|
Filing
Requirements Summary
IRS
guidance for filing and payment of business
income taxes is given in the following table.
| If
you are liable for: |
Then
use Form: |
Due
by: |
| Partnership
taxes |
1065 |
April
15 following the close of the partnership's
tax year if its accounting period is
the calendar year. Fiscal Year Partnership
- 15th day of the 4th month following
the close of its fiscal year. Provide
each partner with Sch K-1 (Form 1065).
See Partnerships |
| S-Corporation
taxes |
1120-S
1120-W
(Estimated Taxes - Corporations Only) |
15th
day of the 3rd month following the date
the corporation’s tax year ended as shown
at the top of Form 1120S. Calendar year
- March 15. If due date falls on a Saturday,
Sunday, or legal holiday, file on the
next business day. If the S corporation
election was terminated during the tax
year, file Form 1120S for the S corporation’s
short year by the due date (including
extensions) of the C corporation’s short
year return. See S-Corporations |
| Corporate
taxes |
1120
or 1120-A
1120-W
(Estimated Taxes - Corporations Only) |
15th
day of the 3rd month after the end of
its tax year. New corporation filing
a short-period return -15th day of the
3rd month after the short period ends.
Corporation that has dissolved -15th day
of the 3rd month after the date it dissolved.
See Corporations |
| Limited
Liability Company (LLC) |
Only member
of LLC is an individual - LLC income
and expenses are reported on Form 1040,
Schedule C, E, or F. If you prefer to
file as a corporation, Form 8832 must
be submitted.
Only
member of the LLC is a corporation,
income and expenses are reported on
the
corporation’s return, usually Form 1120
or Form 1120S.
Most
LLCs with more than one member file
a partnership return, Form 1065. If
you
would rather file as a corporation,
Form
8832 must be submitted. No Form 8832
is needed if filing as a partnership. |
See
Publication
3402 |
An Employer Identification Number (EIN), also
known as a federal tax identification number,
is used to identify tax reports to the IRS.
Corporate
income tax is payable by 3-monthly estimated
instalments for all but the smallest tax-payers;
see Form 1120-W.
Form
1120-A, US Corporation Short-Form Income Tax
Return, is a simplified form that can be used
instead of Form 1120 if the corporation meets
all of the following requirements:
- Its
gross receipts (line 1a on page 1) are under
$500,000;
-
Its total income (line 11 on page 1) is under
$500,000;
-
Its total assets (Form 1120, Schedule L, line
15) are under $500,000;
-
Its only dividend income is from domestic
corporations and those dividends (a) qualify
for the 70% dividends-received deduction and
(b) are not from debt-financed securities;
-
It does not have any of the "write-in"
additions to tax listed in the Instructions
for Form 1120, Schedule J, line 3 or line
11;
-
It has no nonrefundable tax credits (other
than the general business credit or the credit
for prior year minimum tax);
-
It is not (a) a member of a controlled group,
(b) a personal holding company, (c) filing
a consolidated return, (d) filing its final
return, (e) dissolving or liquidating, (f)
electing to forego the carryback period of
an NOL, or ( ) required to file one of the
returns listed under Special Returns for Certain
Organizations;
-
It does not have (a) any ownership in a foreign
corporation or foreign partnership, (b) foreign
shareholders that directly or indirectly own
25% or more of its stock, or (c) any ownership
in, or transactions with, a foreign trust.
A
corporation does not send tax payments directly
to the IRS. Estimated tax payments, and any
tax due on Forms 1120 or 1120-A, are paid either
to an authorized financial institution or to
a Federal Reserve Bank. The corporation should
use a Federal Tax Deposit Coupon (Form 8109)
when making such payments. Darken the box marked
"1120," and write the employer ID#,
Form 1120, and the tax period to which the deposit
applies on the check or money order. Records
of the deposits are sent to the IRS for crediting
to the corporation’s account. The corporation
may be penalized if this procedure is not followed.
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