|
A corporation files either Form 1120, U.S.
Corporation Income Tax Return, or the short Form 1120-A, U.S.
Corporation Short-Form Income Tax Return, and pays tax on its
income. A corporation's owners may be shareholders only, or
employees also. If the corporation paid dividends during the year,
it gives each shareholder a Form 1099-DIV, Dividends and
Distributions. It gives each employee a Form W-2, Wage and Tax
Statement. The shareholders and employees use these forms to
complete their individual returns. Publication 334 and Publication
542 show a filled-In Form 1120-A. In order to estimate and/or
calculate income tax for a corporation, you should see IRS Publication
542, Tax Information on Corporations. Each corporation must file a
tax return even if it had no taxable income for the year and regardless
of its gross income for the tax year.
Every corporation must make estimated tax payments. Use Form
1120-W to figure the corporation's estimated tax and determine the
required installment to pay by the due date of each payment
period. Use Form 8109 to make each of these deposits. If a
corporation figures its taxable income on a calendar year basis, file
its Income tax return by March 15 following the close of the tax
year. If a corporation uses a fiscal year, file its return by the
15th day of the third month following the close of its fiscal
year. A corporation files its income tax return with the Internal
Revenue Service Center serving the area for the location of the
principal office for keeping its books and records. The
instructions to the forms have the service center locations.
|
|
