Corporate Income Taxes
Federal and State Filing
A C-Corporation or S-Corporation may be liable for income taxes, estimated tax, employment taxes, and excise taxes.
Who Should File
Legal entities that are separate and distinct from their owners. Every corporation subject to income tax must file an income tax return by the required due date. The return must be made if the corporation was in existence during any part of the tax year, and must cover that part of the tax year that the corporation was in existence.
When to File
The US tax system is based on the principle of self-assessment and voluntary reporting. A corporate taxpayer is required to file an annual tax return (generally Form 1120) by the 15th day of the fourth month following the close of its tax year. A taxpayer can obtain an additional six-month extension of time to file its tax return. Failure to timely file a return may result in penalties. Additional penalties may be applicable for a late return for certain information returns that are required to be filed with a timely return.
Corporate income tax returns are usually filed on Form 1120, U.S. Corporation Income Tax Return. Specific types of corporations, such as insurance companies, personal holding companies, homeowners’ associations, regulated investment companies (RICs), real estate investment trusts (REITs), and foreign entities, are required to file on special forms.
To get started, send us a message and request an online portal. We’ll setup an account for you and then your tax preparer will walk you through the next steps.