1120-POL Instructions for Form 1120-POL

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2023

Department of the Treasury
Internal Revenue Service

Instructions for Form 1120–
POL

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U.S. Income Tax Return for Certain Political Organizations
Section references are to the Internal Revenue Code unless
otherwise noted.

General Instructions

Future Developments

Purpose of Form

For the latest information about developments related to Form
1120–POL, its separate parts, and its instructions, such as
legislation and other guidance issued after they were published,
go to IRS.gov/Form1120POL.

Political organizations and certain exempt organizations file
Form 1120-POL to report their political organization taxable
income and income tax liability under section 527.

What’s New

A political organization, whether or not it is tax exempt, must file
Form 1120-POL if it has any political organization taxable
income.

Form 1120–POL redesign. As a result of recent tax law
changes to certain investment credits, Form 1120–POL and its
instructions were changed to require separate information.

Line 23d. Elective payment election amount from Form
3800 (section 527 organization only). This line was added to
include payments from Form 3800 for section 527 organizations
only.

Electronic filing. Under final regulations (T.D. 9972) issued in
February 2023, filers are required to file Form 1120-POL
electronically if they file 10 or more returns in the aggregate in a
calendar year. The regulations are effective for returns required
to be filed for tax years ending on or after December 31, 2023.
See When and Where to File for more information.

Reminders
Section 965(a) inclusion. Section 965(a) inclusion amounts
from Form 965 are not applicable for tax year 2022 and later
years. However, if you continue to make installment payments of
tax based on a prior-year section 965(a) election, continue to
attach Form 965-B to Form 1120-POL.

How To Get Forms and Publications
Internet. You can access the IRS website 24 hours a day, 7
days a week, at IRS.gov to:
• Download forms, instructions, and publications;
• Order IRS products online;
• Research your tax questions online;
• Search publications online by topic or keyword;
• View Internal Revenue Bulletins (IRBs) published in recent
years; and
• Sign up to receive local and national tax news by email.

Who Must File

An exempt organization that isn’t a political organization
must file Form 1120-POL if it is treated as having political
organization taxable income under section 527(f)(1).

Political Organizations

A political organization is a party, committee, association, fund
(including a separate segregated fund described in section
527(f)(3) set up by a section 501(c) organization), or other
organization, organized and operated primarily for the purpose
of accepting contributions or making expenditures, or both, to
influence the selection, nomination, election, or appointment of
any individual to any public office or office in a political
organization, or the election of Presidential or Vice Presidential
electors. Political organizations include the following.
1. Newsletter fund, if it is a fund established and
maintained by an individual who holds, has been elected to, or
is a candidate (as defined in section 527(g)(3)) for nomination
or election to any federal, state, or local elective public office.
The fund must be maintained exclusively for the preparation
and circulation of the individual’s newsletter.
2. Separate segregated fund, if it is maintained by a
section 501(c) organization (exempt from tax under section
501(a)). For more information, see section 527(f)(3) and
Regulations section 1.527-6(f).

Taxable Income

Tax forms and publications.

Political organization taxable income (line 19) is the excess of
(a) gross income for the tax year (excluding exempt function
income (defined later)) over (b) deductions directly connected
with the earning of gross income (excluding exempt function
income). Taxable income is figured with the following
adjustments.

Go to www.irs.gov/Forms to view, download, or print all of the
forms and publications you may need. You can also download
and view popular tax publications and instructions (including the
1040 and 1040-SR instructions) on mobile devices as an eBook
at no charge. Or you can go to www.irs.gov/OrderForms to
place an order and have forms mailed to you within 10 business
days.

1. A specific deduction of $100 is allowed (but not for
newsletter funds).
2. The net operating loss deduction isn’t allowed.
3. The dividends-received deduction and other special
deductions for corporations aren’t allowed. See section 527(c)
(2)(C).

Phone Help

Effect of failure to file Form 8871. Unless excepted (see
Other Reports and Returns That May Be Required, later), every
political organization, in order to be considered a tax-exempt
organization, must file Form 8871, Political Organization Notice
of Section 527 Status. An organization that is required to file

If you have questions and/or need help completing Form
1120-POL, please call 877-829-5500. This toll-free telephone
service is available Monday through Friday.
Nov 29, 2023

Cat. No. 94018K

• Any other officer (such as tax officer) authorized to sign.

Form 8871 but fails to file it when due must include in taxable
income for the period before Form 8871 is filed its exempt
function income (including contributions received, membership
dues, and political fundraising receipts), minus any deductions
directly connected with the production of that income. The
organization may not deduct its exempt function expenditures
because section 162(e) denies a deduction for political
campaign expenditures.

Receivers, trustees, and assignees must also sign and date
any return filed on behalf of an organization.
If an employee of the organization completes Form
1120-POL, the Paid Preparer Use Only area should remain
blank. In addition, anyone who prepares Form 1120-POL but
doesn’t charge the organization shouldn’t complete that section.
Generally, anyone who is paid to prepare the return must sign it
and fill in the Paid Preparer Use Only area.

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Exempt Function and Exempt Function Income

The exempt function of a political organization includes all
activities that are related to and support the process of
influencing or attempting to influence the selection, nomination,
election, or appointment of any individual to any federal, state,
or local public office, or office of a political organization, or the
election of Presidential or Vice Presidential electors, whether or
not the individuals or electors are selected, nominated, elected,
or appointed. The term “exempt function” also means the
making of expenditures relating to the individual’s office, once
selected, nominated, elected, or appointed, but only if the
expenditures would be deductible by an individual under section
162(a).

The paid preparer must complete the required preparer
information and:

• Sign the return in the space provided for the preparer’s
signature, and
• Give a copy of the return to the taxpayer.

Note: A paid preparer may sign original or amended returns by
rubber stamp, mechanical device, or computer software
program. Also, facsimile signatures are authorized.

Paid Preparer Authorization

Exempt function income is the total of all amounts received
from the following sources (to the extent that they are
separately segregated only for use for an exempt function).

If the organization wants to allow the IRS to discuss its 2023 tax
return with the paid preparer who signed it, check the “Yes” box
in the signature area of the return. This authorization applies
only to the individual whose signature appears in the Paid
Preparer Use Only section of the return. It doesn’t apply to the
firm, if any, shown in that section.

• Contributions of money and property.
• Membership dues, fees, or assessments paid by a member

of a political party.
• Proceeds from a political fundraising or entertainment event,
or from the sale of political campaign materials, if those
amounts aren’t received in the active conduct of a trade or
business.
• Proceeds from the conduct of a bingo game, as described in
section 513(f)(2).

If the “Yes” box is checked, the organization is authorizing
the IRS to call the paid preparer to answer any questions that
may arise during the processing of its return. The organization
is also authorizing the paid preparer to:

• Give the IRS any information that is missing from its return;
• Call the IRS for information about the processing of its return

Specified Taxable Income

or the status of any refund or payment(s); and
• Respond to certain IRS notices that the organization may
have shared with the preparer about math errors, offsets, and
return preparation. The notices won’t be sent to the preparer.

Newsletter fund. Taxable income of a newsletter fund is figured
in the same manner as taxable income of a political
organization except that the specific deduction of $100 isn’t
allowed.

The organization isn’t authorizing the paid preparer to
receive any refund check, bind the organization to anything
(including any additional tax liability), or otherwise represent it
before the IRS. If the organization wants to expand the paid
preparer’s authorization, see Pub. 947, Practice Before the IRS
and Power of Attorney.

Exempt organization that isn’t a political organization.
Gross income for an exempt organization described in section
501(c) that isn’t a political organization should include the lesser
of:
1. The net investment income of the organization for the tax
year, or
2. The aggregate amount spent for an exempt function
during the tax year either directly or indirectly through another
organization.

However, the authorization will automatically end no later
than the due date (excluding extensions) for filing the 2023 tax
return. If you want to revoke the authorization before it ends,
see Pub. 947.

Net investment income, for this purpose, is the excess of:
1. The gross amount of interest, dividends, rents, and
royalties, plus the excess, if any, of gains from the sale or
exchange of assets, over the losses from the sale or exchange
of assets; over
2. The deductions directly connected with the production of
this income.

When and Where To File
In general, an organization must file Form 1120-POL by the
15th day of the 4th month after the end of the tax year.
If the due date falls on a Saturday, Sunday, or legal holiday,
the organization may file on the next business day.
File Form 1120-POL with the:

Taxable income is figured with the adjustments shown in (1),
(2), and (3) under Taxable Income, earlier.

Department of the Treasury
Internal Revenue Service Center
Ogden, UT 84201

Who Must Sign
The return must be signed and dated by:

If the organization’s principal business, office, or agency is
located in a foreign country or a U.S. possession, the address
for mailing their return should be:

• The president, vice president, treasurer, assistant treasurer,
chief accounting officer; or
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Instructions for Form 1120-POL (2023)

4. Form 8997, Initial and Annual Statement of Qualified
Opportunity Fund (QOF) Investments.
Use Form 8997 to identify qualified investments held in a
qualified opportunity fund at any time during the year. If you
held a qualified investment in a qualified opportunity fund at any
time during the year, you must file your Form 1120-POL with
Form 8997 attached. See the Instructions for Form 8997.
5. Form 8992, U.S. Shareholder Calculation of Global
Intangible Low-Taxed Income (GILTI).
Use Form 8992 to figure the domestic corporation’s GILTI
and attach it to Form 1120-POL. See section 951A for more
information.

Internal Revenue Service Center
P.O. Box 409101
Ogden, UT 84409
Private delivery services. Political organizations can use
certain private delivery services (PDSs) designated by the IRS
to meet the “timely mailing as timely filing” rule for tax returns.
Go to www.irs.gov/PDS for the current list of designated
services.

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The PDS can tell you how to get written proof of the mailing
date.

For the IRS mailing address to use if you’re using a PDS, go
to www.irs.gov/PDSstreetAddresses.

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CAUTION

Accounting Methods

Figure taxable income using the method of accounting regularly
used in keeping the organization’s books and records.
Generally, permissible methods include:

PDSs can’t deliver items to P.O. boxes. You must use
the U.S. Postal Service to mail any item to an IRS P.O.
box address.

• Cash,
• Accrual, or
• Any other method authorized by the Internal Revenue Code.

Extension. File Form 7004, Application for Automatic
Extension of Time To File Certain Business Income Tax,
Information, and Other Returns, to request an extension of time
to file.

In all cases, the method used must clearly show taxable
income.

Other Reports and Returns That May Be
Required

Change in accounting method. Generally, the organization
may only change the method of accounting used to report
taxable income (for income as a whole or for any material item)
by getting consent on Form 3115, Application for Change in
Accounting Method. For more information, see Pub. 538,
Accounting Periods and Methods.

An organization that files Form 1120-POL may also be required
to file the following forms.
1. Form 8871, Political Organization Notice of Section 527
Status.
Generally, to be tax exempt, a political organization must file
this form within 24 hours of the date it is established and within
30 days of any material change in the organization. However,
don’t file this form if the organization is:
• An organization that reasonably expects its annual gross
receipts to always be less than $25,000,
• A political committee required to report under the Federal
Election Campaign Act of 1971 (2 U.S.C. 431 et seq.),
• A political committee of a state or local candidate,
• A state or local committee of a political party, or
• A tax-exempt organization described in section 501(c) that is
treated as having political organization taxable income under
section 527(f)(1).
2. Form 8872, Political Organization Report of
Contributions and Expenditures (periodic reports are required
during the calendar year).
Generally, a political organization that files Form 8871 and
accepts a contribution or makes an expenditure for an exempt
function during the calendar year must file this form. However,
this form isn’t required to be filed by an organization excepted
from filing Form 8871 (see (1) earlier), or a qualified state or
local political organization (QSLPO) (see the Instructions for
Form 8871, and Rev. Rul. 2003-49, 2003-20 I.R.B. 903, for the
definition of a QSLPO).
3. Form 990, Return of Organization Exempt From Income
Tax, or Form 990-EZ, Short Form Return of Organization
Exempt From Income Tax.
An exempt political organization must also file one of these
forms if its annual gross receipts are $25,000 or more
($100,000 or more for a QSLPO).
The following political organizations aren’t required to file
Form 990 or Form 990-EZ.
• Any political organization excepted from the requirement to
file Form 8871.
• Any caucus or association of state or local officials.
See the instructions for Form 990 or Form 990-EZ.
Instructions for Form 1120-POL (2023)

Accounting Period

The organization must figure its taxable income on the basis of
a tax year. The tax year is the annual accounting period the
organization uses to keep its records and report its income and
expenses if that period is a calendar year or a fiscal year.
However, an organization that doesn’t keep books or doesn’t
have an annual accounting period must use the calendar year
as its tax year. A new organization must adopt its tax year by
the due date (not including extensions) of its first income tax
return.

Change of tax year. After the organization has adopted a tax
year, it must get the consent of the IRS to change its tax year by
filing Form 1128, Application To Adopt, Change, or Retain a Tax
Year. See Regulations section 1.442-1 and Pub. 538.

Rounding Off to Whole Dollars
The organization may round off cents to whole dollars on the
return and accompanying schedules. If the organization does
round to whole dollars, it must round all amounts. To round,
drop amounts under 50 cents and increase amounts from 50 to
99 cents to the next dollar. For example, $1.39 becomes $1 and
$2.50 becomes $3.
If two or more amounts must be added to figure the amount
to enter on a line, include cents when adding the amounts and
round off only the total.

Federal Tax Deposits Must Be Made by
Electronic Funds Transfer
You must use electronic funds transfer to make all federal
deposits (such as deposits of estimated tax, employment tax,
and excise tax). Generally, electronic funds transfers are made
using the Electronic Federal Tax Payment System (EFTPS). If
you don’t want to use EFTPS, you can arrange for your tax
professional, financial institution, payroll service, or other
trusted third party to make deposits on your behalf. Also, you
may arrange for your financial institution to submit a same-day
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wire payment on your behalf. EFTPS is a free service provided
by the Department of the Treasury. Services provided by your
tax professional, financial institution, payroll services, or other
third party may have a fee. To get more information about
EFTPS or to enroll in EFTPS, go to www.EFTPS.gov or call
800-555-4477. To contact EFTPS using the
Telecommunications Relay Services (TRS), for people who are
deaf, hard of hearing, or have a speech disability, dial 711 and
provide the TRS assistant the 800-555-4477 number above or
800-733-4829. Additional information about EFTPS is available
in Pub. 966, Electronic Federal Tax Payment System: A Guide
to Getting Started.

reasonable-cause criteria. Do not include an explanation when
you file your return.
Late payment of tax. An organization that doesn’t pay the tax
when due may generally have to pay a penalty of ½ of 1% of
the unpaid tax for each month or part of a month the tax isn’t
paid, up to a maximum of 25% of the unpaid tax. If you receive
a notice about a penalty after you file this return, reply to the
notice with an explanation and we will determine if you meet
reasonable-cause criteria. Do not include an explanation when
you file your return.

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Other penalties. Other penalties can be imposed for
negligence, substantial understatement of tax, and fraud. See
sections 6662 and 6663.

Depositing on time. For deposits made by EFTPS to be on
time, you must submit the deposit by 8 p.m. Eastern time the
day before the date the deposit is due. If you use a third party to
make deposits on your behalf, they may have different cutoff
times.

Assembling the Return

Attach Form 4136, Credit for Federal Tax Paid on Fuels, after
page 1 of Form 1120-POL. Attach schedules in alphabetical
order and other forms in numerical order after Form 4136.

Same-day wire payment option. If you fail to submit a deposit
transaction on EFTPS by 8 p.m. Eastern time the day before the
date a deposit is due, you can still make the deposit on time by
using the Federal Tax Collection Service. Before using the
same-day wire payment option, you will need to make
arrangements with your financial institution ahead of time.
Check with the financial institution regarding availability,
deadlines, and costs. To learn more about making a same-day
wire payment and to download the Same-Day Payment
Worksheet, go to www.irs.gov/Payments.

Complete every applicable entry space on Form 1120-POL.
Do not write “See attached” instead of completing the entry
spaces. If you need more space on the forms or schedules,
attach separate sheets using the same size and format as on
the printed forms. Show the totals on the printed forms. Attach
these separate sheets after all the schedules and forms. Be
sure to put the organization’s name and EIN on each sheet.

Deposits on business days only. If a deposit is required to be
made on a day that isn’t a business day, the deposit is
considered timely if it is made by the close of the next business
day. A business day is any day other than a Saturday, Sunday,
or legal holiday. For example, if a deposit is required to be made
on a Friday and Friday is a legal holiday, the deposit will be
considered timely if it is made by the following Monday (if that
Monday is a business day). The term “legal holiday” means any
legal holiday in the District of Columbia.

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CAUTION

Specific Instructions

Period covered. File the 2023 return for calendar year 2023
and fiscal years that begin in 2023 and end in 2024. For a fiscal
year, fill in the tax year space at the top of the form.

Note: The 2023 Form 1120-POL may also be used if:
• The organization has a tax year of less than 12 months that
begins and ends in 2024, and
• The 2024 Form 1120-POL isn’t available at the time the
organization is required to file its return. The organization must
show its 2024 tax year on the 2023 Form 1120-POL and take
into account any tax law changes that are effective for tax years
beginning after 2023.

If the organization owes tax when it files Form
1120-POL, don’t include the payment with the tax
return. Instead, use EFTPS.

Interest and Penalties

Address. Include the suite, room, or other unit number after
the street address. If the Post Office doesn’t deliver mail to the
street address and the organization has a P.O. box, show the
box number instead of the street address.

Interest
Interest is charged on taxes paid late even if an extension of
time to file is granted. Interest is also charged on penalties
imposed for failure to file, negligence, fraud, gross valuation
overstatements, and substantial understatement of tax from the
due date (including extensions) to the date of payment. The
interest charge is figured at a rate determined under section
6621.

Final return, name change, address change, amended re­
turn. If the organization ceases to exist, check the “Final
return” box.
If the organization has changed its name since it last filed a
return, check the “Name change” box.
If the organization has changed its address since it last filed
a return, check the “Address change” box.

Penalties

Note: If a change in address occurs after the return is filed, the
organization should use Form 8822-B, Change of Address or
Responsible Party—Business, to notify the IRS of the new
address.

Penalties may be imposed if the organization is required to file
Form 1120-POL and it fails to file the form by the due date. The
following penalties may apply if the organization doesn’t file its
tax return by the due date, including extensions.

Amended return. If you are filing an amended Form
1120-POL:
• Check the “Amended return” box,
• Complete the entire return,
• Correct the appropriate lines with the new information, and
• Refigure the tax liability.

Late filing of return. The organization may be charged a
penalty of 5% of the unpaid tax for each month or part of a
month the return is late, up to a maximum of 25% of the unpaid
tax. The minimum penalty for a return that is more than 60 days
late is the smaller of the tax due or $485. If you receive a notice
about a penalty after you file this return, reply to the notice with
an explanation and we will determine if you meet

Attach a sheet that explains the reason for the amendments
and identifies the lines and amounts being changed on the
amended return. Generally, the amended return must be filed
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Instructions for Form 1120-POL (2023)

within 3 years after the date the original return was due or 3
years after the date the organization filed it, whichever is later.

Line 20. Income tax. The tax rate for Form 1120-POL filers is
21%. Figure your tax by multiplying line 19 by 21% (0.21) and
enter the result on line 20.

Employer identification number (EIN). Enter the nine-digit
EIN assigned to the organization. If the organization doesn’t
have an EIN, it must apply for one. An EIN can be applied for
online by visiting the IRS website at www.irs.gov/EIN. The
organization may also apply for an EIN by faxing or mailing
Form SS-4 to the IRS. Customers outside the United States or
U.S. territories may also apply for an EIN by calling
267-941-1099 (toll call).
The online application process isn’t yet available for
organizations with addresses in foreign countries.
If the organization hasn’t received its EIN by the time the
return is due, write “Applied for” in the space provided for the
EIN. See Pub. 583, Starting a Business and Keeping Records,
for details.

Note: Estimated tax and alternative minimum tax don’t apply to
political organizations.
If Form 8978, Partner’s Additional Reporting Year Tax, was
filed, attach it to Form 1120-POL. Do not enter any amount
from Form 8978, line 14, on line 20.

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Line 21. Tax credits. The organization may qualify for the
following credits.
• Employer credit for paid family and medical leave. See
Form 8994, Employer Credit for Paid Family and Medical Leave.
• Foreign tax credit. See Form 1118, Foreign Tax
Credit—Corporations.
• Qualified electric vehicle credit (carryforward ONLY). See
Form 8834, Qualified Electric Vehicle Credit.
• General business credit. (excluding the small employer
health insurance premium credit, the work opportunity credit,
the employee retention credit (Form 5884-A), the empowerment
zone employment credit, the Indian employment credit, and the
credit for employer differential wage payments). See Form
3800, General Business Credit.

Income and deductions. Campaign contributions and other
exempt function income are generally not includible in income;
likewise, campaign expenditures and other exempt function
expenditures aren’t deductible. To be deductible in figuring
political organization taxable income, expenses must be directly
connected with the production of political organization taxable
income. In those cases where expenses are attributable to the
production of both exempt function income and political
organization taxable income, the expenses should be allocated
on a reasonable and consistent basis. Only the portion allocable
to the production of political organization taxable income may
be deducted. No deduction is allowed for general administrative
or indirect expenses.

Enter the total amount of qualified credits on line 21 and
attach the applicable credit forms.

If Form 8978 was filed, attach it to Form 1120-POL. Do not
enter any amount from Form 8978, line 14, on line 21.
Line 22. Total tax. If the political organization must recapture
any of the qualified electric vehicle credit, include the amount of
the recapture in the total for line 22. On the dotted line next to
the entry space, write “QEV recapture” and the amount. See
Regulations section 1.30-1 for details on how to figure the
recapture.

Line 7. Other income and nonexempt function expendi­
tures. Enter the income from other sources, such as the
following.
• Exempt function income that wasn’t properly segregated for
exempt functions.
• Income received in the ordinary course of a trade or
business.
• Ordinary income from the trade or business activities of a
partnership (from Schedule K-1 (Form 1065), Partner’s Share of
Income, Deductions, Credits, etc., Part III, box 1).
• Exempt function income (minus any deductions directly
connected with the production of that income) taxable under
section 527(i)(4) for failure to timely file Form 8871. Include
amounts whether or not segregated for use for an exempt
function.

What if You Can’t Pay in Full?
If you can’t pay the full amount of tax you owe, you can apply
for an installment agreement online.
You can apply for an installment agreement online if:

• You can’t pay the full amount shown on line 24,
• The total amount you owe is $25,000 or less, and
• You can pay the liability in full in 24 months.
To apply using the Online Payment Agreement Application,
go to www.irs.gov/OPA.

Also include on this line:
• Expenditures that were made from exempt function income
that weren’t for an exempt function and resulted in direct or
indirect financial benefit to the political organization (see
Regulations section 1.527-5 for examples), and
• Illegal expenditures.

Under an installment agreement, you can pay what you owe
in monthly installments. There are certain conditions you must
meet to enter into and maintain an installment agreement, such
as paying the liability within 24 months and making all required
deposits and timely filing tax returns during the length of the
agreement.

Attach a schedule listing all income and expenditures
included on line 7.

If your installment agreement is accepted, you will be
charged a fee and you will be subject to penalties and interest
on the amount of tax not paid by the due date of the return.

Line 17. Taxable income before specific deduction of $100.
Political organizations, newsletter funds, and separate
segregated funds figure their tax by subtracting line 16 from
line 8 and entering the result on line 17c.
Exempt organizations (section 501(c)) that aren’t political
organizations. Complete lines 17a and 17b if the organization
made exempt function expenditures that weren’t from a
separate segregated fund. Enter on line 17c the smaller of
line 17a or 17b. See Exempt organization that isn’t a political
organization, earlier, for an explanation of the amounts to enter
on these lines.

Additional Information
Question 1
Foreign financial accounts. Check the “Yes” box if either (1)
or (2) next applies to the organization. Otherwise, check the
“No” box.
1. At any time during the 2023 calendar year the
organization had a financial interest in or signature or other
authority over a bank, securities, or other types of financial
accounts in a foreign country; and

Line 19. Taxable income. If the taxable income on line 19 is
zero or less, the Form 1120-POL isn’t required to be filed, but it
may be filed to start the statute of limitations period.
Instructions for Form 1120-POL (2023)

-5-

• The combined value of the accounts was more than $10,000
at any time during the calendar year; and
• The accounts weren’t with a U.S. military banking facility
operated by a U.S. financial institution.
2. The organization owns more than 50% of the stock in
any corporation that would answer “Yes” to item (1) above.

Privacy Act and Paperwork Reduction Act Notice. We ask
for the information on this form to carry out the Internal
Revenue laws of the United States. You are required to give us
the information. We need it to ensure that you are complying
with these laws and to allow us to figure and collect the right
amount of tax.

See FinCEN Form 114, Report of Foreign Bank and
Financial Accounts (FBAR), to find out if the organization is
considered to have an interest in or signature or other authority
over a financial account in a foreign country.
If “Yes” is checked for this question, file FinCEN Form 114
electronically with the Department of the Treasury using
FinCEN’s BSA E-Filing System. Because FinCEN Form 114
isn’t a tax form, don’t file it with Form 1120-POL.
See www.FINCEN.gov for more information.
Also, if “Yes” is checked for this question, enter the name of
the foreign country or countries. Attach a separate sheet if more
space is needed.

You aren’t required to provide the information requested on a
form that is subject to the Paperwork Reduction Act unless the
form displays a valid OMB control number. Books or records
relating to a form or its instructions must be retained as long as
their contents may become material in the administration of any
Internal Revenue law. Generally, tax returns and return
information are confidential, as required by section 6103.

TREASURY/IRS
AND OMB USE
ONLY DRAFT
December 4, 2023

The time needed to complete and file this form will vary
depending on individual circumstances. The estimated burden
for business taxpayers filing this form is approved under OMB
control number 1545–0123 and 1545-0047 and is included in
the estimates shown in the Instructions for Form 1120.

Question 2

If you have comments concerning the accuracy of these time
estimates or suggestions for making this form simpler, we would
be happy to hear from you. You can send us comments from
www.irs.gov/FormComments. Or you can write to:

If you checked “Yes” to Question 2, the organization may be
required to file Form 3520, Annual Return To Report
Transactions With Foreign Trusts and Receipt of Certain
Foreign Gifts. For details, see the Instructions for Form 3520.

Internal Revenue Service
Tax Forms and Publications
1111 Constitution Ave. NW, IR-6526
Washington, DC 20224

Note: An owner of a foreign trust must ensure that the trust
files an annual information return on Form 3520-A, Annual
Information Return of Foreign Trust With a U.S. Owner. For
details, see the Instructions for Form 3520-A.

Although we can’t respond individually to each comment
received, we do appreciate your feedback and will consider your
comments as we revise our tax products.

Question 3

Do not send the form to this office. See When and Where To
File, earlier.

In the space provided, show any tax-exempt interest income
received or accrued. Include any exempt-interest dividends
received as a shareholder in a mutual fund or other regulated
investment company.

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Instructions for Form 1120-POL (2023)

Index
Who Must File 1

S

A
Accounting Methods 3
Accounting Period 3
Amended return 4

E

Federal Tax Deposits Must Be Made
by Electronic Funds Transfer 3
Foreign financial accounts 5
Form 8871 3
Form 8872 3
Form 8992 3
Form 8997 3
Form 990 3

G

Specific Instructions 4
Specified Taxable Income 2

TREASURY/IRS
AND OMB USE
ONLY DRAFT
December 4, 2023

Employer identification number 5
Exempt Function and Exempt
Function Income 2
Exempt organizations (section 501(c))
that aren’t political organizations 5

F

I

General Instructions:
Purpose of Form 1

Income and deductions 5
Income tax 5
Interest and Penalties 4

T

Tax credits 5
Taxable income 5
Taxable Income 1
Taxable income before specific
deduction of $100 5
Total tax 5

L

Line 17 5
Line 19 5
Line 20 5
Line 21 5
Line 22 5
Line 7 5

W

O

Other income and nonexempt
function expenditures 5
Other Reports and Returns That May
Be Required 3

P

Paid Preparer Authorization 2
Period covered. 4
Political Organizations 1

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What’s New 1
When and Where To File 2
Who Must Sign 2