Form 1120-POL Filing Date Change
As we move past the election and into the 2017 tax filing season, it is important for organizations to begin planning their Form 1120-POL, U.S. Income Tax Return for Certain Political Organizations filings. Organizations are required to file Form 1120-POL if they make political contributions and political organizations are required to file Form 1120-POL if they earn more than $100 of non-exempt function income. In most cases, this non-exempt function income is investment income.
Previously Form 1120-POL was due three and half months after the fiscal year-end, which for calendar year-end filers is March 15. However, beginning with tax years ending December 31, 2016 the filing date is now four and a half months after year end. For calendar year 2016 taxpayers, these returns are due April 15, 2017, with an available 6-month extension. While this change does give taxpayers additional time to gather necessary information, we encourage you to continue to plan effectively for filing Form 1120-POL. If you have any questions about Form 1120-POL or your organization’s political activities, please contact us.