How do I file Form 8038-CP with Tax990?
45 views |
Last modified 4/3/2024 9:53:30 AM EST |
Follow the steps below to file Form 8038-CP with Tax990.
Step 1: Log in to the Tax990 account. Navigate to the 8038-CP Dashboard and Click ‘Add Bond’.
Step 2: An entity or organization that issues the bonds is referred to as the reporting authority. Click ‘Add Reporting Authority’ and enter all the required details. Click on ‘Save’ button upon adding the reporting authority details.
Step 3: Click ‘Add Entity’ and enter all the details of the entity you filing for. Click on the ‘Update’ button once updating the details. You can check 'Yes' if the entity receives payment the same as the reporting authority to pull up the information here.
Step 4: Then, add the bonds issued by the reporting authority. You are required to include the following details of the bond:
- Name of the issue - Enter the name of the issue.
- Date of the issue - Enter the date on which the bond was issued.
- IRS Code for Bond - Enter the corresponding three-digit code number to indicate the type of bond.
| IRS Code Number | Bond Type |
| 102 | New clean renewable energy bonds |
| 103 | Qualified energy conservation bonds |
| 104 | Qualified zone academy bonds |
| 105 | Qualified school construction bonds |
| 109 | Build America bonds |
| 110 | Recovery zone economic development bond |
- Type of bond - Choose any of the bond types shown below.
- Fixed-rate bonds - These bonds will have a fixed interest rate throughout the bond tenure.
- Variable rate bonds - These bonds will have an interest rate that may fluctuate during the bond tenure.
- Report No Issuers must assign permanent report numbers for bonds currently eligible to receive credit payments and consistently use the same report number when filing to claim credit for the bond. Use the dropdown to assign a separate report number in the range 401–450 for each type of bond that must be treated as a separate bond issue for purposes of Form 8038-CP payment requests.
- CUSIP No - Enter the Committee on Uniform Securities Identification Procedures (CUSIP) number on the bond with the latest maturity. You can find the CUSIP Number of the bond on the respective lines of the forms as mentioned below.
| Bonds | Forms Reference |
| New clean renewable energy bonds | Form 8038-TC, Part I, line 9 |
| Qualified energy conservation bonds | Form 8038-TC, Part I, line 9 |
| Qualified zone academy bonds | Form 8038-TC, Part I, line 9 |
| Qualified school construction bonds | Form 8038-TC, Part I, line 9 |
| Build America bonds | Form 8038-B, Part I, line 9 |
| Recovery zone economic development bonds | Form 8038-B, Part I, line 9 |
- Interest payment date Frequency - Choose the frequency at which you are making interest payments.
If you need to add more bonds, click on ‘Add Another Bond’ and enter the details. If not, click ‘Next’ to save the bonds you added.
Step 5: Click the 'Start New Return' option under the action column next to the required bond to submit a bond with the IRS.
Step 6: Fill out the required details on the form. Once done, click ‘Proceed to Audit & Transmit’.
Step 7: If there are any errors found on the form, fix the errors by clicking ‘Fix errors’. Once done, click ‘Next’ to proceed.
Step 8: The IRS requires that you submit Form 8453-TE along with the 8038-CP return as an e-file signature. Tax990 generates this form on your behalf once you’ve completed the return. Click on ‘e-Sign Form 8453-TE’ to add your signature and proceed.
Step 9: You can add the phone number and fax number to receive IRS status updates on the form. Then, click ‘Next’ to proceed.
Step 10: Tax990 offers electronic and manual options to share your return with organization members for review and approval. Choose the method you prefer and click ‘Next’.
Step 11: Enter any 5-digit number as your PIN as the electronic signature and click ‘Transmit to the IRS’.
