Below is a list of the most common customer questions.
If you can’t find an answer to your question, please don’t hesitate to reach out to us.
What is the purpose of Form 1120-POL?
The U.S. Board of Trade is the body that sets and enforces our trade laws, including Form 1120-POL (see our Form 1120-POL page for more information). Form 1120-POL is designed to notify the public of an impending trade prohibition or restriction.
During an imminent trade prohibition, individuals who have foreign financial assets or U.S. business interests may be considered prohibited sources of foreign currency (or prohibited entities). Certain non-financial foreign governments or foreign governments in which the U.S. has certain interests may also be considered prohibited sources of foreign currency. The Department of the Treasury is charged with investigating possible violations of these prohibitions, and with issuing a Notice of Proposed Suspension or Prohibition. Information about possible violations of these prohibitions and prohibitions may be obtained by completing the Application for Information or by contacting the Department of the Treasury (see Frequently Asked Questions for additional information).
During an impending trade restriction, the Department of the Treasury may impose additional requirements on entities that meet the criteria for any of the prohibited sources. Information about these additional and additional-defined requirements may be obtained by completing the Application for Information. The Department may also issue an Advisory Opinion or Enforcement Decision if information is available from a trade restriction or suspension related to a foreign financial institution. Information about the Department's Advisory Opinion or Enforcement Decision may be obtained by completing Application to Obtain Advisory Opinion or Enforcement Decision.
If you believe that you know of an impending trade prohibition or restriction to trade in or to hold or receive capital or financial capital (including foreign currency), you may submit your information in electronic form. You may submit Form 1120-POL using a secure web-based web portal, the IRS e-file service, or by mail.
Who should complete Form 1120-POL?
You can choose from eligible individuals, eligible entities.
The requirements for Form 1120-POL are:
I should complete a form I'm asked to complete when I submit a Form 1120-POL
I am an individual or corporation.
Furthermore, I should complete the form with all the information I would provide to a financial institution to complete a Form 1120-POL.
Furthermore, I should provide an original or copy of any document with which you have a relationship to establish this relationship;
I am the beneficiary of a qualified retirement plan, annuity contract, or similar arrangement;
I am a former resident alien; or
I have a bona fide financial interest in a contract, scheme, or art, including a royalty, or other income, or benefit of one that is being or may soon be made a subject of a governmental proceeding or audit, and the interest is not prohibited under the Code, other Federal immigration laws, or Executive Order No. 13563.
The requirement that you must prove that you are an eligible individual includes:
I am an individual, a partnership, and a corporation.
I am a sole proprietor or independent contractor and
In the year of filing, I am the sole and entire owner (or, if the corporation is an S corporation, a majority interest of not less than 50 percent) of the entity.
I am an S corporation.
This requirement also applies to an S corporation that has a direct or indirect class of voting stock.
I am a qualifying retiree (other than an individual described above).
To be eligible to complete Form 1120-POL, you have to be eligible to become an eligible individual, and you have to sign the form.
Who is eligible for Form 1120-POL? You are all individuals, or entities, who: Are resident in the United States;
Are eligible for U.S. citizenship or U.S. permanent resident status (green card);
Are citizens or nationals of a foreign country (at any time during the 10-year period beginning on the date such a person became a citizen or national);
Have had a U.S. tax liability for five or more years in the preceding 5 tax years, and
Are not citizens or nationals of countries that are party to the Visa Waiver Program. See Form 1120-POL and the Visa Waiver Program.
When do I need to complete Form 1120-POL?
An individual may complete Form 1120-POL on or after the last day of the 3rd month following the month that the U.S. income tax return for the calendar year was filed. The individual must enter their SSN number, if requested, and attach a completed Form 1120-S, Application for Employer Identification Number. The application must be filed on the last day of the third month following the month for which the application is due.
Can my children file Form 1120-POL as independent taxpayers?
Yes. If you (as an employer with more than 500 employees or shareholders) are subject to the social security taxes, federal income taxes, or Medicare taxes for the self and dependents of your employees, children must file Form 1120-S, Application for Employer Identification Number.
I am a new owner of a business. Am I required to file a tax return?
No. If an organization is formed prior to the effective date of the regulations, it will not need to file a federal income tax return to comply with the regulations. If an organization that is organized on or after August 5, 2010, must file a federal income tax return, see Publication 1244, Employers' Tax Guide, and Form 1120-S, Application for Employer Identification Number and the Instructions for Form 1120-S.
If an organization that is organized prior to August 5, 2010, must file a federal income tax return, see Publication 1244, Employers' Tax Guide, and Form 1120-S, Application for Employer Identification Number and the Instructions for Form 1120-S. For a more detailed discussion of filing a tax return, see Pub. 946, Employer's Tax Guide for Tax Year 2013.
What is required to comply with the regulations?
There are 3 requirements to comply with the regulations.
The employee must file Form 1120-S, Application for Employer Identification Number. If the employee is not self-employed, the organization is required to file Form 1120-S, Application for Employer Identification Number, to obtain an SSN.
The employer must provide a complete and truthful statement of its affairs, and be in compliance with all federal, state, and local laws and tax regulations.
The employer will report its compensation from all sources on the timely filed federal income tax return.
Can I create my own Form 1120-POL?
This is not recommended. We do not make this available to the public. It is only available to companies who have signed a confidentiality agreement with the City through the Project Manager or project development services manager. It will then be available to the public a couple of years after the project is complete — usually two to three years after construction is completed.
Do we have to have all the materials in City possession (pipes, conduits, pipes, valves, etc.) for construction of the service line?
No. The City, as the project management arm, will not possess any of the construction materials necessary to complete the construction. This includes the necessary pipelines, conduits, valves, electrical wire, etc. The City may only possess the necessary equipment to control the electrical power. If you do not have a construction permit, you would be violating a City Ordinance for which there is no way to seek expungement (a process by which an order to vacate an area that does not exist will become final even though a construction permit is still required). You can apply for expungement of the Order to Vacate as part of your application for an application for a Public Utility Service (as explained in Chapter 3-4). After the order is filed with the Office of the City Solicitor, it may take up to six months for it to be resolved, depending on when the application was filed.
Why are we charging such heavy fees on a new system when all the systems I have been using for twenty years are under my house! I thought it was more expensive these days.
We are charged so much because of our unique design and the design elements that we have incorporated into the system. We have made the effort to obtain permits for every aspect of the system that we know may be the most difficult to obtain (i.e. a permit to run our electrical service in our backyard). Our system is the first of its kind and the City will not be able to offer a service comparable to this any time in the near future. The rate that we charge is the equivalent to an entire new system, but we are charging the fees for a complete replacement of our service system.
How can we do the wiring ourselves?
The City does not maintain a system with wiring to every home in the City except for individual residence and apartment buildings.
What should I do with Form 1120-POL when it’s complete?
The completed Form 1120-POL provides the basis for determining what happens to your tax refund after the application period has expired. On December 31, you should mail or deliver your Form 1120-POL to the addresses listed below. Once you submit tax-exempt interest, investment, income, and other income, you should continue to send your form until you receive the tax receipt.
Send Form 1120-POL by mail to:
Treasury Inspector General for Tax Administration
P.O. Box 72793
Baltimore, MD 2
If you received your Form 1120-POL by email, or you mailed it, visit the IRS website to access the online Form 1120-POL and download the information for your specific return.
Mail Form 1120-POL to:
Treasury Inspector General for Tax Administration
P.O.
How do I get my Form 1120-POL?
Get your Form 1120-POL online at
Download the “Print Copy” form you will receive at the point of service
Fill out the “Print Copy” and mail it to:
U.S. Department of State
Cards and Driver's Licenses Services
P.O. Box 9422
Charlottesville, VA 22
What happens to my application when I visit my local U.S. Embassy or Consulate?
Your application will be forwarded to your Consular Section for processing. Consular officers in your area will send a Form 1589-F to you. A consular office will review your Form 1589-F and approve it. You will then have the option to either renew your travel document or to replace it.
Will my U.S. passport be lost or stolen?
Passports are the most valuable of all travelers documents. Therefore, we strongly encourage that all U.S. passports be carried when traveling abroad.
Passports are valid for an unlimited number of years and are easy to use and understand. They are issued through the U.S. Department of State.
What documents do I need to attach to my Form 1120-POL?
You must submit a valid document to establish residence if you do not have a letter from a physician (as a Form 1120-POL applicant) attesting to you having health insurance at the time of application. To attach a letter from a physician, write it on the back of a piece of paper and send it to the Department of Health Services (DHS), Office of Health Insurance & Health Care Payment Processing, 100 Medical Plaza, Mail Stop 2, Room 1009A, Indianapolis, IN 46. You can also send us a letter or fax that shows you have health insurance (as an applicant) by using forms on our website or by calling. For a list of acceptable documents, please click here.
Can a resident of one State fill out the Form 1120-POL on behalf of an applicant in another State?
Yes.
I have been granted Medicaid! Do I need to apply for an exchange plan at the same time?
No. Medicaid is a federal program, and you do not need to apply for an exchange plan at the same time. You can apply for an exchange plan only after signing up for an exchange plan through the Federal Health Care and Education Exchange (the federal-state exchange), as described further in the next FAQ.
What documentation do I need to file a Form 1120-POL and attach it to my Form 8962?
Once you have completed the electronic process to create a Medicaid application using a Health Insurance Marketplace, you may use a paper-based electronic application to file a Form 1120-POL. You should use Form 1120-POL to:
prove your identity
prove that you are a citizen or permanent resident of the United States or have a green card or work visa
prove that you are eligible for Medicaid coverage and, if you are living in Indiana and eligible for Indiana programs, to show that your employer will enroll you based on your eligibility
If you are not a United States citizen, you must provide additional proof to prove U.S. citizenship (such as a birth certificate that shows the child's name, date of birth, or a U.S. passport). You must show one of the following documents as proof of U.S. citizenship:
Renunciation of U.S. Citizenship
Certificate of Citizenship or Naturalization
Naturalization Certificate
U.S.
What are the different types of Form 1120-POL?
There are two types of Form 1120-POL that are filed with the IRS:
Form 1120-D (Application to Amend)
Form 1120-X (Application to Amend)
Your business, like a corporation, is required to file a Form 1120-D to update a federal tax return. Form 1120-D has specific provisions (for example, it must include information about whether your business made a loss in the prior year, and whether you are a taxpayer under the Federal Estate Tax Act and have gross estate or taxable income of over 5,000) that are distinct from the other two categories.
For example, if your corporation lost 15,000 in the prior year, and you claim zero taxable income, you would submit your Form 1120-D to the IRS along with a Form 1099-B. That information is added to a page of Forms 952 through 1099-R. This page of Form 952 would also be used to fill out Form 1120-X.
What information is required?
In order to report and pay taxes on the income from a business, you must complete the information that is listed on the Schedule C attached to Form 1120-D and attach it to Form 952. For example, Schedule C — Sales of Capital Assets lists all the property or assets that the corporation has (such as stock or real estate), which must be considered when reporting business income. Schedule C also lists amounts that the corporation received as dividends (or interest) on any of the properties.
In addition, Schedule C does not need to be amended if it already lists all the relevant items listed on the Schedule C. If a corporation filed a Form 1120-D and the Schedule C does not list all the required items, the corporation may need to prepare and file a new Schedule C to amend the list of those items.
If Form 1120-D does not include information on income from a new business, the corporation must still file a completed Schedule C-Investment and Schedule C-Sales of Property and Equipment.
What are the filing requirements for individual shareholders?
Each shareholder of a corporation needs to file Form 1120-S, Corporate Income Tax Returns. The Form 1120-S has two parts: Part I is a Schedule containing the information that shareholders must include when they make their tax returns. Part II includes additional instructions for investors.
How many people fill out Form 1120-POL each year?
The form 1120-POL is an annual request for a medical examiner's report. There is no limit to the number of persons filling out any request for a medical examiner's report, and it can be requested in person, by mail, or online. Individuals are eligible to request Form 1120-POL from the Department of Justice's Division of Criminal Justice Services, Federal Bureau of Investigation, Virginia Department of Medical Examiner/Coroner, the U.S. Army, Virginia Department Of Public Health, county coroners, state medical examiners' offices, local medical examiner's offices, and state police services organizations.
What questions can I ask the medical examiner?
A medical examiner's report can tell you how someone died and, in some cases, what kind of cause of death. For example, death due to natural causes is listed as “natural,” but may also be due to suicide, homicide, accidental overdose, motor vehicle accident, or a third cause.
Is there a due date for Form 1120-POL?
This document is not the law; therefore you'll need to consult a lawyer.
Can any state or local laws apply?
No, not unless the application was filed in an area outside the EU that has an agreement with the EU. These countries are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Luxembourg, The Netherlands, New Zealand, Norway Switzerland, and United Kingdom.
I have more questions. How can I get help?
Call for general information and to speak with a Member of the EU Commission's Enlargement Negotiating Team. When you reach the Enlargement Negotiating Team, ask to speak to its Regional Representative.
For more specific information on your application, or to discuss a possible agreement on the EU-Canada trade agreement (BETA), please call the Enlargement Negotiating Team at.