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Form 5471 (Schedule O) for Paterson New Jersey: What You Should Know
IRS Form 990-T is required to report tax-exempt organizations. IRS Form 990-EZ is required to report tax-exempt organizations with substantial endowment assets. IRS Form 990-T or 990-EZ may be used to report information that requires an annual reporting requirement if the reporting obligation is covered by an exempt organization's exemption from Federal income tax. For Tax Year 2017, if your Form 990-T, line 34 should be filed on or before May 15, 2018, then a Form 990-EZ form must be completed prior to filing form 990, line 35. If your Form 990-T, line 34 needs to be filed after May 15, 2018, and before the close of the regular filing period, file Form 990-N, schedule K, on Schedule O of your return (or schedule SE) on or before May 15, 2018. If you have made an extension under section 3553 of the tax code, you generally must file Form 990-N on or before April 15, 2019. Please note that Form 990, line 34, may not be required for organizations that were not involved in active U.S. trade, business or investment on more than a “passive” basis during the tax period ending on or before the due date of the return. For more information, refer to IRS instructions on how to file Form 990 and Form 990-EZ. Form 990 or 990-EZ requires each U.S. taxpayer to report on Schedule O, (Rev. November 18, 2015) line 22, the foreign-source portion of dividends and interest earned by the foreign parent for the taxable year, if the foreign parent is not entitled to a reduced rate of tax on the portion of dividends & interest in which it or this corporation paid withholding income tax to the U.S. Treasury. U.S. tax withholding must be credited against the foreign-source portion of such dividends. In addition, income taxed under section 951 (dividends from pass-through entities, interest from pass-through entities, and foreign-source dividend or interest income from certain types of foreign corporations) must be reported separately in Form 2678, Profit or Business Income, so that IRS must know whether the entity is also a corporation. IRS Form 990-EZ must be prepared by the U.S. person who paid any tax (including estimated tax).
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