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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.

Information about Form 8940, Request for Miscellaneous Determination, including recent updates, related forms, and instructions on how to file. Organizations exempt under section 501(a) must electronically file Form 8940 to request miscellaneous determinations under sections 507, 509(a), 4940, 4942, 4945, and 6033. Nonexempt charitable trusts also file this form to request an initial determination under section 509(a)(3). Canadian registered charities file this form to be listed as an organization described in section 501(c)(3) on IRS.gov or request classification as a public charity rather than a private foundation.

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).

May 9, 2023 ¡ª An Everson, Washington, man was sentenced today in U.S. District Court in Seattle to two years in prison for failing to pay over taxes, announced U.S. Attorney Nick Brown. Between 2013 and 2019, Jay obÌåÓýard Prather owned and operated Heritage General Building Contractors. He had as many as 48 employees over that period and withheld $1,095,388 in Social Security, Medicare, federal income taxes, and unemployment taxes from his employees¡¯ paychecks. Then, instead of paying the money to federal programs as required, he used the money to buy expensive horses, exotic sportscars, and to remodel his multi-million-dollar lavish estate. At the sentencing hearing, U.S. District Judge John C. Coughenour said Prather ¡°was warned several times that his conduct was illegal.¡±

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.