Corporation Income Tax Return and Form 5471, and the taxpayer subsequently submits another Form 2848 designating a different representative and listing Form 5471, but not Form 1120, may the IRS discuss with the second representative the penalties associated with both Forms 1120
and 5471 or only those penalties associated with Form 5471 ?
15, 2003, the taxpayer filed its original Forms 1120
and 1139 for tax year 2002.
Prerequisite: Knowledge of corporate income taxation and Forms 1120
and 1120S preparation.
For tax year 2005 returns that are due in 2006, the regulations require that corporations with total assets of $50 million or more file their Forms 1120
and 1120S electronically.
hour): 20 Level: Update Prerequisite: Knowledge of corporate income taxation and Forms 1120
and 1120S preparation
Except as noted in Exhibit 2 regarding Forms 1120
filed for corporations using June 30 as their tax year, corresponding changes are made for taxpayers that use a fiscal year as their tax year.
* Filers of Forms 1120
, 1120-C, 1120-E 1120S, 1065 or 1065B must use new Form 1125-A to report cost of goods sold deductions.
* Because of the IRS's electronic filing mandate, companies had to direct the attention of their IT staffs to ensuring their ability to file their 2005 Forms 1120
electronically by the extended due date (September 15).
* The IRS in February began accepting electronic income tax and information returns from corporations and tax-exempt organizations, significantly reducing the time it takes to file forms 1120
and 990 (www.irs.gov/newsroom/article/0,,id=121573,00.html).
(A summary of the IRS changes is available at tinyurl.com/axbxpvz.) The changes apply only to filers of Forms 1120
; 1120-C, U.S.
This includes fiduciary (Form 1041), partnership (Form 1065), corporation (Forms 1120
and 1120S), employment (Forms 940, 941, and 944) and tax-exempt (Forms 990, 990-EZ, 990-PF, and 990-N) returns.
Corporations and tax-exempt organizations with total assets of $10 million or more that file at least 250 returns per year are required to e-file their Forms 1120
for the 2007 filing season.