nominated, elected, or appointed,
but only if the expenditures would be
deductible by an individual under section
162(a).
Exempt function income is the total of
all amounts received from the following
sources (to the extent that they are
separately segregated only for use for an
exempt function).
Form 1120-POL (2018)
Page 3
• Contributions of money and property.
• Membership dues, fees, or assessments
paid by a member of a political party.
• Proceeds from a political fundraising or
entertainment event, or from the sale of
political campaign materials, if those
amounts aren’t received in the active
conduct of a trade or business.
• Proceeds from the conduct of a bingo
game, as described in section 513(f)(2).
Specified Taxable Income
Newsletter fund. Taxable income of a
newsletter fund is figured in the same
manner as taxable income of a political
organization except that the specific
deduction of $100 isn’t allowed.
Exempt organization that isn’t a political
organization. Gross income for an exempt
organization described in section 501(c)
that isn’t a political organization should
include the lesser of:
1. The net investment income of the
organization for the tax year, or
2. The aggregate amount spent for an
exempt function during the tax year either
directly or indirectly through another
organization.
Net investment income, for this purpose,
is the excess of:
1. The gross amount of interest,
dividends, rents, and royalties, plus the
excess, if any, of gains from the sale or
exchange of assets, over the losses from
the sale or exchange of assets; over
2. The deductions directly connected
with the production of this income.
Taxable income is figured with the
adjustments shown in (1), (2), and (3) under
Taxable Income, earlier.
Who Must Sign
The return must be signed and dated by:
• The president, vice president, treasurer,
assistant treasurer, chief accounting
officer; or
• Any other officer (such as tax officer)
authorized to sign.
Receivers, trustees, and assignees must
also sign and date any return filed on
behalf of an organization.
If an employee of the organization
completes Form 1120-POL, the Paid
Preparer Use Only area should remain
blank. In addition, anyone who prepares
Form 1120-POL but doesn’t charge the
organization shouldn’t complete that
section. Generally, anyone who is paid to
prepare the return must sign it and fill in
the Paid Preparer Use Only area.
The paid preparer must complete the
required preparer information and:
• Sign the return in the space provided for
the preparer’s signature, and
• Give a copy of the return to the taxpayer.
Note: A paid preparer may sign original or
amended returns by rubber stamp,
mechanical device, or computer software
program. Also, facsimile signatures are
authorized.
Paid Preparer Authorization
If the organization wants to allow the IRS to
discuss its 2018 tax return with the paid
preparer who signed it, check the “Yes”
box in the signature area of the return. This
authorization applies only to the individual
whose signature appears in the Paid
Preparer Use Only section of the return. It
doesn’t apply to the firm, if any, shown in
that section.
If the “Yes” box is checked, the
organization is authorizing the IRS to call
the paid preparer to answer any questions
that may arise during the processing of its
return. The organization is also authorizing
the paid preparer to:
• Give the IRS any information that is
missing from its return;
• Call the IRS for information about the
processing of its return or the status of any
refund or payment(s); and
• Respond to certain IRS notices that the
organization may have shared with the
preparer about math errors, offsets, and
return preparation. The notices won’t be
sent to the preparer.
The organization isn’t authorizing the paid
preparer to receive any refund check, bind
the organization to anything (including any
additional tax liability), or otherwise represent
it before the IRS. If the organization wants to
expand the paid preparer’s authorization,
see Pub. 947, Practice Before the IRS and
Power of Attorney.
However, the authorization will
automatically end no later than the due
date (excluding extensions) for filing the
2019 tax return. If you want to revoke the
authorization before it ends, see Pub. 947.
When and Where To File
In general, an organization must file Form
1120-POL by the 15th day of the 4th month
after the end of the tax year.
If the due date falls on a Saturday,
Sunday, or legal holiday, the organization
may file on the next business day.
File Form 1120-POL with the:
Department of the Treasury
Internal Revenue Service Center
Ogden, UT 84201
If the organization’s principal business,
office, or agency is located in a foreign
country or a U.S. possession, the address
for mailing their return should be:
Internal Revenue Service Center
P.O. Box 409101
Ogden, UT 84409
Private delivery services. Political
organizations can use certain private
delivery services (PDS) designated by the
IRS to meet the “timely mailing as timely
filing” rule for tax returns. Go to
www.irs.gov/PDS for the current list of
designated services.
The PDS can tell you how to get written
proof of the mailing date.
For the IRS mailing address to use if
you’re using PDS, go to www.irs.gov/
PDSstreetAddresses.
▲
!
CAUTION
PDS can’t deliver items to P.O.
boxes. You must use the U.S.
Postal Service to mail any item
to an IRS P.O. box address.
Extension. File Form 7004, Application for
Automatic Extension of Time To File
Certain Business Income Tax, Information,
and Other Returns, to request an extension
of time to file.
Other Reports and Returns That
May Be Required
An organization that files Form 1120-POL
may also be required to file the following
forms.
1. Form 8871.
Generally, to be tax exempt, a political
organization must file this form within 24
hours of the date it is established and
within 30 days of any material change in
the organization. However, don’t file this
form if the organization is:
• An organization that reasonably expects
its annual gross receipts to always be less
than $25,000,
• A political committee required to report
under the Federal Election Campaign Act
of 1971 (2 U.S.C. 431 et seq.),
• A political committee of a state or local
candidate,
• A state or local committee of a political
party, or
• A tax-exempt organization described in
section 501(c) that is treated as having
political organization taxable income under
section 527(f)(1).
2. Form 8872, Political Organization
Report of Contributions and Expenditures
(periodic reports are required during the
calendar year).
Generally, a political organization that
files Form 8871 and accepts a contribution
or makes an expenditure for an exempt
function during the calendar year must file
this form. However, this form isn’t required
to be filed by an organization excepted
from filing Form 8871 (see above), or a
qualified state or local political organization
(QSLPO) (see the Instructions for Form
8871, and Rev. Rul. 2003-49, 2003-20
I.R.B. 903, for the definition of a QSLPO).
3. Form 990, Return of Organization
Exempt From Income Tax, or Form
990-EZ, Short Form Return of Organization
Exempt From Income Tax.
An exempt political organization must
also file one of these forms if its annual
gross receipts are $25,000 or more
($100,000 or more for a QSLPO).
The following political organizations
aren’t required to file Form 990.
• Any political organization excepted from
the requirement to file Form 8871.
• Any caucus or association of state or
local officials.
See the Instructions for Form 990 or
Form 990-EZ.
Form 1120-POL (2018)
Page 4
Accounting Methods
Figure taxable income using the method of
accounting regularly used in keeping the
organization’s books and records.
Generally, permissible methods include:
• Cash,
• Accrual, or
• Any other method authorized by the
Internal Revenue Code.
In all cases, the method used must
clearly show taxable income.
Change in accounting method. Generally,
the organization may only change the
method of accounting used to report
taxable income (for income as a whole or
for any material item) by getting consent on
Form 3115, Application for Change in
Accounting Method. For more information,
see Pub. 538, Accounting Periods and
Methods.
Accounting Period
The organization must figure its taxable
income on the basis of a tax year. The tax
year is the annual accounting period the
organization uses to keep its records and
report its income and expenses if that
period is a calendar year or a fiscal year.
However, an organization that doesn’t keep
books or doesn’t have an annual
accounting period must use the calendar
year as its tax year. A new organization
must adopt its tax year by the due date
(not including extensions) of its first income
tax return.
Change of tax year. After the organization
has adopted a tax year, it must get the
consent of the IRS to change its tax year
by filing Form 1128, Application To Adopt,
Change, or Retain a Tax Year. See
Regulations section 1.442-1 and Pub. 538.
Rounding Off to Whole Dollars
The organization may round off cents to
whole dollars on the return and
accompanying schedules. If the
organization does round to whole dollars, it
must round all amounts. To round, drop
amounts under 50 cents and increase
amounts from 50 to 99 cents to the next
dollar. For example, $1.39 becomes $1 and
$2.50 becomes $3.
If two or more amounts must be added
to figure the amount to enter on a line,
include cents when adding the amounts
and round off only the total.
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). Generally, electronic fund
transfers are made using the Electronic
Federal Tax Payment System (EFTPS). If
you don’t 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. Also, you may arrange for your
financial institution to submit a same-day
wire payment on your behalf. EFTPS is a
free service provided by the Department of
the Treasury. Services provided by your tax
professional, financial institution, payroll
services, or other third party may have a
fee. To get more information about EFTPS
or to enroll in EFTPS, visit www.EFTPS.gov
or call 1-800-555-4477. Additional
information about EFTPS is available in
Pub. 966, Electronic Federal Tax Payment
System: A Guide To Getting Started.
Depositing on time. For deposits made by
EFTPS to be on time, you must submit the
deposit by 8 p.m. Eastern time the day
before the date the deposit is due. If you
use a third party to make deposits on its
behalf, they may have different cutoff
times.
Same-day payment option. If you fail to
submit a deposit transaction on EFTPS by
8 p.m. Eastern time the day before the date
a deposit is due, you can still make the
deposit on time by using the Federal Tax
Application (FTA). Before using the same-
day payment option, you will need to make
arrangements with your financial institution
ahead of time. Please check with the
financial institution regarding availability,
deadlines, and costs. To learn more about
making a same-day payment and
download the Same-Day Payment
Worksheet, visit www.EFTPS.gov.
Deposits on business days only. If a
deposit is required to be made on a day
that isn’t a business day, the deposit is
considered timely if it is made by the close
of the next business day. A business day is
any day other than Saturday, Sunday, or a
legal holiday. 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). The term “legal holiday”
means any legal holiday in the District of
Columbia.
▲
!
CAUTION
If the organization owes tax
when it files Form 1120-POL,
don’t include the payment with
the tax return. Instead,
use EFTPS.
Interest and Penalties
Interest
Interest is charged on taxes paid late even
if an extension of time to file is granted.
Interest is also charged on penalties
imposed for failure to file, negligence,
fraud, gross valuation overstatements, and
substantial understatement of tax from the
due date (including extensions) to the date
of payment. The interest charge is figured
at a rate determined under section 6621.
Penalties
Penalties may be imposed if the
organization is required to file Form
1120-POL and it fails to file the form by
the due date. The following penalties may
apply if the organization doesn’t file its tax
return by the due date, including
extensions.
Late filing of return. The organization
may be charged a penalty of 5% of the
unpaid tax for each month or part of a
month the return is late, up to a maximum
of 25% of the unpaid tax. The minimum
penalty for a return that is more than 60
days late is the smaller of the tax due or
$210. If you receive a notice about a
penalty after you file this return, reply to the
notice with an explanation and we will
determine if you meet reasonable-cause
criteria. Do not include an explanation
when you file your return.
Late payment of tax. An organization that
doesn’t pay the tax when due generally
may have to pay a penalty of ½ of 1% of
the unpaid tax for each month or part of a
month the tax isn’t paid, up to a maximum
of 25% of the unpaid tax. If you receive a
notice about a penalty after you file this
return, reply to the notice with an
explanation and we will determine if you
meet reasonable-cause criteria. Do not
include an explanation when you file your
return.
Other penalties. Other penalties can be
imposed for negligence, substantial
understatement of tax, and fraud. See
sections 6662 and 6663.
Assembling the Return
Attach Form 4136, Credit for Federal Tax
Paid on Fuels, after page 1 of Form
1120-POL. Attach schedules in
alphabetical order and other forms in
numerical order after Form 4136.
Complete every applicable entry space
on Form 1120-POL. Do not write “See
attached” instead of completing the entry
spaces. If you need more space on the
forms or schedules, attach separate sheets
using the same size and format as on the
printed forms. Show the totals on the
printed forms. Attach these separate
sheets after all the schedules and forms.
Be sure to put the organization’s name and
EIN on each sheet.
Specific Instructions
Period covered. File the 2018 return for
calendar year 2018 and fiscal years that
begin in 2018 and end in 2019. For a fiscal
year, fill in the tax year space at the top of
the form.
Note: The 2018 Form 1120-POL may also
be used if:
• The organization has a tax year of less
than 12 months that begins and ends in
2019, and
• The 2019 Form 1120-POL isn’t available
at the time the organization is required to
file its return. The organization must show
its 2019 tax year on the 2018 Form
1120-POL and take into account any tax
law changes that are effective for tax years
beginning after 2018.
Form 1120-POL (2018)
Page 5
Address. Include the suite, room, or other
unit number after the street address. If the
Post Office doesn’t deliver mail to the
street address and the organization has a
P.O. box, show the box number instead of
the street address.
Final return, name change, address
change, amended return. If the
organization ceases to exist, check the
“Final return” box.
If the organization has changed its name
since it last filed a return, check the “Name
change” box.
If the organization has changed its
address since it last filed a return, check
the “Address change” box.
Note: If a change in address occurs after
the return is filed, the organization should
use Form 8822-B, Change of Address or
Responsible Party—Business, to notify the
IRS of the new address.
Amended return. If you are filing an
amended Form 1120-POL:
• Check the “Amended return” box,
• Complete the entire return,
• Correct the appropriate lines with the
new information, and
• Refigure the tax liability.
Attach a sheet that explains the reason
for the amendments and identifies the lines
and amounts being changed on the
amended return. Generally, the amended
return must be filed within 3 years after the
date the original return was due or 3 years
after the date the organization filed it,
whichever is later.
Employer identification number (EIN).
Enter the nine-digit EIN assigned to the
organization. If the organization doesn’t
have an EIN, it must apply for one. An EIN
can be applied for online by visiting the IRS
website at www.irs.gov/EIN. The
organization may also apply for an EIN by
faxing or mailing Form SS-4 to the IRS.
Customers outside the United States or
U.S. possessions may also apply for an
EIN by calling 267-941-1099 (toll call).
The online application process isn’t yet
available for organizations with addresses
in foreign countries.
If the organization hasn’t received its
EIN by the time the return is due, write
“Applied for” in the space provided for the
EIN. See Pub. 583, Starting a Business and
Keeping Records, for details.
Income and deductions. Campaign
contributions and other exempt function
income are generally not includible in
income; likewise, campaign expenditures
and other exempt function expenditures
aren’t deductible. To be deductible in
figuring political organization taxable
income, expenses must be directly
connected with the production of political
organization taxable income. In those
cases where expenses are attributable to
the production of both exempt function
income and political organization taxable
income, the expenses should be allocated
on a reasonable and consistent basis. Only
the portion allocable to the production of
political organization taxable income may
be deducted. No deduction is allowed for
general administrative or indirect expenses.
Line 7. Other income and nonexempt
function expenditures. Enter the income
from other sources, such as the following.
• Exempt function income that wasn’t
properly segregated for exempt functions.
• Income received in the ordinary course
of a trade or business.
• Ordinary income from the trade or
business activities of a partnership (from
Schedule K-1 (Form 1065), Partner’s Share
of Income, Deductions, Credits, etc., Part
III, box 1).
• Exempt function income (minus any
deductions directly connected with the
production of that income) taxable under
section 527(i)(4) for failure to timely file
Form 8871. Include amounts whether or not
segregated for use for an exempt function.
Also include on this line:
• Expenditures that were made from
exempt function income that weren’t for an
exempt function and resulted in direct or
indirect financial benefit to the political
organization (see Regulations section
1.527-5 for examples), and
• Illegal expenditures.
Attach a schedule listing all income and
expenditures included on line 7.
If you have a section 965(a) inclusion for
the tax year, enter the net amount (the
section 965(a) inclusion less the
corresponding section 965(c) deduction) on
this line 7. You must also complete and
attach Form 965, Inclusion of Deferred
Foreign Income Upon Transition to
Participation Exemption System,
applicable schedules, and Form 965-B,
Corporate and Real Estate Investment
Trust (REIT) Report of Net 965 Tax Liability
and Electing REIT Report of 965 Amounts.
Line 17. Taxable income before specific
deduction of $100. Political organizations,
newsletter funds, and separate segregated
funds figure their tax by subtracting line 16
from line 8 and enter the result on line 17(c).
Exempt organizations (section 501(c))
that aren’t political organizations.
Complete lines 17a and 17b if the
organization made exempt function
expenditures that weren’t from a separate
segregated fund. Enter on line 17c the
smaller of line 17a or 17b. See Exempt
organization that isn’t a political
organization, earlier, for an explanation of
the amounts to enter on these lines.
Line 19. Taxable income. If the taxable
income on line 19 is zero or less, the Form
1120-POL isn’t required to be filed, but it
may be filed to start the statute of
limitations period.
Line 20. Income tax. For tax years
beginning after 2017, the tax rate for
1120-POL filers is 21%. Figure your tax by
multiplying line 19 by 21% (0.21) and enter
the result on line 20.
Note: Estimated tax and alternative
minimum tax don’t apply to political
organizations.
Line 21. Tax credits. The organization
may qualify for the following credits.
• Foreign tax credit. See Form 1118,
Foreign Tax Credit—Corporations.
• Qualified electric vehicle credit
(carryforward ONLY). See Form 8834,
Qualified Electric Vehicle Credit.
• General business credit (excluding
the small employer health insurance
premium credit, work opportunity credit,
employee retention credit (Form 5884-A),
the empowerment zone employment credit,
the Indian employment credit, and the
credit for employer differential wage
payments). See Form 3800, General
Business Credit.
Enter the total amount of qualified
credits on line 21 and attach the
applicable credit forms.
Line 22. Total tax. If the political
organization must recapture any of the
qualified electric vehicle credit, include the
amount of the recapture in the total for line
22. On the dotted line next to the entry
space, write “QEV recapture” and the
amount. See Regulations section 1.30-1 for
details on how to figure the recapture.
Line 23d. Total payments. If an election to
pay the section 965 net tax liability in
installments has been made under section
965(h), complete and attach Form 965-B.
Enter the amount of current year net
section 965 tax liability (from Form 965-B,
Part I, column (d), line 2) less the current
year section 965 installment payment (from
Form 965-B, Part II, column (k), line 2).
What if You Can’t Pay in Full?
If you can’t pay the full amount of tax you
owe, you can apply for an installment
agreement online.
You can apply for an installment
agreement online if:
• You can’t pay the full amount shown on
line 24,
• The total amount you owe is $25,000 or
less, and
• You can pay the liability in full in 24
months.
To apply using the Online Payment
Agreement Application, go to
www.irs.gov/OPA.
Under an installment agreement, you can
pay what you owe in monthly installments.
There are certain conditions you must meet
to enter into and maintain an installment
agreement, such as paying the liability
within 24 months and making all required
deposits and timely filing tax returns during
the length of the agreement.
If your installment agreement is
accepted, you will be charged a fee and
you will be subject to penalties and interest
on the amount of tax not paid by the due
date of the return.
Form 1120-POL (2018)
Page 6
Additional Information
Question 1
Foreign financial accounts. Check the
“Yes” box if either (1) or (2) below applies
to the organization. Otherwise, check the
“No” box.
1. At any time during the 2018 calendar
year the organization had a financial
interest in or signature or other authority
over a bank, securities, or other types of
financial accounts in a foreign country; and
• The combined value of the accounts was
more than $10,000 at any time during the
calendar year; and
• The accounts weren’t with a U.S. military
banking facility operated by a U.S. financial
institution.
2. The organization owns more than
50% of the stock in any corporation that
would answer “Yes” to item (1) above.
See FinCEN Form 114, Report of Foreign
Bank and Financial Accounts (FBAR), to
find out if the organization is considered to
have an interest in or signature or other
authority over a financial account in a
foreign country.
If “Yes” is checked for this question, file
FinCEN Form 114 electronically with the
Department of the Treasury using FinCEN’s
BSA E-Filing System. Because FinCEN
Form 114 isn’t a tax form, don’t file it with
Form 1120-POL.
See www.FINCEN.gov for more
information.
Also, if “Yes” is checked for this
question, enter the name of the foreign
country or countries. Attach a separate
sheet if more space is needed.
Question 2
If you checked “Yes” to Question 2, the
organization may be required to file Form
3520, Annual Return To Report
Transactions With Foreign Trusts and
Receipt of Certain Foreign Gifts. For
details, see the Instructions for Form 3520.
Note: An owner of a foreign trust must
ensure that the trust files an annual
information return on Form 3520-A, Annual
Information Return of Foreign Trust With a
U.S. Owner. For details, see the
Instructions for Form 3520-A.
Question 3
In the space provided, show any tax-
exempt interest income received or
accrued. Include any exempt-interest
dividends received as a shareholder in a
mutual fund or other regulated investment
company.
Paperwork Reduction Act Notice. We
ask for the information on this form to carry
out the Internal Revenue laws of the United
States. You are required to give us the
information. We need it to ensure that you
are complying with these laws and to allow
us to figure and collect the right amount of
tax.
You aren’t required to provide the
information requested on a form that is
subject to the Paperwork Reduction Act
unless the form displays a valid OMB
control number. Books or records relating
to a form or its instructions must be
retained as long as their contents may
become material in the administration of
any Internal Revenue law. Generally, tax
returns and return information are
confidential, as required by section 6103.
The time needed to complete and file
this form will vary depending on individual
circumstances. The estimated burden for
business taxpayers filing this form is
approved under OMB control number
1545-0123 and is included in the estimates
shown in the instructions for Form 1120.
If you have comments concerning the
accuracy of these time estimates or
suggestions for making this form simpler,
we would be happy to hear from you. You
can send us comments from
www.irs.gov/FormComments. Or you can
write to:
Internal Revenue Service
Tax Forms and Publications
1111 Constitution Ave. NW, IR-6526
Washington, DC 20224
Although we can’t respond individually to
each comment received, we do appreciate
your feedback and will consider your
comments as we revise our tax products.
Do not send the form to this office. See
When and Where To File, earlier.
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Form 1120-POL 2018 U.S. Income Tax Return for Certain Political Organizations

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Completed 22 December 2019

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