IRS Selects Return for Exec Compensation, College Endowment Taxes (Corrected)

The IRS has designated a common excise tax return for filers who owe new excise taxes on nonprofit executive compensation and college endowment funds.

Taxpayers who are liable for tax under tax code Sections 4960, 4966, 4967, or 4968 are required to file Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code, the Internal Revenue Service said in final regulations (T.D. 9855) released April 5. Filers will have until the 15th day of the fifth month after the end of their taxable year ...