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Spokane Valley Washington Form 2220: What You Should Know
What if I do not owe the penalty? 2.1 If you do not owe the penalty, do not send the payment for Form 2220 to the IRS. You need to pay the amount due without paying the penalty. 2.2 If I owe the penalty, do I need to pay the tax? No. The penalty is the same regardless of whether you owe the tax. 2.3 What if I need more time to pay the tax? You can make payment arrangements with the tax return preparer. 3. I am a nonprofit in a non-exempt status and owe the penalty. 3.1 If your organization is a 501(c)(3) or (c)(4) tax-exempt nonprofit organization, you do not have to pay the penalty. If your organization is a 501(c)(3) tax-exempt organization, you can request a free transcript of your Form 1040 or Form 1040A instead. You can also request a free or reduced-cost transcript of your return by calling the IRS. 3.2 Are nonprofit organizations subject to penalties? Yes. The penalties apply to all tax-exempt organizations, regardless of whether they are tax-exempt for the current or previous year. You can find more information on penalties at the end of this document. 3.3 Are there times when a refund cannot be issued when a penalty was assessed in the past year? You cannot receive a refund when you are liable for a penalty. For some categories of taxable income, though, a refund may be issued even if you owe a penalty (such as interest, penalties, and penalties that do not impose a dollar limit on the amount of refund allowed). However, such refunds are only given in exceptional circumstances. The IRS allows for a hardship exemption if filing at least one installment of an installment payment plan (such as installment payments or installment plan agreements) can cause substantial hardship. A refund will be issued only if you submit Form 8886 (Application for Exclusion of Overpayment of Taxes) with your tax return. 3.
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