Form 3800 General Business Credit

Introduction

Form 3800, General Business Credit, is essential for organizations claiming a variety of business credits under U.S. tax law. This form is especially relevant to tax-exempt organizations filing Form 990-T as it allows them to report and potentially offset their unrelated business income tax (UBIT) through various business credits.

In this resource guide, we aim to brief on Form 3800, providing valuable insights into its purpose, the entities obligated to file, the filing requirements, and addressing common queries.

What is Form 3800?

Form 3800, is used by businesses and certain tax-exempt organizations to claim a range of general business credits. These credits are incentives established by the IRS to promote various economic activities, such as employing targeted workers, investing in sustainable energy, and conducting research and development.

By filing Form 3800 along with Form 990-T, eligible exempt organizations can reduce their tax burden, making it a valuable tool in comprehensive tax management.

Who must file Form 3800?

Generally, any organization that is subject to UBIT and has claimed general business credits must file Form 3800. This includes

• Exempt Organizations Filing Form 990-T: Tax-exempt organizations with unrelated business income can use Form 3800 to claim applicable credits, which can offset the unrelated business income tax (UBIT).
• Partnerships and S corporations: that make elective payment elections, transfer elections (as transferor), or receive a credit from a transfer (as transferee) must complete and file Form 3800.
• Applicable entities: that make an elective payment election for certain IRA 2022 credits must complete Form 3800 and their tax return.

Choose TaxZerone to complete your Form 3800 filing

TaxZerone simplifies the complex process of Form 3800 filing. Our user-friendly platform guides you through each step, ensuring accuracy and efficiency.

Some of the key benefits of choosing TaxZerone include:

• Expert Guidance: Our team of tax professionals is available to assist you with any questions or concerns.
• Time-Saving Tools: Automate calculations and streamline the filing process.
• Accurate Filings: Minimise errors and avoid potential penalties.
• Peace of Mind: You can rest assured that your Form 3800 is filed correctly and on time.

Here’s how your Form 990-T return with Form 3800 is transmitted to the IRS in 3 simple steps!

1. Provide Organization Details - Choose the tax year for which you want to file the 990-T return, and provide your organization’s details.
2. Preview Form 3800 - Attach Form 3800 to claim any business credits for your exempt organization and preview the information provided in the return for accuracy before transmitting.
3. Transmit to the IRS - Transmit Form 3800 along with your 990-T Return to the IRS and get the acceptance in just a few hours.

And here's another wow thing about us – should the IRS happen to reject your information return, fear not! TaxZerone makes sure you can rectify the errors and retransmit your form back to the IRS, all free of cost!