Rev. February 2022
Form 8038 is a tax form used by issuers of tax-exempt bonds to report certain information to the Internal Revenue Service (IRS). This includes information about the bond issue, the use of proceeds, and compliance with various volume cap limitations. The form must be filed annually or whenever the issuer issues new tax-exempt bonds.
A charitable gift annuity is a type of irrevocable gift in which a donor makes a gift to a charity and, in return, receives regular payments for a specified period of time. The payments are based on the donor's age and life expectancy.
A pooled income fund is a type of charitable trust in which multiple donors' funds are combined to create a larger pool of money. The income from the fund is then distributed to the participating organizations based on predetermined formulas.
Certain tax-exempt organizations, including charitable remainder trusts, charitable gift annuities, and pooled income funds, are required to file Form 8038.
Form 8038 is used to report certain tax-exempt organizations' investment income, such as interest, dividends, and rents.
A charitable remainder trust is a type of irrevocable trust in which a donor transfers assets to the trust, and a portion of the assets are later distributed to one or more charities. The donor receives income from the trust for a specified period of time.
If an organization fails to file Form 8038, it may be subject to penalties and interest charges. Additionally, the organization may lose its tax-exempt status.
The deadline for filing Form 8038 is generally the 15th day of the 9th month after the end of the organization's tax year.
You will need to provide information such as the organization's name, address, and Employer Identification Number (EIN), as well as details about the investment income received during the tax year.
The purpose of filing Form 8038 is for the IRS to determine whether the organization has exceeded its income limitations and is therefore subject to federal income tax.
Form 8038 is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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