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Tax Form 990 Instructions

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Tax Form 990 Instructions Powered By Docstoc
					Filing Requirements for Miscellaneous Forms Relating to Foreign Filings
Updated as of May 31, 2009

The following contains general descriptions of filing requirements for each form listed but is not all inclusive. Please refer to the instructions to ensure proper compliance.

                                                                                                        Reason for Filing
                                                                           Tax-Exempt Organization Formed as a    Tax-Exempt Organization Formed as a                                               Attach to Form
   Form                            Description                                        Corporation                               Trust                                                             990PF/990 or 990T?                           Penalties for Not Filing                               Any Additional Filing Requirements
                                                                                                         SAME FOR CORPORATIONS AND TRUSTS


                                                                                                                                                                                                  If filing 990-T attach to
                                                                         File to report > $100,000 of direct or indirect cash transfers to foreign corporation during 12-month period, or any     990-T. Otherwise, attach
                 Return by a U.S. Transferor of Property to a Foreign     direct or indirect cash transfer that results in the exempt organization holding at least 10% of the voting stock or    to 990PF or 990, as         10% the FMV of the transferred property generally up to
     926                            Corporation                                                                       value in a foreign corporation.                                             applicable.                 $100,000                                                            Refer to the Instructions for additional guidance.

                                                                                                         SAME FOR CORPORATIONS AND TRUSTS
                                                                         File annually when the exempt organization acquires or disposes, without regard to stock already owned, 10% or           If filing 990-T attach to
                                                                           more of the value or voting power of a foreign corporation, or if the organization holds >50% of the value or          990-T. Otherwise, attach                                                                        Refer to the Instructions for additional guidance.
                 Information Return of U.S. Persons with Respect to          voting power of a foreign corporation, or owns 10% or more of the voting power of a Controlled Foreign               to 990PF or 990, as                                                                             See instructions for various Form 5471 schedules
    5471                   Certain Foreign Corporations                                                                    Corporation.                                                           applicable.                 $10,000 penalty for each missed filing.                             required depending on category of filer.

                                                                                                                                                                                                                              Failure to report a distribution from or transfer to a foreign
                                                                           File if the exempt organization owns assets of a foreign trust; received a distribution from a foreign trust, or a                                 trust by an exempt organization: 35% of the gross value of the
                                                                            foreign trust held an obligation issued by the organization; or, the organization received > $100,000 from a                                      distribution or transfer.
                Annual Return To Report Transactions with Foreign                      nonresident alien or foreign estate, or $13,561 from a foreign corporation or partnership.                                             Failure to file a report: 5% of gross value of trust assets owned   Refer to the Instructions for additional guidance.
    3520           Trusts and Receipt of Certain Foreign Gifts              Exception: Do not file form 3520 to report a distribution from a foreign trust to a 501(c)(3) domestic trust.         No                          by the exempt organization.                                         File with: IRS, P.O. Box 409101, Ogden, UT 84409

                                                                         File if the exempt organization was treated as an owner of any portion of a foreign trust. The exempt organization
                                                                           would have to prepare this form to satisfy its annual information reporting requirements. It is possible that an                                   Failure to file timely or an incorrect or incomplete filing: 5%     Refer to the Instructions for additional guidance.
                 Annual Information Return of Foreign Trust with a          exempt organization that has an ownership interest in a foreign trust will have to file both the Form 3520 and                                    of gross value of trust assets owned by the exempt                  File by March 15 (extend with Form 7004) with:
   3520-A                          U.S. Owner                                                                               Form 3520-A.                                                          No                          organization.                                                       IRS, P.O. Box 409101, Ogden, UT 84409
                                                                                                         SAME FOR CORPORATIONS AND TRUSTS
                                                                                                                                                                                                                                                                                                  Refer to the Instructions for additional guidance.
                                                                            File to make elections or report certain transactions with regard to Passive Foreign Investment Companies.                                                                                                            If not required to file an income or other return file
                    Return by a Shareholder of a Passive Foreign             These elections only apply if the dividend from the PFIC will be taxable to the shareholder under                    Form 990T Income tax                                                                            with: Internal Revenue Service Center, Ogden, UT
    8621          Investment Company or Qualified Electing Fund                                                             subchapter F.                                                         Return                                                                                          84201-0201

                                                                                                         SAME FOR CORPORATIONS AND TRUSTS

                                                                                                                                                                                                                              Subject to civil and criminal penalties for failure to file or      Refer to the Instructions for additional guidance.
                                                                         File if the exempt organization has a financial interest or signatory authority over a foreign account if the amount                                 filing a false or fraudulent report and a maximum fine of           File by June 30 with: US Dept of Treasury,
 TD F 90-22.1      Report of Foreign Bank and Financial Accounts                    exceeds $10,000 in aggregate (i.e., all accounts together) at any time during the calendar year.              No                          $500,000 and imprisonment for five years.                           P.O. Box 32621, Detroit, MI 48232-0621


                                                                                                                                                                                                                                                                                                  NOTE: Reportable Transactions for Form 8886
                                                                            File if the exempt organization participates in a reportable transaction (i.e., listed, confidential, contractual                                                                                                     differ from those for Form 5472. Refer to the
                                                                         protection, loss, and transactions of interest). Exempt organizations may have additional reporting requirements         If filing 990-T attach to                                                                       Instructions for additional guidance.
                                                                           on Form 8886-T - see below. All reporting requirements are the same with the following exception for loss              990-T. Otherwise, attach    Failure to include information related to a reportable              Initial year also file separately: Internal Revenue
                                                                             transactions thresholds: Corporations required for $10,000,000 in any single year or $20,000,000 in any              to 990PF or 990, as         transaction is a $50,000 penalty. Penalties for failing to report   Service, OTSA Mail Stop 4915, 1973 North Rulon
    8886            Reportable Transaction Disclosure Statement             combination of years and trusts for $2,000,000 in a single year or $4,000,000 in any combination of years.            applicable.                 listed transactions are $200,000.                                   White Blvd., Ogden, UT 84404
                                                                                                         SAME FOR CORPORATIONS AND TRUSTS


                                                                            Exempt organization that participates in a prohibited tax shelter file Form 8886-T rather than a Form 8886.                                       Failure to include information related to a prohibited              Refer to the Instructions for additional guidance.
                Disclosure By Tax-Exempts Regarding Prohibited Tax          Prohibited tax shelters include listed transactions, confidential transactions or transactions with contractual                                   transactions is a $50,000 penalty. Penalties for failing to         File with: Department of the Treasury, Internal
   8886-T                       Shelter Transactions                             protection. May also need to file Form 8886 and/or Form 4720 (for related excise tax penalties).                 No                          report listed transactions are $200,000.                            Revenue Service Center, Ogden, UT 84201-0027

                                                                                                          SAME FOR CORPORATIONS AND TRUSTS
                                                                          File if the exempt organization directly or indirectly invests in a foreign partnership and owns more than 50% of
                                                                           the partnership, or the exempt organization owns a 10% or more interest of a foreign partnership controlled by         If filing 990-T attach to   Category 1 & 2 Filers: A $10,000 penalty is imposed for
                                                                         U.S. Persons, or the exempt organization contributes to a foreign partnership $100,000 or more in a given year, or       990-T. Otherwise, attach    failure to furnish each foreign partnership. Category 3: A          Refer to the Instructions for additional guidance.
                Return of U.S. Persons with respect to Certain Foreign     the contribution to the foreign partnership in a given year results in a 10% ownership interest, or if the exempt      to 990PF or 990, as         penalty equal to 10% of the FMV of the contributed property         If no separate filing required file with the IRS at the
    8865                            Partnerships                                                     organization disposes of an interest in a foreign partnership.                               applicable.                 up to $100,000. Category 4 filers: $10,000 penalty                  time and place you would be required to file a return.


                                                                                                                                                                                                  Form 990T Income tax
    1116                         Foreign Tax Credits                                                                                File to claim the foreign tax credit for foreign taxes paid   Return

     D:\Docstoc\Working\pdf\fbe82f41-e1ba-4f62-8980-fd3049abf4aa.xls                                                                                                             Page 1 of Page 2
        Filing Requirements for Miscellaneous Forms Relating to Foreign Filings
        Updated as of May 31, 2009

        The following contains general descriptions of filing requirements for each form listed but is not all inclusive. Please refer to the instructions to ensure proper compliance.

                                                                                                       Reason for Filing
                                                                          Tax-Exempt Organization Formed as a    Tax-Exempt Organization Formed as a                    Attach to Form
            Form                       Description                                   Corporation                               Trust                                  990PF/990 or 990T?                    Penalties for Not Filing   Any Additional Filing Requirements


                                                                         File to claim the foreign tax credit for foreign taxes                                       Form 990T Income tax
             1118                    Foreign Tax Credits                                          paid                                                                Return




        IRS Circular 230 Disclosure
        To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used,
nue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.




              D:\Docstoc\Working\pdf\fbe82f41-e1ba-4f62-8980-fd3049abf4aa.xls                                                                          Page 2 of Page 2

				
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