Get IRS Instruction 1098-C 2019

Section 6720 Penalties For the latest information about developments related to Form 1098-C and its instructions such as legislation enacted after they were published go to IRS.gov/Form1098C. 37. Specific Instructions Who Must File A donee organization must file a separate Form 1098-C Contributions of Motor Vehicles Boats and Airplanes with the IRS for each contribution of a qualified vehicle that has a claimed value of more than 500. Truncating donor s TIN on acknowledgements. Pursuant to Treasury Regulations section 301. 6109-4 all filers of this form may truncate a donor s TIN social security number SSN individual number ATIN or employer identification number EIN on written files with the IRS. A filer s TIN may not be truncated on any form. See part J in the 2018 General Instructions for Certain Information Returns. Box 1. Date of Contribution Enter the date you received the motor vehicle boat or airplane from the donor. Provide the donor with Copies B and C of Form 1098-C or your own Jan 02 2018 Other penalties may apply. Instructions for Form 1098-C Department of the Treasury Internal Revenue Service Contributions of Motor Vehicles Boats and Airplanes Section references are to the Internal Revenue Code unless otherwise noted* General Instructions for Certain Information Returns for information on how to file. Future Developments What s New Do not file Form 1098-C for a contribution of a qualified vehicle with a claimed value of 500 or less. However you may use it as CAUTION the contemporaneous written acknowledgment under section 170 f 8 by providing the donor with Copy C only. If you use Copy C as the acknowledgment you must check box 7. In addition do not complete boxes 4a through 5c or enter the donor s TIN on the form* You may but are not required to enter the donee s federal TIN on the form* Penalty rate change. The multiplier for computing a section 6720 penalty has been reduced from 39. 6 0. 396 to 37 0. 37. Online fillable form* Due to the very low volume of paper Forms 1098-C received and processed by the IRS each year these forms have been converted to an online fillable format. You may fill out the forms found online at IRS*gov/Form1098C and send Copy B to the donor. For filing with the IRS follow your usual procedures for filing electronically if you are filing 250 or more forms. If you are filing these forms on paper due to a low volume of recipients for these forms only you may send in the black-and-white Copy A with Forms 1096 that you print from the IRS website. Reminder In addition to these specific instructions you should also use the 2018 instructions include information about the following topics. Who must file nominee/middleman. When and where to file. Electronic reporting requirements. Corrected and void returns. Statements to recipients. Taxpayer identification numbers TINs. Backup withholding. Penalties. Other general topics. You can get the general instructions at General Instructions for Certain Information Returns or IRS*gov/Form1098C.