Form 1120-POL U.S. Income Tax Return for Certain Political Organizations OMB No.

1545-0123

Department of the Treasury

Internal Revenue Service ▶ Go to www.irs.gov/Form1120POL for the latest information. 2021
For calendar year 2021 or other tax year beginning , 2021, and ending , 20
Check the box if this is a section 501(c) organization . . . . . . . . . . . . . . . . . . . . . . . . . . ▶

Check if: Name of organization Employer identification number

Final return
Name change Number, street, and room or suite no. (If a P.O. box, see instructions.)

Address change
Amended return City or town, state or province, country, and ZIP or foreign postal code

1 Dividends (attach statement) . . . . . . . . . . . . . . . . . . . . . . . . 1

2 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3 Gross rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Income

4 Gross royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
5 Capital gain net income (attach Schedule D (Form 1120)) . . . . . . . . . . . . . . . 5
6 Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) . . . . . . . . . . . 6
7 Other income and nonexempt function expenditures (see instructions) . . . . . . . . . . . 7
8 Total income. Add lines 1 through 7 . . . . . . . . . . . . . . . . . . . . . 8
9 Salaries and wages . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
10 Repairs and maintenance . . . . . . . . . . . . . . . . . . . . . . . . . 10
11 Rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
12 Taxes and licenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Deductions

13 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
14 Depreciation (attach Form 4562) . . . . . . . . . . . . . . . . . . . . . . . 14
15 Other deductions (attach statement) . . . . . . . . . . . . . . . . . . . . . 15
16 Total deductions. Add lines 9 through 15 . . . . . . . . . . . . . . . . . . . 16
17 Taxable income before specific deduction of $100. See instructions. Section 501(c) organizations show:
a Amount of net investment income . . . . . . . . . . . . . ▶
b Aggregate amount expended for an exempt function (attach statement) . ▶ 17c
18 Specific deduction of $100 (not allowed for newsletter funds defined under section 527(g)) . . . . 18
19 Taxable income. Subtract line 18 from line 17c. If line 19 is zero or less, see the instructions . . . . 19
20 Income tax. See instructions . . . . . . . . . . . . . . . . . . . . . . . 20
21 Tax credits. Attach the applicable credit forms. See instructions . . . . . . . . . . . . 21
22 Total tax. Subtract line 21 from line 20 . . . . . . . . . . . . . . . . . . . . . 22
23 Payments: a Tax deposited with Form 7004 . . . . . . . . . 23a
Tax

b Credit for tax paid on undistributed capital gains (attach Form 2439) 23b
c Credit for federal tax on fuels (attach Form 4136) . . . . 23c
d Total payments. Add lines 23a through 23c . . . . . . . . . . . . . . 23d
24 Tax due. Subtract line 23d from line 22. See instructions for depository method of payment . . . . 24
25 Overpayment. Subtract line 22 from line 23d . . . . . . . . . . . . . . . . . . 25
1 At any time during the 2021 calendar year, did the organization have an interest in or a signature or
other authority over a financial account (such as a bank account, securities account, or other financial
account) in a foreign country? See instructions . . . . . . . . . . . . . . . . . . Yes No
Information
Additional

If “Yes,” enter the name of the foreign country ▶

2 During the tax year, did the organization receive a distribution from, or was it the grantor of, or transferor
to, a foreign trust? If “Yes,” the organization may have to file Form 3520 . . . . . . . . . . Yes No
3 Enter the amount of tax-exempt interest received or accrued during the tax year . . . . ▶ $
4 Date organization formed ▶
5a The books are in care of ▶ b Enter name of candidate ▶
c The books are located at ▶ d Telephone No. ▶
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true,
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Sign May the IRS discuss this return
Here
▲

with the preparer shown below?

See instructions Yes No
Signature of officer Date Title
Print/Type preparer’s name Preparer’s signature Date Check if PTIN
Paid self-employed
Preparer
Firm’s name Firm’s EIN
Use Only
▶ ▶

Firm’s address ▶ Phone no.

For Paperwork Reduction Act Notice, see instructions. Cat. No. 11523K Form 1120-POL (2021)
Form 1120-POL (2021) Page 2

Section references are to the Internal Political Organizations Exempt Function and Exempt
Revenue Code unless otherwise noted. A political organization is a party, Function Income
Future developments. For the latest committee, association, fund (including a The exempt function of a political
information about developments related to separate segregated fund described in organization includes all activities that are
Form 1120-POL, such as legislation section 527(f)(3) set up by a section 501(c) related to and support the process of
enacted after it was published, go to organization), or other organization, influencing or attempting to influence the
www.irs.gov/Form1120POL. organized and operated primarily for the selection, nomination, election, or
purpose of accepting contributions or appointment of any individual to any
What’s New making expenditures, or both, to influence federal, state, or local public office, or
Section 965(a) inclusion. Section 965(a) the selection, nomination, election, or office of a political organization, or the
inclusion amounts from Form 965 are not appointment of any individual to any public election of Presidential or Vice Presidential
applicable for tax year 2021 and later office or office in a political organization, or electors, whether or not the individuals or
years. However, if you continue to make the election of Presidential or Vice electors are selected, nominated, elected,
installment payments of tax based on a Presidential electors. Political or appointed. The term “exempt function”
prior year section 965(a) election, continue organizations include the following. also means the making of expenditures
to attach Form 965-B to Form 1120-POL. 1. Newsletter fund, if it is a fund relating to the individual’s office, once
established and maintained by an selected, nominated, elected, or appointed,
How To Get Forms and individual who holds, has been elected to, but only if the expenditures would be
Publications or is a candidate (as defined in section deductible by an individual under section
Internet. You can access the IRS website 527(g)(3)) for nomination or election to any 162(a).
24 hours a day, 7 days a week, at federal, state, or local elective public office. Exempt function income is the total of
www.irs.gov to: The fund must be maintained exclusively all amounts received from the following
• Download forms, instructions, and for the preparation and circulation of the sources (to the extent that they are
publications; individual’s newsletter. separately segregated only for use for an
2. Separate segregated fund, if it is exempt function).
• Order IRS products online;
maintained by a section 501(c) organization • Contributions of money and property.
• Research your tax questions online; (exempt from tax under section 501(a)). For • Membership dues, fees, or assessments
• Search publications online by topic or more information, see section 527(f)(3) and paid by a member of a political party.
keyword; Regulations section 1.527-6(f).
• Proceeds from a political fundraising or
• View Internal Revenue Bulletins (IRBs) Taxable Income entertainment event, or from the sale of
published in recent years; and political campaign materials, if those
Political organization taxable income (line
• Sign up to receive local and national tax 19) is the excess of (a) gross income for amounts aren’t received in the active
news by email. the tax year (excluding exempt function conduct of a trade or business.
Tax forms and publications. Go to income (defined later)) over (b) deductions • Proceeds from the conduct of a bingo
www.irs.gov/Forms to view, download, or directly connected with the earning of game, as described in section 513(f)(2).
print all of the forms and publications you gross income (excluding exempt function
may need. You can also download and Specified Taxable Income
income). Taxable income is figured with the
view popular tax publications and following adjustments. Newsletter fund. Taxable income of a
instructions (including the 1040 and 1040- newsletter fund is figured in the same
1. A specific deduction of $100 is
SR instructions) on mobile devices as an manner as taxable income of a political
allowed (but not for newsletter funds).
eBook at no charge. Or you can go to organization except that the specific
www.irs.gov/OrderForms to place an order 2. The net operating loss deduction isn’t deduction of $100 isn’t allowed.
and have forms mailed to you within 10 allowed.
Exempt organization that isn’t a political
business days. 3. The dividends-received deduction organization. Gross income for an exempt
and other special deductions for organization described in section 501(c)
Phone Help corporations aren’t allowed. See section that isn’t a political organization should
If you have questions and/or need help 527(c)(2)(C). include the lesser of:
completing Form 1120-POL, please call Effect of failure to file Form 8871. Unless 1. The net investment income of the
877-829-5500. This toll-free telephone excepted (see Other Reports and Returns organization for the tax year, or
service is available Monday through That May Be Required, later), every
Friday. 2. The aggregate amount spent for an
political organization, in order to be
exempt function during the tax year either
considered a tax-exempt organization,
General Instructions must file Form 8871, Political Organization
directly or indirectly through another
organization.
Notice of Section 527 Status. An
Purpose of Form organization that is required to file Form Net investment income, for this purpose,
Political organizations and certain exempt 8871 but fails to file it when due must is the excess of:
organizations file Form 1120-POL to report include in taxable income for the period 1. The gross amount of interest,
their political organization taxable income before Form 8871 is filed its exempt dividends, rents, and royalties, plus the
and income tax liability under section 527. function income (including contributions excess, if any, of gains from the sale or
received, membership dues, and political exchange of assets, over the losses from
Who Must File fundraising receipts), minus any deductions the sale or exchange of assets; over
A political organization, whether or not it is directly connected with the production of
2. The deductions directly connected
tax exempt, must file Form 1120-POL if it that income. The organization may not
with the production of this income.
has any political organization taxable deduct its exempt function expenditures
because section 162(e) denies a deduction Taxable income is figured with the
income. adjustments shown in (1), (2), and (3) under
for political campaign expenditures.
An exempt organization that isn’t a Taxable Income, earlier.
political organization must file Form
1120-POL if it is treated as having political
organization taxable income under section
527(f)(1).
Form 1120-POL (2021) Page 3

Who Must Sign When and Where To File 2. Form 8872, Political Organization
Report of Contributions and Expenditures
The return must be signed and dated by: In general, an organization must file Form
(periodic reports are required during the
• The president, vice president, treasurer, 1120-POL by the 15th day of the 4th month
calendar year).
assistant treasurer, chief accounting after the end of the tax year.
Generally, a political organization that
officer; or If the due date falls on a Saturday,
files Form 8871 and accepts a contribution
• Any other officer (such as tax officer) Sunday, or legal holiday, the organization
or makes an expenditure for an exempt
authorized to sign. may file on the next business day.
function during the calendar year must file
Receivers, trustees, and assignees must File Form 1120-POL with the: this form. However, this form isn’t required
also sign and date any return filed on Department of the Treasury to be filed by an organization excepted
behalf of an organization. Internal Revenue Service Center from filing Form 8871 (see (1) earlier), or a
Ogden, UT 84201 qualified state or local political organization
If an employee of the organization
(QSLPO) (see the Instructions for Form
completes Form 1120-POL, the Paid If the organization’s principal business,
8871, and Rev. Rul. 2003-49, 2003-20
Preparer Use Only area should remain office, or agency is located in a foreign
I.R.B. 903, for the definition of a QSLPO).
blank. In addition, anyone who prepares country or a U.S. possession, the address
Form 1120-POL but doesn’t charge the for mailing their return should be: 3. Form 990, Return of Organization
organization shouldn’t complete that Exempt From Income Tax, or Form
Internal Revenue Service Center
section. Generally, anyone who is paid to 990-EZ, Short Form Return of Organization
P.O. Box 409101
prepare the return must sign it and fill in Exempt From Income Tax.
Ogden, UT 84409
the Paid Preparer Use Only area. An exempt political organization must
Private delivery services. Political
The paid preparer must complete the also file one of these forms if its annual
organizations can use certain private
required preparer information and: gross receipts are $25,000 or more
delivery services (PDS) designated by the
($100,000 or more for a QSLPO).
• Sign the return in the space provided for IRS to meet the “timely mailing as timely
the preparer’s signature, and filing” rule for tax returns. Go to The following political organizations
www.irs.gov/PDS for the current list of aren’t required to file Form 990 or Form
• Give a copy of the return to the taxpayer.
designated services. 990-EZ.
Note: A paid preparer may sign original or
The PDS can tell you how to get written • Any political organization excepted from
amended returns by rubber stamp,
proof of the mailing date. the requirement to file Form 8871.
mechanical device, or computer software
program. Also, facsimile signatures are For the IRS mailing address to use if • Any caucus or association of state or
authorized. you’re using PDS, go to www.irs.gov/ local officials.
PDSstreetAddresses. See the instructions for Form 990 or
Paid Preparer Authorization Form 990-EZ.

▲
PDS can’t deliver items to P.O.
If the organization wants to allow the IRS to
discuss its 2021 tax return with the paid
preparer who signed it, check the “Yes”
! boxes. You must use the U.S.
Postal Service to mail any item
4. Form 8997, Initial and Annual
Statement of Qualified Opportunity Fund
CAUTION to an IRS P.O. box address. (QOF) Investments.
box in the signature area of the return. This
authorization applies only to the individual Extension. File Form 7004, Application for Use Form 8997 to identify qualified
whose signature appears in the Paid Automatic Extension of Time To File investments held in a qualified opportunity
Preparer Use Only section of the return. It Certain Business Income Tax, Information, fund at any time during the year. If you held
doesn’t apply to the firm, if any, shown in and Other Returns, to request an extension a qualified investment in a qualified
that section. of time to file. opportunity fund at any time during the
year, you must file your Form 1120-POL
If the “Yes” box is checked, the Other Reports and Returns That with Form 8997 attached. See the
organization is authorizing the IRS to call
the paid preparer to answer any questions
May Be Required instructions for Form 8997.
that may arise during the processing of its An organization that files Form 1120-POL 5. Form 8992, U.S. Shareholder
return. The organization is also authorizing may also be required to file the following Calculation of Global Intangible Low-Taxed
the paid preparer to: forms. Income (GILTI).
• Give the IRS any information that is 1. Form 8871. Use Form 8992 to figure the domestic
missing from its return; corporation’s GILTI and attach it to Form
Generally, to be tax exempt, a political 1120-POL. See section 951A for more
• Call the IRS for information about the organization must file this form within 24 information.
processing of its return or the status of any hours of the date it is established and
refund or payment(s); and within 30 days of any material change in Accounting Methods
• Respond to certain IRS notices that the the organization. However, don’t file this
form if the organization is: Figure taxable income using the method of
organization may have shared with the accounting regularly used in keeping the
preparer about math errors, offsets, and • An organization that reasonably expects organization’s books and records.
return preparation. The notices won’t be its annual gross receipts to always be less Generally, permissible methods include:
sent to the preparer. than $25,000,
• Cash,
The organization isn’t authorizing the • A political committee required to report
under the Federal Election Campaign Act • Accrual, or
paid preparer to receive any refund check,
bind the organization to anything (including of 1971 (2 U.S.C. 431 et seq.), • Any other method authorized by the
any additional tax liability), or otherwise • A political committee of a state or local Internal Revenue Code.
represent it before the IRS. If the candidate, In all cases, the method used must
organization wants to expand the paid clearly show taxable income.
• A state or local committee of a political
preparer’s authorization, see Pub. 947,
party, or Change in accounting method. Generally,
Practice Before the IRS and Power of
• A tax-exempt organization described in the organization may only change the
Attorney.
section 501(c) that is treated as having method of accounting used to report
However, the authorization will taxable income (for income as a whole or
political organization taxable income under
automatically end no later than the due for any material item) by getting consent on
section 527(f)(1).
date (excluding extensions) for filing the Form 3115, Application for Change in
2022 tax return. If you want to revoke the Accounting Method. For more information,
authorization before it ends, see Pub. 947. see Pub. 538, Accounting Periods and
Methods.
Form 1120-POL (2021) Page 4

Accounting Period Same-day payment option. If you fail to a month the tax isn’t paid, up to a
submit a deposit transaction on EFTPS by maximum of 25% of the unpaid tax. If you
The organization must figure its taxable
8 p.m. Eastern time the day before the date receive a notice about a penalty after you
income on the basis of a tax year. The tax
a deposit is due, you can still make the file this return, reply to the notice with an
year is the annual accounting period the
deposit on time by using the Federal Tax explanation and we will determine if you
organization uses to keep its records and
Application (FTA). Before using the same- meet reasonable-cause criteria. Do not
report its income and expenses if that
day payment option, you will need to make include an explanation when you file your
period is a calendar year or a fiscal year.
arrangements with your financial institution return.
However, an organization that doesn’t keep
ahead of time. Please check with the Other penalties. Other penalties can be
books or doesn’t have an annual
financial institution regarding availability, imposed for negligence, substantial
accounting period must use the calendar
deadlines, and costs. To learn more about understatement of tax, and fraud. See
year as its tax year. A new organization
making a same-day payment and to sections 6662 and 6663.
must adopt its tax year by the due date
download the Same-Day Payment
(not including extensions) of its first income
tax return.
Worksheet, visit www.EFTPS.gov. Assembling the Return
Deposits on business days only. If a Attach Form 4136, Credit for Federal Tax
Change of tax year. After the organization
deposit is required to be made on a day Paid on Fuels, after page 1 of Form
has adopted a tax year, it must get the
that isn’t a business day, the deposit is 1120-POL. Attach schedules in
consent of the IRS to change its tax year
considered timely if it is made by the close alphabetical order and other forms in
by filing Form 1128, Application To Adopt,
of the next business day. A business day is numerical order after Form 4136.
Change, or Retain a Tax Year. See
any day other than a Saturday, Sunday, or
Regulations section 1.442-1 and Pub. 538. Complete every applicable entry space
legal holiday. For example, if a deposit is
on Form 1120-POL. Do not write “See
Rounding Off to Whole Dollars required to be made on a Friday and Friday
attached” instead of completing the entry
is a legal holiday, the deposit will be
The organization may round off cents to spaces. If you need more space on the
considered timely if it is made by the
whole dollars on the return and forms or schedules, attach separate sheets
following Monday (if that Monday is a
accompanying schedules. If the using the same size and format as on the
business day). The term “legal holiday”
organization does round to whole dollars, it printed forms. Show the totals on the
means any legal holiday in the District of
must round all amounts. To round, drop printed forms. Attach these separate
Columbia.
amounts under 50 cents and increase sheets after all the schedules and forms.

▲
amounts from 50 to 99 cents to the next If the organization owes tax Be sure to put the organization’s name and
dollar. For example, $1.39 becomes $1 and
$2.50 becomes $3. ! when it files Form 1120-POL,
don’t include the payment with
EIN on each sheet.

If two or more amounts must be added

CAUTION the tax return. Instead, use Specific Instructions
EFTPS.
to figure the amount to enter on a line, Period covered. File the 2021 return for
include cents when adding the amounts Interest and Penalties calendar year 2021 and fiscal years that
and round off only the total. begin in 2021 and end in 2022. For a fiscal
Interest year, fill in the tax year space at the top of
Federal Tax Deposits Must Be Interest is charged on taxes paid late even the form.
Made by Electronic Funds if an extension of time to file is granted. Note: The 2021 Form 1120-POL may also
Transfer Interest is also charged on penalties be used if:
You must use electronic funds transfer to imposed for failure to file, negligence,
fraud, gross valuation overstatements, and • The organization has a tax year of less
make all federal deposits (such as deposits than 12 months that begins and ends in
of estimated tax, employment tax, and substantial understatement of tax from the
due date (including extensions) to the date 2022, and
excise tax). Generally, electronic fund
transfers are made using the Electronic of payment. The interest charge is figured • The 2022 Form 1120-POL isn’t available
Federal Tax Payment System (EFTPS). If at a rate determined under section 6621. at the time the organization is required to
you don’t want to use EFTPS, you can file its return. The organization must show
Penalties its 2022 tax year on the 2021 Form
arrange for your tax professional, financial
institution, payroll service, or other trusted Penalties may be imposed if the 1120-POL and take into account any tax
third party to make deposits on your organization is required to file Form law changes that are effective for tax years
behalf. Also, you may arrange for your 1120-POL and it fails to file the form by the beginning after 2021.
financial institution to submit a same-day due date. The following penalties may Address. Include the suite, room, or other
wire payment on your behalf. EFTPS is a apply if the organization doesn’t file its tax unit number after the street address. If the
free service provided by the Department of return by the due date, including Post Office doesn’t deliver mail to the
the Treasury. Services provided by your tax extensions. street address and the organization has a
professional, financial institution, payroll Late filing of return. The organization P.O. box, show the box number instead of
services, or other third party may have a may be charged a penalty of 5% of the the street address.
fee. To get more information about EFTPS unpaid tax for each month or part of a Final return, name change, address
or to enroll in EFTPS, visit www.EFTPS.gov month the return is late, up to a maximum change, amended return. If the
or call 800-555-4477. Additional of 25% of the unpaid tax. The minimum organization ceases to exist, check the
information about EFTPS is available in penalty for a return that is more than 60 “Final return” box.
Pub. 966, Electronic Federal Tax Payment days late is the smaller of the tax due or
System: A Guide to Getting Started. $435. If you receive a notice about a If the organization has changed its name
penalty after you file this return, reply to the since it last filed a return, check the “Name
Depositing on time. For deposits made by change” box.
EFTPS to be on time, you must submit the notice with an explanation and we will
deposit by 8 p.m. Eastern time the day determine if you meet reasonable-cause If the organization has changed its
before the date the deposit is due. If you criteria. Do not include an explanation address since it last filed a return, check
use a third party to make deposits on its when you file your return. the “Address change” box.
behalf, they may have different cutoff Late payment of tax. An organization that Note: If a change in address occurs after
times. doesn’t pay the tax when due may the return is filed, the organization should
generally have to pay a penalty of ½ of 1% use Form 8822-B, Change of Address or
of the unpaid tax for each month or part of Responsible Party—Business, to notify the
IRS of the new address.
Form 1120-POL (2021) Page 5

Amended return. If you are filing an Also include on this line: Line 22. Total tax. If the political
amended Form 1120-POL: • Expenditures that were made from organization must recapture any of the
• Check the “Amended return” box, exempt function income that weren’t for an qualified electric vehicle credit, include the
exempt function and resulted in direct or amount of the recapture in the total for line
• Complete the entire return, 22. On the dotted line next to the entry
indirect financial benefit to the political
• Correct the appropriate lines with the organization (see Regulations section space, write “QEV recapture” and the
new information, and 1.527-5 for examples), and amount. See Regulations section 1.30-1 for
• Refigure the tax liability. details on how to figure the recapture.
• Illegal expenditures.
Attach a sheet that explains the reason Attach a schedule listing all income and What if You Can’t Pay in Full?
for the amendments and identifies the lines expenditures included on line 7.
and amounts being changed on the If you can’t pay the full amount of tax you
amended return. Generally, the amended Line 17. Taxable income before specific owe, you can apply for an installment
return must be filed within 3 years after the deduction of $100. Political organizations, agreement online.
date the original return was due or 3 years newsletter funds, and separate segregated You can apply for an installment
after the date the organization filed it, funds figure their tax by subtracting line 16 agreement online if:
whichever is later. from line 8 and entering the result on line
17(c). • You can’t pay the full amount shown on
Employer identification number (EIN). line 24,
Enter the nine-digit EIN assigned to the Exempt organizations (section 501(c))
that aren’t political organizations. • The total amount you owe is $25,000 or
organization. If the organization doesn’t less, and
have an EIN, it must apply for one. An EIN Complete lines 17a and 17b if the
organization made exempt function • You can pay the liability in full in 24
can be applied for online by visiting the IRS
expenditures that weren’t from a separate months.
website at www.irs.gov/EIN. The
organization may also apply for an EIN by segregated fund. Enter on line 17c the To apply using the Online Payment
faxing or mailing Form SS-4 to the IRS. smaller of line 17a or 17b. See Exempt Agreement Application, go to
Customers outside the United States or organization that isn’t a political www.irs.gov/OPA.
U.S. possessions may also apply for an organization, earlier, for an explanation of
the amounts to enter on these lines. Under an installment agreement, you can
EIN by calling 267-941-1099 (toll call). pay what you owe in monthly installments.
The online application process isn’t yet Line 19. Taxable income. If the taxable There are certain conditions you must meet
available for organizations with addresses income on line 19 is zero or less, the Form to enter into and maintain an installment
in foreign countries. 1120-POL isn’t required to be filed, but it agreement, such as paying the liability
may be filed to start the statute of within 24 months and making all required
If the organization hasn’t received its limitations period. deposits and timely filing tax returns during
EIN by the time the return is due, write
Line 20. Income tax. The tax rate for the length of the agreement.
“Applied for” in the space provided for the
EIN. See Pub. 583, Starting a Business and 1120-POL filers is 21%. Figure your tax by If your installment agreement is
Keeping Records, for details. multiplying line 19 by 21% (0.21) and enter accepted, you will be charged a fee and
the result on line 20. you will be subject to penalties and interest
Income and deductions. Campaign
Note: Estimated tax and alternative on the amount of tax not paid by the due
contributions and other exempt function
minimum tax don’t apply to political date of the return.
income are generally not includible in
income; likewise, campaign expenditures organizations.
Additional Information
and other exempt function expenditures If Form 8978, Partner’s Additional
aren’t deductible. To be deductible in Reporting Year Tax, was filed, attach it to Question 1
figuring political organization taxable Form 1120-POL. Do not enter any amount Foreign financial accounts. Check the
income, expenses must be directly from Form 8978, line 14, on line 20. “Yes” box if either (1) or (2) next applies to
connected with the production of political Line 21. Tax credits. The organization the organization. Otherwise, check the
organization taxable income. In those may qualify for the following credits. “No” box.
cases where expenses are attributable to
the production of both exempt function • Employer credit for paid family and 1. At any time during the 2021 calendar
income and political organization taxable medical leave. See Form 8994, Employer year the organization had a financial
income, the expenses should be allocated Credit for Paid Family and Medical Leave. interest in or signature or other authority
on a reasonable and consistent basis. Only • Foreign tax credit. See Form 1118, over a bank, securities, or other types of
the portion allocable to the production of Foreign Tax Credit—Corporations. financial accounts in a foreign country; and
political organization taxable income may • Qualified electric vehicle credit • The combined value of the accounts was
be deducted. No deduction is allowed for (carryforward ONLY). See Form 8834, more than $10,000 at any time during the
general administrative or indirect expenses. Qualified Electric Vehicle Credit. calendar year; and
Line 7. Other income and nonexempt • General business credit (excluding • The accounts weren’t with a U.S. military
function expenditures. Enter the income the small employer health insurance banking facility operated by a U.S. financial
from other sources, such as the following. premium credit, work opportunity credit, institution.
• Exempt function income that wasn’t employee retention credit (Form 5884-A), 2. The organization owns more than
properly segregated for exempt functions. the empowerment zone employment 50% of the stock in any corporation that
• Income received in the ordinary course credit, the Indian employment credit, and would answer “Yes” to item (1) above.
of a trade or business. the credit for employer differential wage See FinCEN Form 114, Report of Foreign
payments). See Form 3800, General Bank and Financial Accounts (FBAR), to
• Ordinary income from the trade or Business Credit.
business activities of a partnership (from find out if the organization is considered to
Schedule K-1 (Form 1065), Partner’s Share Enter the total amount of qualified have an interest in or signature or other
of Income, Deductions, Credits, etc., Part credits on line 21 and attach the authority over a financial account in a
III, box 1). applicable credit forms. foreign country.
• Exempt function income (minus any If Form 8978 was filed, attach to Form
deductions directly connected with the 1120-POL. Do not enter any amount from
production of that income) taxable under Form 8978, line 14, on line 21.
section 527(i)(4) for failure to timely file
Form 8871. Include amounts whether or
not segregated for use for an exempt
function.
Form 1120-POL (2021) Page 6

If “Yes” is checked for this question, file Question 3 The time needed to complete and file
FinCEN Form 114 electronically with the In the space provided, show any tax- this form will vary depending on individual
Department of the Treasury using FinCEN’s exempt interest income received or circumstances. The estimated burden for
BSA E-Filing System. Because FinCEN accrued. Include any exempt-interest business taxpayers filing this form is
Form 114 isn’t a tax form, don’t file it with dividends received as a shareholder in a approved under OMB control number
Form 1120-POL. mutual fund or other regulated investment 1545-0123 and 1545-0047, and is included
See www.FINCEN.gov for more company. in the estimates shown in the Instructions
information. for Form 1120.
Also, if “Yes” is checked for this Paperwork Reduction Act Notice. We If you have comments concerning the
question, enter the name of the foreign ask for the information on this form to carry accuracy of these time estimates or
country or countries. Attach a separate out the Internal Revenue laws of the United suggestions for making this form simpler,
sheet if more space is needed. States. You are required to give us the we would be happy to hear from you. You
information. We need it to ensure that you can send us comments from
Question 2 are complying with these laws and to allow www.irs.gov/FormComments. Or you can
If you checked “Yes” to Question 2, the us to figure and collect the right amount of write to:
organization may be required to file Form tax. Internal Revenue Service
3520, Annual Return To Report You aren’t required to provide the Tax Forms and Publications
Transactions With Foreign Trusts and information requested on a form that is 1111 Constitution Ave. NW, IR-6526
Receipt of Certain Foreign Gifts. For subject to the Paperwork Reduction Act Washington, DC 20224
details, see the Instructions for Form 3520. unless the form displays a valid OMB Although we can’t respond individually to
Note: An owner of a foreign trust must control number. Books or records relating each comment received, we do appreciate
ensure that the trust files an annual to a form or its instructions must be your feedback and will consider your
information return on Form 3520-A, Annual retained as long as their contents may comments as we revise our tax products.
Information Return of Foreign Trust With a become material in the administration of
Do not send the form to this office. See
U.S. Owner. For details, see the any Internal Revenue law. Generally, tax
When and Where To File, earlier.
Instructions for Form 3520-A. returns and return information are
confidential, as required by section 6103.