Form 3921

Form 3921: How to Report Transfer of Incentive Stock Options in 2016 Tax Season

IRS Form 3921: Exercise of an Incentive Stock Option Under Section 422(b)

One of the significant parts of annual taxes is selling, transfer or acquiring stock options. There are different forms for informing IRS about any of these transactions. In today’s blogpost we are going to prep ourselves for reporting a transfer of incentive stock option. This means that the transferor has to fill out the same table with the number of shares transferred, exercise price per share and fair market value per share on exercise date for four parties. He has to send a copy to the corporation whose stock is being transferred, one copy for employee who exercises the option, another copy to the IRS and keep the last copy for his own records. You can find all of them in the Form 3921.

Who has to file IRS Form 3921?

Form 3921 is the US Internal Revenue Service form, officially called the Exercise of an Incentive Stock Option Under Section 422(b). The form is designed to be used by any corporation that transfers to any person a share of stock pursuant to the transferee’s exercise of an incentive stock option as described in section 422(b) and is applicable to the calendar year during which the transfer was made.

What is the purpose of Form 3921?

The IRS 3921 form serves as an information statement furnishing employees with the details of incentive stock options that were exercised during the year.

Is Form 3921 accompanied by any other forms?

The submission of the completed Form 3921 to the employee does not necessitate attaching any accompanying forms or documents. In general there are several copies of the same return to send to the IRS, the employee exercising an option and the corporation whose stock is being transferred.

When is the Exercise of an Incentive Stock Option form due?

The employer should provide the exercising employees with the 3921 Form by January 31. This due date works for Copies B and C received by the corporation and the employee. The IRS in turn should receive its own copy (Copy A of this form) a month later, by February 28th, and if you file it electronically it’s not due until March 31, 2016.

How do I fill out the 3921 Form?

To be properly completed, the form must include the following details:

  • Information about the Transferor (name and address)
  • Transferor’s federal identification number
  • Information about the Employee (name, address, account number)
  • Dates of options granting and exercising
  • Exercise price per share
  • Number of transferred shares
  • Fair market value of a share
  • Data about the corporation whose stock is transferred (if other than the Transferor)

What should be done with all four copies of the 3921 Form?

There are detailed instructions about where to submit the four copies (A, B, C and D) on each corresponding page of the document. You must have the correct addresses of the employees and corporation’s business address for sending copies B and C.

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Form 1099-DIV: Answers to Top Seven Questions

Form 1099-DIV: Dividends and Distributions 

Did your corporation pay any dividends? Use Form 1099-DIV to report them! Today’s post covers Form 1099-DIV, Dividends and Distributions.

What is Form 1099 DIV?

Form 1099-DIV reports ordinary dividends, qualified dividends, total capital gains, foreign tax paid, non-taxable distributions, and foreign source income from each investment account held by a fund company.

Who files the Form 1099 DIV?

A corporation needs to file the Form 1099-DIV for every person:

  1. to whom it paid dividend and distributions on stock of $10 or more,
  2. to whom it paid foreign tax on dividend and other distributions on the stock,
  3. for whom it withheld federal income tax on the dividend under the withholding rules, or
  4. to whom it has made the payment of $600 or more as part of a liquidation.

Are there any exceptions?

A corporation is not required to report on the Form 1099-DIV in the following cases:

  1. Taxable dividends are distributed from employee stock ownership plans and life insurance contracts.
  2. Substitute payments are made in lieu of dividends.
  3. Payments are made to payees which include tax-exempt organizations.

Is Form 1099 DIV accompanied by any other forms?

An IRS Form 1096, Annual Summary and Transmittal of U.S. Information Returns must be filed along with the Form.

When is Form 1099 DIV due?

The corporation must furnish Copy B of the Form to the recipient by January 31, 2017 and file Copy A with the IRS by February 28, 2017. If the company files electronically, the due date is March 31, 2017.

How do I fill out Form 1099 DIV?

In the form, you need to provide the payer’s information, the business’s tax identification number, the recipient’s identification number and other basic information. You can find specific instructions on how to fill the Form 1099-DIV here. Fill the numbered boxes after reading the instructions carefully. If you have more questions about Form 1099-DIV, you can check out the following video.

Where do I send the Form 1099-DIV?

The payer fills 5 copies of the form:

  • Copy A is for IRS Center;
  • Copy 1 is for the State Tax Department;
  • Copy B is for Recipient;
  • Copy 2 is to be filed with recipient’s state income tax return, when required; and
  • Copy C is for the payer.
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How Can Form 1023 Help You Pay Less Tax?

Form 1023: Application for Recognition of Exemption

You`ve been working hard all year. Now you are planning your budget and don’t want want to lose a single dollar. Therefore when tax season comes, you try to make the most money back on your income tax. How is that possible? Well, one of the best ways to pay the least amount of income tax is to file for tax exemption. In 2017, the IRS hasn’t changed the rules of the tax exemption procedure. In the same way as before, you have to complete form 1023 to get tax-exempt status. But before you rush to the IRS to get the form, learn what it is all about and how to complete it. We’ll guide you through its key points.

Who needs an IRS Form 1023?

An IRS 1023 Form, which is the more common name for the Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, is used by charity organizations qualified as corporations, unincorporated associations or trusts. These organization may fall into such categories: religious, educational, charitable, scientific, literary, those aimed to test public safety, or to foster national or international amateur sports competition, or prevent cruelty to children or animals.

All of the above-mentioned organizations should comply with their status, which means they are prohibited to take part in political campaigns, pay unjustified money to their employees and board members, and of course, be involved in the activities contrary to public policy and the U.S. law.

What is the purpose of filing the IRS Form 1023?

The primary goal of the 1023 form is to earn tax-exempt status for you. But you can’t claim tax exemptions if your organization has no legal ground for it. If you match the parameters described earlier then you have a chance to pay less tax on your income. Officially speaking, in the case of the IRS’s favorable decision, the organization will be exempted from the federal income tax and will be referred to as a non-profit association.

Is Form 1023  accompanied by other forms?

As you might have guessed, claiming for tax exemption isn’t a piece of cake. Besides the 1023 form you need to provide some other documents to support your eligibility for tax exemptions. Traditionally, the 1023 form is accompanied by organizational documents, like articles of incorporation, bylaws, description of the organization’s activities, financial information, and a user fee.

When is the IRS Form 1023 due?

Although you are generally given quite a long period to get tax-exempt status, you still shouldn’t put off the whole filing procedure. In fact, you should do it within 27 months from the moment your organization was started so that its exemption may be dated back to that month. If this requirement is not met, the exemption will come into force from the filing date.

How do I fill out the IRS Form 1023?

This is probably the hardest thing about the whole 1023 form filing process. Form 1023 is 29 pages long. Obviously, you don’t have to complete every page but even so the amount of work to be done is significant.

In the form itself you must provide very in-depth information concerning the organization`s activities and its mechanisms of functioning. Therefore, some of the necessary fields to be completed concern the applicant’s identification, organizational structure, a description of the organization’s activity, information on the employee relationships and financial arrangements with them, etc.

Where do I send the IRS Form 1023?

The completed 1023 along with supporting documents should be mailed to the IRS to the address provided in the Instruction section.

If you wonder where you can get the latest version of the form, turn to PDFfilller. Here you can find updated information about all IRS forms.

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Form 4868: How to Get a Tax Extension?

Form 4868: Application for Automatic Extension 

Sometimes you aren’t able to meet deadlines — things happen and for whatever reason you may fail to do something important on time. Failing to file taxes, for example, is a nightmare for many people. Yes, it may cause you lots of troubles but even so, it is not the end of the world. Hopefully, the IRS gives a second chance to those who missed the tax filing deadline, which is April 18 this year. So how can you get this chance? Completing form 4868 is your first step to your desired tax extension.

What is the 4868 form?

Form 4868, or as it is officially called the Application for Automatic Extension of Time to File a U.S. Individual Tax Return, is the document designed for all taxpayers who reside in the USA.

What is form 4868 for?

The form serves to extend the time given for every individual to file their tax returns. This means that if you aren’t able to file your tax return by the due date, you should fill out form 4868 to give you the right to have six more months for tax return completion.

However, the extension of time given for filing tax return does not concern the actual tax payment. It must be done by the due date.

The extension of time to file a tax return automatically moves the deadline for completion of the following forms:

  • Form 709
  • Form 1040 and its variants.

You can check out the full list of forms that fall under time extension along with tax return on the IRS official website.

Is the 4868 accompanied by other forms?

Generally, the application for time extension does not require any additional forms or explanations. However, the individual who is going to fill out form 4868 should clearly understand and evaluate their tax liability.

When is form 4868 due?

Every one who is looking for a time extension to complete their tax return must file the application form 4868 by April, 17, 2017 except fiscal year taxpayers who should file form 4868 by the due date of the fiscal year return. If filed on time, 4868 forms push the tax filing deadline back to October 16, 2017.

How do I fill out the 4868?

Form 4868 is short and clear. Yet some information should be clarified. To begin with, the form comprises two parts. The first one is for the taxpayer`s identification. You should enter your name, address, and social security number. If it’s a joint application, the spouse’s name should also be included.

Don’t forget to inform the Social Security Administration about any changes of your name or address.

The second part of the form requires information about the amount of tax to be paid. In form 4868 you are allowed to round off the amounts. To fill out the lines suggested in part two, use information from your form 1040.

Where do I send form 4868?

You can quickly file form 4868 online on the IRS website with the payment information attached.

The most important thing when dealing with a missed tax filing deadline is to act quickly. Don’t leave things unattended. Once you’ve discovered it’s too late to file your tax return, complete the 4868 form. At PDFfiller you can always find a fresh version of any document you might need.

Form 1099-R

Form 1099-R: What is New to Reporting Income from Retirement Plans?

Form 1099-R: Distributions from Pensions, Annuities, Retirement or Profit Sharing Plans, IRAs, Insurance Contracts, etc.

Form 1099-R plays an important part among other annual tax forms. The purpose of 1099 series is to report all sorts of income other than wages and salaries. This particular version is focused on distributions from pensions, annuities, IRAs, etc. Let’s have a look at requirements, due dates and changes in filing form 1099-R for 2016 tax season.

Who needs form 1099 – R?

In the USA, form 1099 – R or Distributions from Pensions, Annuities, or Profit-Sharing plans is sent to everyone who has been paid more than 10$ from their retirement plan. In some cases, form 1099 – R is issued to the disabled employees or the ones who have work-related injuries. Usually a payee (employer in most cases) fills out this form and sends it to the recipient and to the IRS.

What is form 1099 – R for?

The main aim of the form 1099 – R is to inform the individual about the payments he has received from a retirement fund. Additionally, the form is used to report such distributions:

  • Money transferred from the standard retirement plan to the individual retirement arrangement that usually does not bear taxes
  • Money moved from retirement savings to another account
  • Cancellation of money transfer to another account or individual retirement arrangement
  • Every transaction reported in form 1099-R is thoroughly checked to define whether it falls under taxation or is subject to a penalty.

Is form 1099 – R accompanied by other forms?

Form 1099-R is sent to the recipient in one copy. The recipient may sometimes be required to attach a tax return to form 1099 – R. Another form must be filed with the IRS as an attachment to the Form 1096.

When is form 1099 – R due?

According to the rules, form 1099 – R must be sent to the individual by the February 1, 2017. If it is not available by this time, the individual should turn to the IRS for help. The latter will contact the employer to request the missing form. The IRS must receive its copy by February 28, 2017.

How do I fill out form 1099 – R?

Form 1099 – R consists of 17 boxes preceded by information about the payer and recipient. On the left you’ll see the payer’s name, contact information and identification number. Next there will be given the recipient’s info including name and address.

The part on the right is filled out with data about the payments and taxes withheld from them. All the boxes are of great importance. The detailed instructions on how to fill them out are provided on IRS official site. Here are some of the fields:

  • Field 1 – total amount of distribution before tax deduction
  • Field 2a – total amount of tax withheld
  • Field 2b – the tax amount unknown due to the insufficient data
  • Field 3 – any payments taxable as a capital gain
  • Field 4 – tax deducted from federal payments
  • Field 5 – tax-free payments that an employee may get
  • Field 9 – the percentage of the person whose name written on form 1099 – r

Where do I send form 1099 – R?

Form 1099 – R is sent to the IRS and the recipients by the set date.

Now let’s move from theory to practice. Use these tips and convenient editing tools to fill out Form 1099-R in your PDFfiller account.