obÌåÓý

Publication 5710, Exempt Organizations Technical Guide TG 6 IRC 501(c)(6) Business Leagues, discusses tax exemption of business leagues, chambers of commerce, real estate boards, and boards of trade described under Internal Revenue Code (IRC) Section 501(c)(6).

Form 1120 (Schedule G), Information on Certain Persons Owning the Corporation's Voting Stock, is used to provide information applicable to certain entities, individuals, and estates that own, directly, 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of a corporation's stock entitled to vote.

An adopter of a Volume Submitter (VS) plan files Form 5307, Application for Determination for Adopters of Modified Volume Submitter Plans (Info Copy Only), to request a determination letter (DL) from the IRS for the qualification of a modified defined benefit (DB) or a defined contribution (DC) plan and the exempt status of any related trust.

An adopter of a Volume Submitter (VS) plan files Form 5307, Application for Determination for Adopters of Modified Volume Submitter Plans (Info Copy Only), to request a determination letter (DL) from the IRS for the qualification of a modified defined benefit (DB) or a defined contribution (DC) plan and the exempt status of any related trust.

Report on Form 1099-MISC, Miscellaneous Information, or Form 1099-NEC, Nonemployee Compensation, only when payments are made in the course of your trade or business. Personal payments are not reportable. You are engaged in a trade or business if you operate for gain or profit. obÌåÓýever, nonprofit organizations are considered to be engaged in a trade or business and are subject to these reporting requirements. Other organizations subject to these reporting requirements include trusts of qualified pension or profit-sharing plans of employers, certain organizations exempt from tax under section 501(c) or (d), farmers' cooperatives that are exempt from tax under section 521, and widely held fixed investment trusts. Payments by federal, state, or local government agencies are also reportable. See the specific instructions for each form, within these combined instructions, for the types of payments that are to be reported.

Form 1065 (Schedule B-2), Election Out of Partnership Level Tax Treatment - Partnerships with 100 or fewer partners can annually elect out of the centralized partnership audit regime if each partner for the tax year is an individual, a C corporation, a foreign entity that would be treated as a C corporation were it domestic, an S corporation, or an estate of a deceased partner.

Form 1065 (Schedule B-2), Election Out of Partnership Level Tax Treatment - Partnerships with 100 or fewer partners can annually elect out of the centralized partnership audit regime if each partner for the tax year is an individual, a C corporation, a foreign entity that would be treated as a C corporation were it domestic, an S corporation, or an estate of a deceased partner.

Sponsoring organizations, employers, or employee associations, use Form 5306, Application for Approval of Prototype or Employer Sponsored Individual Retirement Arrangement (IRA), to request a ruling as to whether a trust or custodial account agreement meets the requirements of section 408(a), 408(c), 408(p), or 408A; or whether an individual annuity meets the requirements of section 408(b), 408(p), or 408A.

Charitable organizations described in Internal Revenue Code section 170(c) or charitable remainder trusts described in Internal Revenue Code section 664(d) file Form 8870, Information Return for Transfers Associated With Certain Personal Benefit Contracts, to report premiums paid after February 8, 1999, on certain life insurance, annuity, and endowment contracts (personal benefits contracts).

Publication 5788, IRS Report to Congress: Inflation Reduction Act ¡ì10301(1)(B) IRS-run Direct e-File Tax Return System, was developed in accordance with the Inflation Reduction Act (IRA), which requires the IRS to deliver a report to Congress on a potential IRS-run free direct e-file tax return system (Direct File), covering three primary areas: (1) taxpayer opinions, expectations, and level of trust based on surveys; (2) cost; and (3) opinions of an independent third-party.