Corporate Tax Returns
How do i get a job doing corporate tax returns?
Hi, thank you for looking into my quesion, I recently finished my income tax course and have received my certification. I need some advice as to where to apply for a job? I also would like to get into doing corporate tax returns in the long run, any ideas?Thank you....
the tax lady:Study to become an enrolled agent?... More...
What is a good software program to use for doing Corporate tax returns with multiple state returns?
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Help on Corporate Tax Returns??? Any tax accountants anywhere???
Can anyone give me help or links on corporate tax returns...break down of its concepts and maybe a line per line summary of how each works. I'm starting a new job soon regarding corporate tax returns for a CPA firm, so if anyone out there are tax accountants responsible for corporate tax returns, please could you give me some tips on what to focus on and what I should really study before I start??? THanks
I'm actually gonna work for a Big 4 firm so chances are their clientele's worth are in the ...
Info@bcbsinc.com:http://www.irs.gov
If you type in lets say 2006 Form 1120 which is a Corporate Tax Return, or if you type in lets say 2006 Form 1120S for example, which is a S-Corporation tax return, there will be many links and such for these matters. You will never find a better site than revenues for these ma... More...
How do I handle corporate investments on my corporate and personal tax returns?
I own a corporation and want to invest corporate money in stocks and mutual funds. These cannot be considered expenses so how do I account them? Are they somehow managed through the S corp pass-through system to my personal tax return?
Thanks Tro but i dont think you understand my question, nor corporations....
Bostonian In MO:An S-Corp is a pass-through entity. As such, any investment income flows to your personal return via Schedule K-1 in the same characterization as if you held the investments in your own name. Holding them in the name of the S-Corp merely introduces an unnecessary layer of complexity to preparing y... More...
Is it possible to obtain copies of corporate federal tax returns? If so, how?
I'm looking for tax data on the Fortune 500 over the past 5 years for a research project... besides annual reports (which only show aggregated data), how can I get a copy of their federal tax filings?...
Max Hoopla:You can't. Tax returns, yours and theirs, are confidential. Reports to the Securities and Exchange Commission that you can see are pretty comprehensive.... More...
Do I need to file US corporate tax return for each state?
I have registered canadian corporation through which I seldom go to USA to do work.Last year I worked in three states.I am wondering do I need to file my corporate tax returns for three states separately or only one return will be enough e.g, Form 1120-F....
thatguy:Depends, you need to file the 1120F for Federal - but depending on the type of work done, level of connection, facilities in the US, etc. determines if you're taxable at the federal level or protected from tax under the Canada-US Treaty. Then each state is looked at, the state return isn't combined... More...
What type of tax returns are required for a non-profit corporation that doesn't have 501(c)(3) status?
To limit liability, I have suggested that a group with which I am involved register with the state as a non-profit corporation. Going through the complications of 501(c)(3) status isn't important for us. We don't have employees, or any assets other than, potentially, a bank account. The main objection is that we would have to file a tax return. I doubt this would be terribly involved. I can't get an answer on what type of tax return we would need to use. Would we use one for a regular corpora...
porkchop:Do your donors know that they aren't contributing to a 501(c)(3)? They can't deduct their charitable contributions to you on their tax returns.
Organizations with gross receipts less than $25,000 annually are not required to file an annual return. But that only applies if you ARE a 501(c)(3). Ma... More...
Are companies eligible for a corporate tax break for tuition assistance payments?
Are companies eligible for a tax break for tuition assistance payments? Not the the officers/owners, but on their corporate tax returns?...
the tax lady:The "only" tax break is that they can deduct it as a business expense. They still must spend the money.... More...
I own a business in Ohio that closed this year. What is the process to stop filing tax returns?
As my business is closed, I want to cancel my account with the Ohio tax state entity so I don't have to file corporate tax returns any longer. How do I go about doing this?...
Max Hoopla:Send in your next one showing tax due of zero and prominently annotating it as "FINAL."... More...
Do I have to file a corporate tax return?
Hi. I incorporated a new business in Ontario early November of this year. I'd like to know whether I have to file a corporate income tax return for this year? The fiscal year ends Dec 31. Thanks for your help....
T E:Yes, you need to file the corporate tax return within 6 months after your chosen first fiscal year end of december 31. Find below are the references:
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/crprtns/rtrn/whn/menu-eng.html
http://www.gov.on.ca/GOPSP/en/graphics/251006.htm... More...
Corporate Tax return ... how much does it cost & how long will it take?
Tax return had been prepared in the past by my father who was involved with the business (ins agency, 2 employees) .He is no longer working here, and in figuring out future cots, I am curious as to the cost to have our corporate tax return prepared each year and how long does it take to have it done. Thanks....
Rene F:This question is impossible to answer with any degree of accuracy. There are just too many variable. Unless your father is an accountant, I would guess that the return is not extremely complex, but the cost would vary depending on where you're located, whether you employ a CPA or just a tax prepar... More...
Are there any e-filing requirements for corporate income tax returns in Arkansas?
Sources please...
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Do payroll taxes affect Form 1120 on a corporate tax return?
I am working on my first corporate tax return and recorded payroll taxes paid for the year while doing their bookkeeping. From preparing the tax return, it appears that payroll taxes do not go on the form 1120. Is this true? And if so or not, please explain. No estimated taxes were recorded for that year only payroll taxes. Please help????...
l1:Payroll taxes are paid both by the employer and the employee. The portion paid by the employee is basically deducted as salary - These are your FICA and Medicare taxes on your paystub.
But, the portion paid by the employer is deducted on the 1120.... More...
Filing corporate tax returns...?
Where do I obtain the necessary forms and documents to file my tax return for my corporation ?...
rtfm:The forms you get from http://www.irs.gov
The documents you come up with yourself. The forms will tell you what documents you need to provide.... More...
Calculating "Creditors:amounts falling due within one year" for small business corporate tax return?
I run a small business and was wondering if someone could advise me on how to work out the figure for 'Creditors:amounts falling due within one year' in a small business corporate tax return?
Thanks in advance!...
Onestep downfrom God:That information isn't required on a CT600.
Take the total creditors and deduct any items which aren't due for payment within the next twelve months.... More...
What is the due date for filing a corporate tax return?
I filed an extension because the Corp is not active yet and has not made any money, so do I have to file a "regular" return stating the same zero activity? And if so when is it due?...
Gorkbark Porkduke Gefunken Fubar:March 15.... More...
What are the consequences of not filing an amended corporate tax return?
Instead can the adjustments be made in the current year... In other words, have the net effect appear in 2009 for an error in 2007 / 2008?...
tro:you can't apply previous year's adjustments to the current return
if the corp would be audited and these previous years' expenses showed up, they would be disallowed... More...
Do I need to pay corporate tax if my company make loss?
Last year, I started a company. The account period for last year ran only 10 days (10-30 June 2006). During these 21 days, there was no sale and there were only 3 transactions (which all related to buy stuffs from vendor ie. we have loss during this account period). I was wondering if I need to pay corporate tax and/or file the corporate tax return form? Can anyone please provide me advice? I'm very new to filing tax. Thank you....
Greywolf:You won't have to pay any tax if you made a loss - you may get money back, or at least be able to reduce next year's profit by the amount of your loss. But you MUST file a tax return, or the authorities will give you a hard time, because not filing is what bad companies do.... More...
How much to bookkeepers charge to prepare a corporate tax return on the average in the Cleveland, OH area?
So, what is fair to pay someone to do this?...
Mark S:You don't need a CPA to prepare a corporate tax return. You need a person that is trained in income taxes. A CPA is only needed to certify and audit financial statements.
Many CPAs don't even do tax returns.
You wouldn't use a bookkeeper to do this either unless he were a trained tax preparer.... More...
How much does a corporate tax return typically cost?
I'm just talking about the prepartion of the return. thanks...
hirebookkeeper:My CPA charged $425.00 for my small electrical contracting company, first year in business.... More...
In a community property state, does a wife have a kegal right to see a husband's corporate tax return?
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giraffesdrinkingcoffee:Well, couldn't that depend upon whether the wife is also part owner of the corporation?
Also, if she's divorcing him, I think she could subpoena those records to resolve financial issues for the split.... More...
Can I cash a corporate Tax Return check with personnal account I am the only owner of company?
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NYS Dept of Tax said I did not file corporate tax return?
The notice I received from NYS said tax payer ID is TF-( and 7 digits). Does this mean the corporation has to apply for EIN# with IRS and then file forms retroactively.?...
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Any corporate tax accountants, do you have a filled-out fictitious form 1120??? Help on corporate tax??
Hello everyone, if anyone out there has any kind of fictional 1120 corporate tax return, could you send me a link or anything really since I'm starting a new job at a Big 4 CPA firm as a tax associate...I only really have 2 tax classes as a background and no work background at all, that's it. I was hoping that the example could shed me some light into this matter.......just let me know. I appreciate ANY help!!...
PepsiLime:I don't have a fictional 1120 but could provide help to you with any questions that you might have in regards to it.... More...
can you file a corporate tax return later then september 15th?
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paratrooper:if your corporation is due or ends like mine in march31 with three months to file. but if yours started in Jan. you can't change it. P.S. your tax person can file delayed return for a long time, but the catch is you have to pay estimated to not be fined. and they fine for everything. good luck!... More...
On line 18 of the U.S. corporate income tax return which interest expense do i report?
What interest expense is used. I have interest expense for $10,000 from a loan to purchase state of arizona bonds and I have interest expense of $17,400 from other business loans. Do I add these up and include them in line 18 of the tax return or do I use one or the other. I would really appreciate any help on this. Thanks in advance....
tma:If the interest income from the bonds is tax-exempt, then you would not be able to deduct the interest expense. Otherwise, I believe you can deduct the interest expense in full on line 18.
http://www.irs.gov/pub/irs-pdf/i1120_a.pdf
see page 9... More...
Corporate tax return question?
My accountant accidentally put my old address on my corporate return (small business but I am an INC.). He told me that I could white out the old address and correct it. I moved just doen the street so the street, city, state and zip are the same, just the number changed. I did that for the first page of the return but he has a copy of the extension he filed in there with the old address. Should I change it on that as well? Should I change it everywhere in the return?...
Mr Tax Preparer:If the return has not yet been filed but has only been prepared and printed, just correct the address on Page 1 of the 1120 (or 1120S, if an S-corp) and make sure you check Box 4 for "Address Change." That will ensure that your address is updated and will override the extension that was filed previ... More...
In a community property state, does a wife have a legal right to see a husband's corporate tax return?
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crystal89431:Not if it's incorporated with out you in the corporation.... More...
Amend Corporate Income Tax Return?
Can you ammend a previously filed corporate income tax return? if yes how?...
PepsiLime:certainly.
Amended and Superseding Corporate Returns - Revised 07-26-07
As of February 14, 2007, the MeF system processes both superseding and amended returns. Amended and superseding returns for Form 1120 and 1120S will be accepted for the 2005 tax year and forward. Beginning with 2006 retur... More...
when is code 8230 used on a canadian corporate tax return?
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John Q:You may be referring to the GIFI code 8230 "Other Revenue". This code would be used where a corproration has revenue that is from a source other than its principal business activity, and such revenue does not fall in to any of the other specific GIFI codes that are available such as rental, investme... More...
I work for an accountant who is good, ive done tax preparation, books,office work ,how much should i be paid.
I make 5.85 an hour and i ve done corporate tax returns for 700-900 dollars each time, all my boss has to do is print them out. I was wandering how much other compaies pay in different parts of the country....
Soror Kate ART VT:I work for H&R Block, have similar experience, and currently make between $9 and $13 per hour, depending on the work I'm doing at the time.
H&R Block has a great pay structure, and in most place you'd start out at more than you're making now. Check to see if there's a Basic Tax Class in your area,... More...
Amount a corporation can write off on corporate lease?
Is it true a company can only write off 100% of their lease payments on a corporate equipment lease of $200,000 or less?? Is so what if the company has a $500,000 IT equipment lease, how much of the total annual lease payments can be wrote off on corporate tax returns?...
:i drought that there is a company leasing $500,000.00 dollars in the Television Ads i see toyota giving commercials to the Corolla which is leasing about $50,000.00 dollars back when you lease or something check out the site that you are talking about would be good in my opinion.... More...
mailing address on corporate tax return?
I'm the owner of a C-class Nevada investment corporation, and I live in Florida. My company's registered address is currently my lawyer's office who also happens to be the resident agent of my company.
My question is I would like the IRS to forward all correspondence to my home address instead of my lawyer's. I need to file corporate tax return this year but I only see one set of address fields on first page of Form 1120. I'm thinking that it's not a good idea to put down my home address on the...
M V:Name and Address Enter the corporation?s true name (as set
forth in the charter or other legal document creating it), address, and EIN on the appropriate lines. Enter the address of the corporation?s principal office or place of business. Include the suite, room, or other unit number after the str... More...
Do i have to file two T2 tax returns?
I am a little behind in filing my canadian corporate tax return for 2010. I started an incorporated company in sept 2009 and I haven't filed an initial return with Canada Revenue Agency and now I am doing my year end tax return for 2010. Do I have to file 2 T2 corporate tax returns or can I just file the 1 year end tax return.thanks
Thanks for the heads up. I tried calling CRA but all i get is voice mail endless loops. :-(...
Fred S:You can declare a year end any time within 12 months of incorporation. So use August 31 as your year end. Your return is due 3 months after your yearend, which was Nov 30, 2010, but there won't be any penalty if you don't owe any tax.
So file your 2010 return now. Your next return won't be due unti... More...
Does an Adjusted Trial Balance for a Corporate Tax Return have Closing Entries?
I'm a brand-new-to-the-field accountant (I graduate in a few weeks- yay!) and I've been assigned my first corporate tax return. The only problem, I don't fully trust that the person who prepared the return last year did it correctly, and now I'm getting caught up on a lot of things.
Should have the prior year nominal account balances been closed out? It was my understanding that after the return was prepared, then all the nominal accounts should have been closed to zero. They were not, and the...
Rexburgcpa:The first place to look is Retained Earnings. If the current year beginning R/E matches last year's ending R/E then the accounts were most likely closed properly. Sometimes things are done a little differently in the real world than in the text books.... More...
I joined a band last year, can I deduct expenses on my tax return as a subcontractor?
Will the band have to have a corporate tax return to fully realize the above question?...
p_michael_childers:You should really, REALLY, talk to an accountant about this. The answer is going to depend on whether or not the band has formally organized and, if so, what form of organization (i.e., S corp, corporation, LLC) it is. Further, you'll have to look at how your income from the band is derived, wheth... More...
At what level would a CPA with 3 years of corporate accounting (non-tax) experience start out in an IRS job?
I have passed the CPA exam. I do not have tax experience other than doing my own tax returns, but I am very interested in tax and read a lot about taxes in my free time. I would like to apply for a tax job at the IRS, but I am a little concerned about a possible pay cut. At what pay level would someone in my situation typically start? Thanks....
yourtabo:I believe your education and CPA title qualify you for at least GS-7 government job but then again the IRS does not pay too well. They do have great benefits so that may offset the pay cut. Oh, at GS-7 you are probably looking at about $48000 a year.... More...
Can the California Tax Board request Corporate business records for a Personal Return?
I am negotiating a repayment plan (433) with the Cal Franchise Tax Board. They are asking for my Corporate business info such as bank records, etc for my 2004 return that is a Personal Tax return. At the time I was not a corporation, but now I am (small prof. business)....
Max Hoopla:They want to verify that the information you provide is accurate and that you aren't hiding something.... More...
NJ Corporate Tax Return - Min Tax?
I opened a corporation in April 2006. That's basically all. I also applied for and got an EIN.
The corporation has not made any business transactions or activity to date.
In NJ, I know it is required to file form CBT-100. My question is, does the minimum tax of $500 apply if the business has not conducted any business?
Does this minimum tax mean that $500 have to be paid with the return? or is this the minimum taxable income?
Thanks!...
aku_aku78:Yes, you owe the minimum tax. That is one of the many downsides to doing business in NJ. I've provided the link to the nj div of taxation website that has the instructions for filing your CBT-100. Page six of that publication refers to new businesses. Good luck.... More...
Isn't the real motivation behind cutting corporate taxes simply to increase returns on investment?
Isn't it just a sophisticated rehash of the tired old complaints over 'double taxation'?...
Uncle Pennybags:No.
It's to help US businesses be more competitive world wide. It's to encourage jobs to stay here or come to the US by creating a more favorable business environment
The USA currently has the 2nd highest corporate tax rate in the world.... More...
Where can I locate corporate annual reports and tax filings?
I want to do research on certain corporations' annual reports and see their tax returns. I understand neither are considered proprietary but part of the public record, but don't know where to locate this information. Please advise....
Steve D:Annual reports are usually available on the company's web site under Investor Relations. If not t here, you can call the investor's relations department and request copies of the annual reports. SEC filings can be found by using EDGAR, the SEC's electronic database. Tax returns are not public rec... More...
Can my husband claim me on his tax returns, especially since I'm a homemaker/unemployed?
My husband & I got married in 2004 but were told by someone that it did not matter if he claimed me since I have no income. I am basically a homemaker since I am not employed. And since we have no children, I help my husband & his family with their business. Because the business they own is corporate, their 2005 tax filing has been extended and still under process right now. I was NOT claimed on my husband's 2004 tax returns but does it really matter?
Thanx with all the help! Now I'm going ...
pusherhombre:You are his wife, not his dependent. Regardless, you still get the same exemption amounts and his income will be subject to lower tax rates when he puts your name on his return and files Married Filing Joint.
His 2004 return should be amended for a change in filing status because you were married i... More...
Corporate Canada: Do you still file tax return when the corporation is dissolved?
I registered a corporation a year ago and I just dissolved it. Do I still need to file tax return?
Thanks....
Kenneth Keung:You need to file a corporate tax return (T2) for the year ending on the date of dissolution. For example, if you incorporated on August 1, 2006, and dissolved on September 30, 2007. You need to file a return from 8/1/06 to 7/31/07, and another one from 8/1/07 to 9/30/07. Mark on the last return... More...
Should we return to a 90% corporate tax rate for those who make over five million a year?
They profited from the Bush tax cuts let them pay for the Bush mistakes.
how about this-a minimum 7.5% tax rate on everyone. That is less than my local sales tax.
Well, because that would not work....
Xeno007:We need to tax people sufficiently to get out of the debt that we are in, if that means a 90% tax on the very wealthy, then so be it. Also this tax needs to be spread evenly about as much as possible. Until we come out of debt tax need to remain high to insure we don't have to borrow anymore.... More...
Bureau of Internal Revenue of the Philippines- i want to get Corporate annual income tax return form?
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igi:call them... More...
What interest rate on a 7-year corporate bond of equal risk would provide you with the same after-tax return?
A 7-year municipal bond yields 4.8%. Your marginal tax rate (including state and federal taxes) is 28%. What interest rate on a 7-year corporate bond of equal risk would provide you with the same after-tax return?...
Brent Robertson:I'm assuming the 7 year muni is a tax free yield. What is the equivalent yield needed for a corporate considering a 28% tax bracket? The formula is:
Equivalent Taxable yield is equal to the tax free yield (.048) divided by 100%-28% (.72). The equivalent taxable yield in the case is .0666.... More...
Is there a book or a website that explains advanced tax returns?
I'm a mortgage banker whom has been working with a lot of high networth clients whom tend to be business owners and real estate investors that have very complicated tax returns. I'm looking for a book/guide that will help me become an expert on the them. I understand the schedule E's and the transfers from the corporate Schedule K's to the personal is supposed to be the only income I can use plus adding back the deprecation (the basics) , but I'm looking to get very savvy with this and was loo...
skip:Actually, I don't think you're asking a tax question. What you are really asking, I think, is how to determine the quality of one's income so that you can convince the underwriter to give a better rate or higher loan to your clients. So I'm with Judy on this one. A course at a tax prep shop isn't... More...
Question for corporate tax return and COGS?
In a 1120S form, I have 80k in gross, and 70k of which is in COGS (where that 70k is in Cost of Labor within the COGS). The business is a consulting business and that 70k is stated as a outsourced labor consulting fees. Is this a red flag for being audited? And given it's a service business, should I just not even put anything in COGS and spread it all out in deductions and 1099s? What is the advised way to do this?...
champ_85:Since you are in a service business, putting any large amount in COGS will probably raise a red flag. It would be reasonable if you have a small cost in that some service companies have to do some value-added services, but you'll have a hard time justifying roughly 90% if your expenses as COGS. If... More...
where can i prepare 1120 corporate income tax return?
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Republicans, in return for a lower corporate tax rate, would you be willing to end oil & gas tax credits?
...that are not available to other industries?
Keep in mind before you answer that the oil and gas lobby rode you hard to get those credits....
Texas Patriot:Please tell me what oil and tax credits you are talking about. The oil companies are using the tax codes to take deductions like all businesses do. If I recall the Democrats had control of the House and the Senate from 2006 and 2010 and two of those years they controlled the White House and was resp... More...