Form 7139 is a tax form used by businesses to transfer tax payments from one tax period to another. This form is also known as the “Payment Transfer Request” form. It is used by businesses that have overpaid their taxes in one period and want to apply that excess payment to their tax liability in another period.
Who can use Form 7139?
Any business that has overpaid its taxes in one period and wants to apply that excess payment to another period can use Form 7139. This form is typically used by businesses that file their taxes quarterly or annually.
Transfer to Business Taxes 7139 is a form used by the Internal Revenue Service (IRS) in the United States to transfer tax liabilities from an individual’s personal account to their business account. This form is typically used by taxpayers who owe back taxes or have unpaid tax liabilities that need to be transferred to their business account for payment.
To transfer tax liabilities to a business account, taxpayers must complete Form 7139 and submit it to the IRS. The form requires taxpayers to provide their personal information, including their name, Social Security number, and address, as well as their business information, including the business name, address, and tax identification number.
Once the IRS receives Form 7139, they will review the information provided and transfer the tax liabilities to the designated business account. It’s important to note that taxpayers are still responsible for paying the transferred tax liabilities, even if they are now associated with their business account.
Due Date of Filing:
The due date for filing Form 7139 is the same as the due date for filing the tax return for the period to which the payment transfer applies. For example, if a business wants to transfer a payment from the first quarter of the year to the second quarter of the year, the due date for filing the form will be the same as the due date for filing the second quarter tax return.
The due date for filing Form 7139 is dependent on the due date for filing the tax return for the relevant period to which the payment transfer applies. The specific date can vary depending on the taxpayer’s filing frequency and the tax year.
For instance, for the 2022 tax year, the due date for filing the second quarter tax return (Form 941) is July 31, 2022, for monthly and semiweekly depositors. Therefore, if a business wants to transfer a payment from the first quarter of 2022 to the second quarter of 2022, the due date for filing Form 7139 will also be July 31, 2022.
It’s important to check with the IRS or a tax professional for specific due dates based on individual circumstances.
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Here’s some key information about Form 7139 in a table format:
| Form Name | Payment Transfer Request Form |
|---|---|
| Who can use it? | Businesses that overpaid their taxes in one period and want to apply that excess payment to another period |
| Due date of filing | Same as the due date for filing the tax return for the period to which the payment transfer applies |
| Purpose | To transfer tax payments from one tax period to another |
In summary, Form 7139 is a helpful tool for businesses that want to transfer overpayments made in one tax period to another tax period. It is important to file the form by the due date to avoid any penalties or interest charges. If you are unsure whether this form is applicable to your business, consult with a tax professional for guidance.
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