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FAQ

On tax form 1120. What's the difference between the corporation being owned bya foreign entity vs a foreign entity holding all the voting stock?

Yes if there is only one class of stock then a foreign entity owning allvoting stock would own all the stock and thus own the corporation.

How do I extend the deadline for my corporation tax return Form 1120?

File this formhttpswww.irs.govpubirspdf...

Where is the best place for free advice on filing business tax returns, likeForm 1120 and the related schedules?

This is not the answer you requested.I strongly recommend that you retain a professional to prepare your businessreturn.There are so many rules and laws. If you don’t know what you’re doing you’lljust get yourself andor the business in trouble.You can’t just “read about it” and suddenly be educated enough to prepare Form1120 corporate return. There are just too many considerations in preparingthe returns.My advice is don’t do it yourself.

Which payment category should I choose when paying federal taxes viapayusatax.com for C-Corp (form 1120)?

Why arent you paying it via the IRS own payment systemDirect Pay Internal Revenue Service.Seems stupid to pay a third party thats probably fraudulent for something theIRS provides for free.Or are you spamming

Should we file a Form 1120 U.S. Corporation TAX Return Form?

See 26 CFR 1.60122 Corporations required to make returns of income. Acorporation in existence during any part of a taxable year is required to filea return.

If a US C corp owns 100% of a foreign corp form Argentina, what are the taxform requirements on the 1120 form if any?

Sure I can address tax issues here. I am assuming from your post a domestic Ccorporation “DC” formed in a particular state in the United States owns 100of the shares of foreign corporation “FC” which operates from Argentina.And I am assuming the FC has no US offices — the FC is ran from Argentina.If this assumption is not true — and the FC is materially ran from the US theFC reports its taxable income in the US by filing a 1120 F corporate taxreturn and pays tax at a 21 rate Treasury Regulation Section 1.60122g1and Section 11b. As a FC ran from the US has effectively connected incomefor its foreign source income as noted in Section 864c4B. And Treasurytaxes a FC on its effectively connected income from a United States Trade orBusiness Section 882a. And the office in the US creates the United StatesTrade or Business. Though the FC may use the FC taxes paid in Argentina ascredit for taxes due in the US Section 901 subject to limiting restrictionsunder Section 904.Assuming the FC has no US office and only Argentina operations the FC doesnot file a tax return in the US. Here I am assuming the FC has no subpart Fincome from certain activities.A new reporting regime exists for tax years 2018 for a DC owning the shares ofa FC under Section 951A. While this provision has extensive reportingrequirements the DC does not owe any additional tax on the FC operations ifthe FC pays tax at 13.125 tax rate or greater in the home country. SinceArgentina has a 30 plus tax rate additional tax may not apply here thoughreporting requirements do apply at the DC corporate tax level.Under new Section 245A a DC may receive dividends from the FC with no taxcost for 2018 forward.The DC also have important treasury information reporting requirements underSection 6038a for its FC. Failure to complete this documentation fully orfailure to file this Treasury report carries a 10000 minimum penalty. Wefile this information report as part of filing the 1120 DC corporate taxreturn.I have completed the above analysis by summarizing key provisions above. Ifthe situation changes in anyway the tax results may change considerably.www.rst.tax

Are there any competent tax preparers that can do a corporate tax return, 1120form?

There is nothing really difficult about an 1120. The real difficult part isthe accounting work associated with it. Traditionally I can crank out an 1120for 250. The real problem is the accountimg underlying the work can be from250 to 5000 depending on how incompetent the clients bookkeeper is. If youre having problems NOW is NOT the time to seek a CPA. File form 7004extension and seek out one after 415. Remember a 1231 corporate return isdue 315. same for S corporations I just filed about 2025 corporation extensions yesterday both Cs and Ss

I've founded C corp (no revenue yet). To cover expenses, I have deposited somemoney in the bank. Under tax 1120 form, How do I report this money?

As Mark Rigotti has indicated this is a stockholder investment in thebusiness it goes on your balance sheet as additional equity since youobviously arent treating it as a loan.If youre going to have a viable business going forward you cant treat it asan extension of yourself you have to run it as a business. There are veryfew successful businesses out there where the owners dont bring in experts tocover the things that they dont do well. Pay someone now to help you avoidheadaches later and increase your chance of longterm success.
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