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Turbotax free state efile coupon Publication 542 - Main Content Table of Contents Businesses Taxed as CorporationsPersonal services. Turbotax free state efile coupon Employee-owners. Turbotax free state efile coupon Other rules. Turbotax free state efile coupon Other rules. Turbotax free state efile coupon Property Exchanged for StockNonqualified preferred stock. Turbotax free state efile coupon Liabilities. Turbotax free state efile coupon Election to reduce basis. Turbotax free state efile coupon Capital Contributions Filing and Paying Income TaxesIncome Tax Return Penalties Estimated Tax U. Turbotax free state efile coupon S. Turbotax free state efile coupon Real Property Interest Accounting MethodsSection 481(a) adjustment. Turbotax free state efile coupon Accounting Periods Recordkeeping Income, Deductions, and Special ProvisionsCosts of Going Into Business Related Persons Income From Qualifying Shipping Activities Election to Expense Qualified Refinery Property Deduction to Comply With EPA Sulfur Regulations Energy-Efficient Commercial Building Property Deduction Corporate Preference Items Dividends-Received Deduction Extraordinary Dividends Below-Market Loans Charitable Contributions Capital Losses Net Operating Losses At-Risk Limits Passive Activity Limits Figuring TaxTax Rate Schedule Alternative Minimum Tax (AMT) Credits Recapture Taxes Accumulated Earnings Tax Distributions to ShareholdersMoney or Property Distributions Distributions of Stock or Stock Rights Constructive Distributions Reporting Dividends and Other Distributions How To Get Tax Help Businesses Taxed as Corporations The rules you must use to determine whether a business is taxed as a corporation changed for businesses formed after 1996. Turbotax free state efile coupon Business formed before 1997. Turbotax free state efile coupon   A business formed before 1997 and taxed as a corporation under the old rules will generally continue to be taxed as a corporation. Turbotax free state efile coupon Business formed after 1996. Turbotax free state efile coupon   The following businesses formed after 1996 are taxed as corporations. Turbotax free state efile coupon A business formed under a federal or state law that refers to it as a corporation, body corporate, or body politic. Turbotax free state efile coupon A business formed under a state law that refers to it as a joint-stock company or joint-stock association. Turbotax free state efile coupon An insurance company. Turbotax free state efile coupon Certain banks. Turbotax free state efile coupon A business wholly owned by a state or local government. Turbotax free state efile coupon A business specifically required to be taxed as a corporation by the Internal Revenue Code (for example, certain publicly traded partnerships). Turbotax free state efile coupon Certain foreign businesses. Turbotax free state efile coupon Any other business that elects to be taxed as a corporation. Turbotax free state efile coupon For example, a limited liability company (LLC) can elect to be treated as an association taxable as a corporation by filing Form 8832, Entity Classification Election. Turbotax free state efile coupon For more information about LLCs, see Publication 3402, Taxation of Limited Liability Companies. Turbotax free state efile coupon S corporations. Turbotax free state efile coupon   Some corporations may meet the qualifications for electing to be S corporations. Turbotax free state efile coupon For information on S corporations, see the instructions for Form 1120S, U. Turbotax free state efile coupon S. Turbotax free state efile coupon Income Tax Return for an S Corporation. Turbotax free state efile coupon Personal service corporations. Turbotax free state efile coupon   A corporation is a personal service corporation if it meets all of the following requirements. Turbotax free state efile coupon Its principal activity during the “testing period” is performing personal services (defined later). Turbotax free state efile coupon Generally, the testing period for any tax year is the prior tax year. Turbotax free state efile coupon If the corporation has just been formed, the testing period begins on the first day of its tax year and ends on the earlier of: The last day of its tax year, or The last day of the calendar year in which its tax year begins. Turbotax free state efile coupon Its employee-owners substantially perform the services in (1), above. Turbotax free state efile coupon This requirement is met if more than 20% of the corporation's compensation cost for its activities of performing personal services during the testing period is for personal services performed by employee-owners. Turbotax free state efile coupon Its employee-owners own more than 10% of the fair market value of its outstanding stock on the last day of the testing period. Turbotax free state efile coupon Personal services. Turbotax free state efile coupon   Personal services include any activity performed in the fields of accounting, actuarial science, architecture, consulting, engineering, health (including veterinary services), law, and the performing arts. Turbotax free state efile coupon Employee-owners. Turbotax free state efile coupon   A person is an employee-owner of a personal service corporation if both of the following apply. Turbotax free state efile coupon He or she is an employee of the corporation or performs personal services for, or on behalf of, the corporation (even if he or she is an independent contractor for other purposes) on any day of the testing period. Turbotax free state efile coupon He or she owns any stock in the corporation at any time during the testing period. Turbotax free state efile coupon Other rules. Turbotax free state efile coupon   For other rules that apply to personal service corporations see Accounting Periods, later. Turbotax free state efile coupon Closely held corporations. Turbotax free state efile coupon   A corporation is closely held if all of the following apply. Turbotax free state efile coupon It is not a personal service corporation. Turbotax free state efile coupon At any time during the last half of the tax year, more than 50% of the value of its outstanding stock is, directly or indirectly, owned by or for five or fewer individuals. Turbotax free state efile coupon “Individual” includes certain trusts and private foundations. Turbotax free state efile coupon Other rules. Turbotax free state efile coupon   For the at-risk rules that apply to closely held corporations, seeAt-Risk Limits, later. Turbotax free state efile coupon Property Exchanged for Stock If you transfer property (or money and property) to a corporation in exchange for stock in that corporation (other than nonqualified preferred stock, described later), and immediately afterward you are in control of the corporation, the exchange is usually not taxable. Turbotax free state efile coupon This rule applies both to individuals and to groups who transfer property to a corporation. Turbotax free state efile coupon It also applies whether the corporation is being formed or is already operating. Turbotax free state efile coupon It does not apply in the following situations. Turbotax free state efile coupon The corporation is an investment company. Turbotax free state efile coupon You transfer the property in a bankruptcy or similar proceeding in exchange for stock used to pay creditors. Turbotax free state efile coupon The stock is received in exchange for the corporation's debt (other than a security) or for interest on the corporation's debt (including a security) that accrued while you held the debt. Turbotax free state efile coupon Both the corporation and any person involved in a nontaxable exchange of property for stock must attach to their income tax returns a complete statement of all facts pertinent to the exchange. Turbotax free state efile coupon For more information, see section 1. Turbotax free state efile coupon 351-3 of the Regulations. Turbotax free state efile coupon Control of a corporation. Turbotax free state efile coupon   To be in control of a corporation, you or your group of transferors must own, immediately after the exchange, at least 80% of the total combined voting power of all classes of stock entitled to vote and at least 80% of the outstanding shares of each class of nonvoting stock. Turbotax free state efile coupon Example 1. Turbotax free state efile coupon You and Bill Jones buy property for $100,000. Turbotax free state efile coupon You both organize a corporation when the property has a fair market value of $300,000. Turbotax free state efile coupon You transfer the property to the corporation for all its authorized capital stock, which has a par value of $300,000. Turbotax free state efile coupon No gain is recognized by you, Bill, or the corporation. Turbotax free state efile coupon Example 2. Turbotax free state efile coupon You and Bill transfer the property with a basis of $100,000 to a corporation in exchange for stock with a fair market value of $300,000. Turbotax free state efile coupon This represents only 75% of each class of stock of the corporation. Turbotax free state efile coupon The other 25% was already issued to someone else. Turbotax free state efile coupon You and Bill recognize a taxable gain of $200,000 on the transaction. Turbotax free state efile coupon Services rendered. Turbotax free state efile coupon   The term property does not include services rendered or to be rendered to the issuing corporation. Turbotax free state efile coupon The value of stock received for services is income to the recipient. Turbotax free state efile coupon Example. Turbotax free state efile coupon You transfer property worth $35,000 and render services valued at $3,000 to a corporation in exchange for stock valued at $38,000. Turbotax free state efile coupon Right after the exchange, you own 85% of the outstanding stock. Turbotax free state efile coupon No gain is recognized on the exchange of property. Turbotax free state efile coupon However, you recognize ordinary income of $3,000 as payment for services you rendered to the corporation. Turbotax free state efile coupon Property of relatively small value. Turbotax free state efile coupon   The term property does not include property of a relatively small value when it is compared to the value of stock and securities already owned or to be received for services by the transferor if the main purpose of the transfer is to qualify for the nonrecognition of gain or loss by other transferors. Turbotax free state efile coupon   Property transferred will not be considered to be of relatively small value if its fair market value is at least 10% of the fair market value of the stock and securities already owned or to be received for services by the transferor. Turbotax free state efile coupon Stock received in disproportion to property transferred. Turbotax free state efile coupon   If a group of transferors exchange property for corporate stock, each transferor does not have to receive stock in proportion to his or her interest in the property transferred. Turbotax free state efile coupon If a disproportionate transfer takes place, it will be treated for tax purposes in accordance with its true nature. Turbotax free state efile coupon It may be treated as if the stock were first received in proportion and then some of it used to make gifts, pay compensation for services, or satisfy the transferor's obligations. Turbotax free state efile coupon Money or other property received. Turbotax free state efile coupon   If, in an otherwise nontaxable exchange of property for corporate stock, you also receive money or property other than stock, you may have to recognize gain. Turbotax free state efile coupon You must recognize gain only up to the amount of money plus the fair market value of the other property you receive. Turbotax free state efile coupon The rules for figuring the recognized gain in this situation generally follow those for a partially nontaxable exchange discussed in Publication 544 under Like-Kind Exchanges. Turbotax free state efile coupon If the property you give up includes depreciable property, the recognized gain may have to be reported as ordinary income from depreciation. Turbotax free state efile coupon See chapter 3 of Publication 544. Turbotax free state efile coupon No loss is recognized. Turbotax free state efile coupon Nonqualified preferred stock. Turbotax free state efile coupon   Nonqualified preferred stock is treated as property other than stock. Turbotax free state efile coupon Generally, it is preferred stock with any of the following features. Turbotax free state efile coupon The holder has the right to require the issuer or a related person to redeem or buy the stock. Turbotax free state efile coupon The issuer or a related person is required to redeem or buy the stock. Turbotax free state efile coupon The issuer or a related person has the right to redeem or buy the stock and, on the issue date, it is more likely than not that the right will be exercised. Turbotax free state efile coupon The dividend rate on the stock varies with reference to interest rates, commodity prices, or similar indices. Turbotax free state efile coupon For a detailed definition of nonqualified preferred stock, see section 351(g)(2) of the Internal Revenue Code. Turbotax free state efile coupon Liabilities. Turbotax free state efile coupon   If the corporation assumes your liabilities, the exchange generally is not treated as if you received money or other property. Turbotax free state efile coupon There are two exceptions to this treatment. Turbotax free state efile coupon If the liabilities the corporation assumes are more than your adjusted basis in the property you transfer, gain is recognized up to the difference. Turbotax free state efile coupon However, if the liabilities assumed give rise to a deduction when paid, such as a trade account payable or interest, no gain is recognized. Turbotax free state efile coupon If there is no good business reason for the corporation to assume your liabilities, or if your main purpose in the exchange is to avoid federal income tax, the assumption is treated as if you received money in the amount of the liabilities. Turbotax free state efile coupon For more information on the assumption of liabilities, see section 357(d) of the Internal Revenue Code. Turbotax free state efile coupon Example. Turbotax free state efile coupon You transfer property to a corporation for stock. Turbotax free state efile coupon Immediately after the transfer, you control the corporation. Turbotax free state efile coupon You also receive $10,000 in the exchange. Turbotax free state efile coupon Your adjusted basis in the transferred property is $20,000. Turbotax free state efile coupon The stock you receive has a fair market value (FMV) of $16,000. Turbotax free state efile coupon The corporation also assumes a $5,000 mortgage on the property for which you are personally liable. Turbotax free state efile coupon Gain is realized as follows. Turbotax free state efile coupon FMV of stock received $16,000 Cash received 10,000 Liability assumed by corporation 5,000 Total received $31,000 Minus: Adjusted basis of property transferred 20,000 Realized gain $11,000   The liability assumed is not treated as money or other property. Turbotax free state efile coupon The recognized gain is limited to $10,000, the cash received. Turbotax free state efile coupon Loss on exchange. Turbotax free state efile coupon   If you have a loss from an exchange and own, directly or indirectly, more than 50% of the corporation's stock, you cannot deduct the loss. Turbotax free state efile coupon For more information, see Nondeductible Loss under Sales and Exchanges Between Related Persons in chapter 2 of Publication 544. Turbotax free state efile coupon Basis of stock or other property received. Turbotax free state efile coupon   The basis of the stock you receive is generally the adjusted basis of the property you transfer. Turbotax free state efile coupon Increase this amount by any amount treated as a dividend, plus any gain recognized on the exchange. Turbotax free state efile coupon Decrease this amount by any cash you received, the fair market value of any other property you received, and any loss recognized on the exchange. Turbotax free state efile coupon Also decrease this amount by the amount of any liability the corporation or another party to the exchange assumed from you, unless payment of the liability gives rise to a deduction when paid. Turbotax free state efile coupon    Further decreases may be required when the corporation or another party to the exchange assumes from you a liability that gives rise to a deduction when paid, if the basis of the stock would otherwise be higher than its fair market value on the date of the exchange. Turbotax free state efile coupon This rule does not apply if the entity assuming the liability acquired either substantially all of the assets or the trade or business with which the liability is associated. Turbotax free state efile coupon The basis of any other property you receive is its fair market value on the date of the trade. Turbotax free state efile coupon Basis of property transferred. Turbotax free state efile coupon   A corporation that receives property from you in exchange for its stock generally has the same basis you had in the property, increased by any gain you recognized on the exchange. Turbotax free state efile coupon However, the increase for the gain recognized may be limited. Turbotax free state efile coupon For more information, see section 362 of the Internal Revenue Code. Turbotax free state efile coupon Election to reduce basis. Turbotax free state efile coupon   In a section 351 transaction, if the adjusted basis of the property transferred exceeds the property's fair market value, the transferor and transferee may make an irrevocable election to treat the basis of the stock received by the transferor as having a basis equal to the fair market value of the property transferred. Turbotax free state efile coupon The transferor and transferee make this election by attaching a statement to their tax returns filed by the due date (including extensions) for the tax year in which the transaction occurred. Turbotax free state efile coupon However, if the transferor makes the election by including the certification provided in Notice 2005-70, 2005-41, I. Turbotax free state efile coupon R. Turbotax free state efile coupon B. Turbotax free state efile coupon 694, on or with its tax return filed by the due date (including extensions), then no election need be made by the transferee. Turbotax free state efile coupon    For more information on making this election, see section 362(e)(2)(C) of the Internal Revenue Code, and Notice 2005-70. Turbotax free state efile coupon Capital Contributions This section explains the tax treatment of contributions from shareholders and nonshareholders. Turbotax free state efile coupon Paid-in capital. Turbotax free state efile coupon   Contributions to the capital of a corporation, whether or not by shareholders, are paid-in capital. Turbotax free state efile coupon These contributions are not taxable to the corporation. Turbotax free state efile coupon Basis. Turbotax free state efile coupon   The corporation's basis of property contributed to capital by a shareholder is the same as the basis the shareholder had in the property, increased by any gain the shareholder recognized on the exchange. Turbotax free state efile coupon However, the increase for the gain recognized may be limited. Turbotax free state efile coupon For more information, see Basis of property transferred, above, and section 362 of the Internal Revenue Code. Turbotax free state efile coupon   The basis of property contributed to capital by a person other than a shareholder is zero. Turbotax free state efile coupon   If a corporation receives a cash contribution from a person other than a shareholder, the corporation must reduce the basis of any property acquired with the contribution during the 12-month period beginning on the day it received the contribution by the amount of the contribution. Turbotax free state efile coupon If the amount contributed is more than the cost of the property acquired, then reduce, but not below zero, the basis of the other properties held by the corporation on the last day of the 12-month period in the following order. Turbotax free state efile coupon Depreciable property. Turbotax free state efile coupon Amortizable property. Turbotax free state efile coupon Property subject to cost depletion but not to percentage depletion. Turbotax free state efile coupon All other remaining properties. Turbotax free state efile coupon   Reduce the basis of property in each category to zero before going on to the next category. Turbotax free state efile coupon   There may be more than one piece of property in each category. Turbotax free state efile coupon Base the reduction of the basis of each property on the following ratio:   Basis of each piece of property   Bases of all properties (within that category) If the corporation wishes to make this adjustment in some other way, it must get IRS approval. Turbotax free state efile coupon The corporation files a request for approval with its income tax return for the tax year in which it receives the contribution. Turbotax free state efile coupon Filing and Paying Income Taxes The federal income tax is a pay-as-you-go tax. Turbotax free state efile coupon A corporation generally must make estimated tax payments as it earns or receives income during its tax year. Turbotax free state efile coupon After the end of the year, the corporation must file an income tax return. Turbotax free state efile coupon This section will help you determine when and how to pay and file corporate income taxes. Turbotax free state efile coupon For certain corporations affected by Presidentially declared disasters such as hurricanes, the due dates for filing returns, paying taxes, and performing other time-sensitive acts may be extended. Turbotax free state efile coupon The IRS may also forgive the interest and penalties on any underpaid tax for the length of any extension. Turbotax free state efile coupon For more information, visit www. Turbotax free state efile coupon irs. Turbotax free state efile coupon gov/newsroom/article/0,,id=108362. Turbotax free state efile coupon 00. Turbotax free state efile coupon Income Tax Return This section will help you determine when and how to report a corporation's income tax. Turbotax free state efile coupon Who must file. Turbotax free state efile coupon   Unless exempt under section 501 of the Internal Revenue Code, all domestic corporations in existence for any part of a tax year (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Turbotax free state efile coupon Which form to file. Turbotax free state efile coupon   A corporation generally must file Form 1120, U. Turbotax free state efile coupon S. Turbotax free state efile coupon Corporation Income Tax Return, to report its income, gains, losses, deductions, credits, and to figure its income tax liability. Turbotax free state efile coupon Certain organizations and entities must file special returns. Turbotax free state efile coupon For more information, see Special Returns for Certain Organizations, in the Instructions for Form 1120. Turbotax free state efile coupon Electronic filing. Turbotax free state efile coupon   Corporations can generally electronically file (e-file) Form 1120 and certain related forms, schedules, and attachments. Turbotax free state efile coupon Certain corporations with total assets of $10 million or more, that file at least 250 returns a year must e-file Form 1120. Turbotax free state efile coupon However, in certain instances, these corporations can request a waiver. Turbotax free state efile coupon For more information regarding electronic filing, visit www. Turbotax free state efile coupon irs. Turbotax free state efile coupon gov/efile. Turbotax free state efile coupon When to file. Turbotax free state efile coupon   Generally, a corporation must file its income tax return by the 15th day of the 3rd month after the end of its tax year. Turbotax free state efile coupon A new corporation filing a short-period return must generally file by the 15th day of the 3rd month after the short period ends. Turbotax free state efile coupon A corporation that has dissolved must generally file by the 15th day of the 3rd month after the date it dissolved. Turbotax free state efile coupon Example 1. Turbotax free state efile coupon A corporation's tax year ends December 31. Turbotax free state efile coupon It must file its income tax return by March 15th. Turbotax free state efile coupon Example 2. Turbotax free state efile coupon A corporation's tax year ends June 30. Turbotax free state efile coupon It must file its income tax return by September 15th. Turbotax free state efile coupon   If the due date falls on a Saturday, Sunday, or legal holiday, the due date is extended to the next business day. Turbotax free state efile coupon Extension of time to file. Turbotax free state efile coupon   File Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information and Other Returns, to request an extension of time to file a corporation income tax return. Turbotax free state efile coupon The IRS will grant the extension if you complete the form properly, file it, and pay any tax due by the original due date for the return. Turbotax free state efile coupon   Form 7004 does not extend the time for paying the tax due on the return. Turbotax free state efile coupon Interest, and possibly penalties, will be charged on any part of the final tax due not shown as a balance due on Form 7004. Turbotax free state efile coupon The interest is figured from the original due date of the return to the date of payment. Turbotax free state efile coupon   For more information, see the instructions for Form 7004. Turbotax free state efile coupon How to pay your taxes. Turbotax free state efile coupon   A corporation must pay its tax due in full no later than the 15th day of the 3rd month after the end of its tax year. Turbotax free state efile coupon Electronic Federal Tax Payment System (EFTPS). Turbotax free state efile coupon   Corporations generally must use EFTPS to make deposits of all tax liabilities (including social security, Medicare, withheld income, excise, and corporate income taxes). Turbotax free state efile coupon For more information on EFTPS and enrollment, visit www. Turbotax free state efile coupon eftps. Turbotax free state efile coupon gov or call 1-800-555-4477. Turbotax free state efile coupon Also see Publication 966, The Secure Way to Pay Your Federal Taxes. Turbotax free state efile coupon Note. Turbotax free state efile coupon Forms 8109 and 8109-B, Federal Tax Deposit Coupon, can no longer be used to make federal tax deposits. Turbotax free state efile coupon Penalties Generally, if the corporation receives a notice about interest and penalties after it files its return, send the IRS an explanation and we will determine if the corporation meets reasonable-cause criteria. Turbotax free state efile coupon Do not attach an explanation when the corporation's return is filed. Turbotax free state efile coupon See the instructions for your income tax return. Turbotax free state efile coupon Late filing of return. Turbotax free state efile coupon    A corporation that does not file its tax return by the due date, including extensions, may be penalized 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax. Turbotax free state efile coupon If the corporation is charged a penalty for late payment of tax (discussed next) for the same period of time, the penalty for late filing is reduced by the amount of the penalty for late payment. Turbotax free state efile coupon The minimum penalty for a return that is over 60 days late is the smaller of the tax due or $100. Turbotax free state efile coupon The penalty will not be imposed if the corporation can show the failure to file on time was due to a reasonable cause. Turbotax free state efile coupon Late payment of tax. Turbotax free state efile coupon    A corporation that does not pay the tax when due may be penalized ½ of 1% of the unpaid tax for each month or part of a month the tax is not paid, up to a maximum of 25% of the unpaid tax. Turbotax free state efile coupon The penalty will not be imposed if the corporation can show that the failure to pay on time was due to a reasonable cause. Turbotax free state efile coupon Trust fund recovery penalty. Turbotax free state efile coupon   If income, social security, and Medicare taxes that a corporation must withhold from employee wages are not withheld or are not deposited or paid to the United States Treasury, the trust fund recovery penalty may apply. Turbotax free state efile coupon The penalty is the full amount of the unpaid trust fund tax. Turbotax free state efile coupon This penalty may apply to you if these unpaid taxes cannot be immediately collected from the business. Turbotax free state efile coupon   The trust fund recovery penalty may be imposed on all persons who are determined by the IRS to be responsible for collecting, accounting for, and paying these taxes, and who acted willfully in not doing so. Turbotax free state efile coupon   A responsible person can be an officer or employee of a corporation, an accountant, or a volunteer director/trustee. Turbotax free state efile coupon A responsible person also may include one who signs checks for the corporation or otherwise has authority to cause the spending of business funds. Turbotax free state efile coupon   Willfully means voluntarily, consciously, and intentionally. Turbotax free state efile coupon A responsible person acts willfully if the person knows the required actions are not taking place. Turbotax free state efile coupon   For more information on withholding and paying these taxes, see Publication 15 (Circular E), Employer's Tax Guide, and Publication 51, (Circular A), Agricultural Employer's Tax Guide. Turbotax free state efile coupon Other penalties. Turbotax free state efile coupon   Other penalties can be imposed for negligence, substantial understatement of tax, reportable transaction understatements, and fraud. Turbotax free state efile coupon See sections 6662, 6662A, and 6663 of the Internal Revenue Code. Turbotax free state efile coupon Estimated Tax Generally, a corporation must make installment payments if it expects its estimated tax for the year to be $500 or more. Turbotax free state efile coupon If the corporation does not pay the installments when they are due, it could be subject to an underpayment penalty. Turbotax free state efile coupon This section will explain how to avoid this penalty. Turbotax free state efile coupon When to pay estimated tax. Turbotax free state efile coupon   Installment payments are due by the 15th day of the 4th, 6th, 9th, and 12th months of the corporation's tax year. Turbotax free state efile coupon Example 1. Turbotax free state efile coupon Your corporation's tax year ends December 31. Turbotax free state efile coupon Installment payments are due on April 15, June 15, September 15, and December 15. Turbotax free state efile coupon Example 2. Turbotax free state efile coupon Your corporation's tax year ends June 30. Turbotax free state efile coupon Installment payments are due on October 15, December 15, March 15, and June 15. Turbotax free state efile coupon   If any due date falls on a Saturday, Sunday, or legal holiday, the installment is due on the next business day. Turbotax free state efile coupon How to figure each required installment. Turbotax free state efile coupon   Use Form 1120-W, Estimated Tax for Corporations, as a worksheet to figure each required installment of estimated tax. Turbotax free state efile coupon You will generally use one of the following two methods to figure each required installment. Turbotax free state efile coupon You should use the method that yields the smallest installment payments. Turbotax free state efile coupon Note. Turbotax free state efile coupon In these discussions, “return” generally refers to the corporation's original return. Turbotax free state efile coupon However, an amended return is considered the original return if it is filed by the due date (including extensions) of the original return. Turbotax free state efile coupon Method 1. Turbotax free state efile coupon   Each required installment is 25% of the income tax the corporation will show on its return for the current year. Turbotax free state efile coupon Method 2. Turbotax free state efile coupon   Each required installment is 25% of the income tax shown on the corporation's return for the previous year. Turbotax free state efile coupon   To use Method 2: The corporation must have filed a return for the previous year, The return must have been for a full 12 months, and The return must have shown a positive tax liability (not zero). Turbotax free state efile coupon Also, if the corporation is a large corporation, it can use Method 2 to figure the first installment only. Turbotax free state efile coupon   See the Instructions for Form 1120-W, for the definition of a large corporation and other special rules for large corporations. Turbotax free state efile coupon Other methods. Turbotax free state efile coupon   If a corporation's income is expected to vary during the year because, for example, its business is seasonal, it may be able to lower the amount of one or more required installments by using one or both of the following methods. Turbotax free state efile coupon The annualized income installment method. Turbotax free state efile coupon The adjusted seasonal installment method. Turbotax free state efile coupon Use Schedule A of Form 1120-W to determine if using one or both of these methods will lower the amount of any required installments. Turbotax free state efile coupon Refiguring required installments. Turbotax free state efile coupon   If after the corporation figures and deposits its estimated tax it finds that its tax liability for the year will be more or less than originally estimated, it may have to refigure its required installments to see if an underpayment penalty may apply. Turbotax free state efile coupon An immediate catchup payment should be made to reduce any penalty resulting from the underpayment of any earlier installments. Turbotax free state efile coupon Underpayment penalty. Turbotax free state efile coupon   If the corporation does not pay a required installment of estimated tax by its due date, it may be subject to a penalty. Turbotax free state efile coupon The penalty is figured separately for each installment due date. Turbotax free state efile coupon The corporation may owe a penalty for an earlier due date, even if it paid enough tax later to make up the underpayment. Turbotax free state efile coupon This is true even if the corporation is due a refund when its return is filed. Turbotax free state efile coupon Form 2220. Turbotax free state efile coupon   Use Form 2220, Underpayment of Estimated Tax by Corporations, to determine if a corporation is subject to the penalty for underpayment of estimated tax and to figure the amount of the penalty. Turbotax free state efile coupon   If the corporation is charged a penalty, the amount of the penalty depends on the following three factors. Turbotax free state efile coupon The amount of the underpayment. Turbotax free state efile coupon The period during which the underpayment was due and unpaid. Turbotax free state efile coupon The interest rate for underpayments published quarterly by the IRS in the Internal Revenue Bulletin. Turbotax free state efile coupon   A corporation generally does not have to file Form 2220 with its income tax return because the IRS will figure any penalty and bill the corporation. Turbotax free state efile coupon However, even if the corporation does not owe a penalty, complete and attach the form to the corporation's tax return if any of the following apply. Turbotax free state efile coupon The annualized income installment method was used to figure any required installment. Turbotax free state efile coupon The adjusted seasonal installment method was used to figure any required installment. Turbotax free state efile coupon The corporation is a large corporation figuring its first required installment based on the prior year's tax. Turbotax free state efile coupon How to pay estimated tax. Turbotax free state efile coupon   A corporation is generally required to use EFTPS to pay its taxes. Turbotax free state efile coupon See Electronic Federal Tax Payment System (EFTPS), earlier. Turbotax free state efile coupon Also see the Instructions for Form 1120-W. Turbotax free state efile coupon Quick refund of overpayments. Turbotax free state efile coupon   A corporation that has overpaid its estimated tax for the tax year may be able to apply for a quick refund. Turbotax free state efile coupon Use Form 4466, Corporation Application for Quick Refund of Overpayment of Estimated Tax, to apply for a quick refund of an overpayment of estimated tax. Turbotax free state efile coupon A corporation can apply for a quick refund if the overpayment is: At least 10% of its expected tax liability, and At least $500. Turbotax free state efile coupon Use Form 4466 to figure the corporation's expected tax liability and the overpayment of estimated tax. Turbotax free state efile coupon File Form 4466 before the 16th day of the 3rd month after the end of the tax year, but before the corporation files its income tax return. Turbotax free state efile coupon Do not file Form 4466 before the end of the corporation's tax year. Turbotax free state efile coupon An extension of time to file the corporation's income tax return will not extend the time for filing Form 4466. Turbotax free state efile coupon The IRS will act on the form within 45 days from the date you file it. Turbotax free state efile coupon U. Turbotax free state efile coupon S. Turbotax free state efile coupon Real Property Interest If a domestic corporation acquires a U. Turbotax free state efile coupon S. Turbotax free state efile coupon real property interest from a foreign person or firm, the corporation may have to withhold tax on the amount it pays for the property. Turbotax free state efile coupon The amount paid includes cash, the fair market value of other property, and any assumed liability. Turbotax free state efile coupon If a domestic corporation distributes a U. Turbotax free state efile coupon S. Turbotax free state efile coupon real property interest to a foreign person or firm, it may have to withhold tax on the fair market value of the property. Turbotax free state efile coupon A corporation that fails to withhold may be liable for the tax, and any penalties and interest that apply. Turbotax free state efile coupon For more information, see section 1445 of the Internal Revenue Code; Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities; Form 8288, U. Turbotax free state efile coupon S. Turbotax free state efile coupon Withholding Tax Return for Dispositions by Foreign Persons of U. Turbotax free state efile coupon S. Turbotax free state efile coupon Real Property Interests; and Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U. Turbotax free state efile coupon S. Turbotax free state efile coupon Real Property Interests. Turbotax free state efile coupon Accounting Methods An accounting method is a set of rules used to determine when and how income and expenses are reported. Turbotax free state efile coupon Taxable income should be determined using the method of accounting regularly used in keeping the corporation's books and records. Turbotax free state efile coupon In all cases, the method used must clearly show taxable income. Turbotax free state efile coupon Generally, permissible methods include: Cash, Accrual, or Any other method authorized by the Internal Revenue Code. Turbotax free state efile coupon Accrual method. Turbotax free state efile coupon   Generally, a corporation (other than a qualified personal service corporation) must use the accrual method of accounting if its average annual gross receipts exceed $5 million. Turbotax free state efile coupon A corporation engaged in farming operations also must use the accrual method. Turbotax free state efile coupon   If inventories are required, the accrual method generally must be used for sales and purchases of merchandise. Turbotax free state efile coupon However, qualifying taxpayers and eligible businesses of qualifying small business taxpayers are excepted from using the accrual method for eligible trades or businesses and may account for inventoriable items as materials and supplies that are not incidental. Turbotax free state efile coupon   Under the accrual method, an amount is includable in income when: All the events have occurred that fix the right to receive the income, which is the earliest of the date: The required performance takes place, Payment is due, or Payment is received; and The amount can be determined with reasonable accuracy. Turbotax free state efile coupon   Generally, an accrual basis taxpayer can deduct accrued expenses in the tax year when: All events that determine the liability have occurred, The amount of the liability can be figured with reasonable accuracy, and Economic performance takes place with respect to the expense. Turbotax free state efile coupon   There are exceptions to the economic performance rule for certain items, including recurring expenses. Turbotax free state efile coupon See section 461(h) of the Internal Revenue Code and the related regulations for the rules for determining when economic performance takes place. Turbotax free state efile coupon Nonaccrual experience method. Turbotax free state efile coupon   Accrual method corporations are not required to maintain accruals for certain amounts from the performance of services that, on the basis of their experience, will not be collected, if: The services are in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting; or The corporation's average annual gross receipts for the 3 prior tax years does not exceed $5 million. Turbotax free state efile coupon   This provision does not apply if interest is required to be paid on the amount or if there is any penalty for failure to pay the amount timely. Turbotax free state efile coupon Percentage of completion method. Turbotax free state efile coupon   Long-term contracts (except for certain real property construction contracts) must generally be accounted for using the percentage of completion method described in section 460 of the Internal Revenue Code. Turbotax free state efile coupon Mark-to-market accounting method. Turbotax free state efile coupon   Generally, dealers in securities must use the mark-to-market accounting method described in section 475 of the Internal Revenue Code. Turbotax free state efile coupon Under this method any security held by a dealer as inventory must be included in inventory at its FMV. Turbotax free state efile coupon Any security not held as inventory at the close of the tax year is treated as sold at its FMV on the last business day of the tax year. Turbotax free state efile coupon Any gain or loss must be taken into account in determining gross income. Turbotax free state efile coupon The gain or loss taken into account is treated as ordinary gain or loss. Turbotax free state efile coupon   Dealers in commodities and traders in securities and commodities can elect to use the mark-to-market accounting method. Turbotax free state efile coupon Change in accounting method. Turbotax free state efile coupon   A corporation can change its method of accounting used to report taxable income (for income as a whole or for the treatment of any material item). Turbotax free state efile coupon The corporation must file Form 3115, Application for Change in Accounting Method. Turbotax free state efile coupon For more information, see Form 3115 and Publication 538. Turbotax free state efile coupon Section 481(a) adjustment. Turbotax free state efile coupon   The corporation may have to make an adjustment under section 481(a) of the Internal Revenue Code to prevent amounts of income or expense from being duplicated or omitted. Turbotax free state efile coupon The section 481(a) adjustment period is generally 1 year for a net negative adjustment and 4 years for a net positive adjustment. Turbotax free state efile coupon However, a corporation can elect to use a 1-year adjustment period if the net section 481(a) adjustment for the change is less than $25,000. Turbotax free state efile coupon The corporation must complete the appropriate lines of Form 3115 to make the election. Turbotax free state efile coupon See the Instructions for Form 3115. Turbotax free state efile coupon Accounting Periods A corporation must figure its taxable income on the basis of a tax year. Turbotax free state efile coupon A tax year is the annual accounting period a corporation uses to keep its records and report its income and expenses. Turbotax free state efile coupon Generally, corporations can use either a calendar year or a fiscal year as its tax year. Turbotax free state efile coupon Unless special rules apply, a corporation generally adopts a tax year by filing its first federal income tax return using that tax year. Turbotax free state efile coupon For more information, see Publication 538. Turbotax free state efile coupon Personal service corporation. Turbotax free state efile coupon   A personal service corporation must use a calendar year as its tax year unless: It elects to use a 52–53 week tax year that ends with reference to the calendar year; It can establish a business purpose for a different tax year and obtains approval of the IRS. Turbotax free state efile coupon See Form 1128, Application To Adopt, Change, or Retain a Tax Year, and Publication 538; or It elects under section 444 of the Internal Revenue Code to have a tax year other than a calendar year. Turbotax free state efile coupon Use Form 8716, Election to Have a Tax Year Other Than a Required Tax Year, to make the election. Turbotax free state efile coupon   If a personal service corporation makes a section 444 election, its deduction for certain amounts paid to employee-owners may be limited. Turbotax free state efile coupon See Schedule H (Form 1120), Section 280H Limitations for a Personal Service Corporation (PSC), to figure the maximum deduction. Turbotax free state efile coupon Change of tax year. Turbotax free state efile coupon   Generally, a corporation must get the consent of the IRS before changing its tax year by filing Form 1128. Turbotax free state efile coupon However, under certain conditions, a corporation can change its tax year without getting the consent. Turbotax free state efile coupon For more information, see Form 1128 and Publication 538. Turbotax free state efile coupon Recordkeeping A corporation should keep its records for as long as they may be needed for the administration of any provision of the Internal Revenue Code. Turbotax free state efile coupon Usually records that support items of income, deductions, or credits on the return must be kept for 3 years from the date the return is due or filed, whichever is later. Turbotax free state efile coupon Keep records that verify the corporation's basis in property for as long as they are needed to figure the basis of the original or replacement property. Turbotax free state efile coupon The corporation should keep copies of all filed returns. Turbotax free state efile coupon They help in preparing future and amended returns and in the calculation of earnings and profits. Turbotax free state efile coupon Income, Deductions, and Special Provisions Rules on income and deductions that apply to individuals also apply, for the most part, to corporations. Turbotax free state efile coupon However, the following special provisions apply only to corporations. Turbotax free state efile coupon Costs of Going Into Business When you go into business, treat all costs you incur to get your business started as capital expenses. Turbotax free state efile coupon However, a corporation can elect to deduct a limited amount of start-up or organizational costs. Turbotax free state efile coupon Any costs not deducted can be amortized. Turbotax free state efile coupon Start-up costs are costs for creating an active trade or business or investigating the creation or acquisition of an active trade or business. Turbotax free state efile coupon Organizational costs are the direct costs of creating the corporation. Turbotax free state efile coupon For more information on deducting or amortizing start-up and organizational costs, see the instructions for your income tax return. Turbotax free state efile coupon Also see, Publication 535, chapter 7, Costs You Can Deduct or Capitalize, and chapter 8, Amortization. Turbotax free state efile coupon Related Persons A corporation that uses an accrual method of accounting cannot deduct business expenses and interest owed to a related person who uses the cash method of accounting until the corporation makes the payment and the corresponding amount is includible in the related person's gross income. Turbotax free state efile coupon Determine the relationship, for this rule, as of the end of the tax year for which the expense or interest would otherwise be deductible. Turbotax free state efile coupon If a deduction is denied, the rule will continue to apply even if the corporation's relationship with the person ends before the expense or interest is includible in the gross income of that person. Turbotax free state efile coupon These rules also deny the deduction of losses on the sale or exchange of property between related persons. Turbotax free state efile coupon Related persons. Turbotax free state efile coupon   For purposes of this rule, the following persons are related to a corporation. Turbotax free state efile coupon Another corporation, that is a member of the same controlled group (as defined in section 267(f) of the Internal Revenue Code). Turbotax free state efile coupon An individual who owns, directly or indirectly, more than 50% of the value of the outstanding stock of the corporation. Turbotax free state efile coupon A trust fiduciary, when the trust or the grantor of the trust owns, directly or indirectly, more than 50% in value of the outstanding stock of the corporation. Turbotax free state efile coupon An S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. Turbotax free state efile coupon A partnership, if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital or profits interest in the partnership. Turbotax free state efile coupon Any employee-owner, if the corporation is a personal service corporation (see Personal service corporation, earlier), regardless of the amount of stock owned by the employee-owner. Turbotax free state efile coupon Ownership of stock. Turbotax free state efile coupon   To determine whether an individual directly or indirectly owns any of the outstanding stock of a corporation, the following apply. Turbotax free state efile coupon Stock owned, directly or indirectly, by or for a corporation, partnership, estate, or trust, is treated as being owned proportionately by or for its shareholders, partners, or beneficiaries. Turbotax free state efile coupon An individual is treated as owning the stock owned, directly or indirectly, by or for the individual's family. Turbotax free state efile coupon Family includes only brothers and sisters (including half brothers and half sisters), a spouse, ancestors, and lineal descendants. Turbotax free state efile coupon Any individual owning (other than by applying (2), above) stock in a corporation, is treated as also owning the stock owned directly or indirectly by that individual's partner. Turbotax free state efile coupon To apply (1), (2), or (3), above, stock constructively owned by a person under (1) is treated as actually owned by that person. Turbotax free state efile coupon But stock constructively owned by an individual under (2) or (3) is not treated as actually owned by the individual for applying either (2) or (3) to make another person the constructive owner of that stock. Turbotax free state efile coupon Reallocation of income and deductions. Turbotax free state efile coupon   Where it is necessary to clearly show income or prevent tax evasion, the IRS can reallocate gross income, deductions, credits, or allowances between two or more organizations, trades, or businesses owned or controlled directly, or indirectly, by the same interests. Turbotax free state efile coupon Complete liquidations. Turbotax free state efile coupon   The disallowance of losses from the sale or exchange of property between related persons does not apply to liquidating distributions. Turbotax free state efile coupon More information. Turbotax free state efile coupon   For more information about the related person rules, see Publication 544. Turbotax free state efile coupon Income From Qualifying Shipping Activities A corporation may make an election to be taxed on its notional shipping income at the highest corporate tax rate. Turbotax free state efile coupon If a corporation makes this election it may exclude income from qualifying shipping activities from gross income. Turbotax free state efile coupon Also if the election is made, the corporation generally may not claim any loss, deduction, or credit with respect to qualifying shipping activities. Turbotax free state efile coupon A corporation making this election may also elect to defer gain on the disposition of a qualifying vessel. Turbotax free state efile coupon A corporation uses Form 8902, Alternative Tax on Qualifying Shipping Activities, to make the election and figure the alternative tax. Turbotax free state efile coupon For more information regarding the election, see Form 8902. Turbotax free state efile coupon Election to Expense Qualified Refinery Property A corporation can make an irrevocable election on its tax return filed by the due date (including extensions) to deduct 50% of the cost of qualified refinery property (defined in section 179C(c) of the Internal Revenue Code), placed in service before January 1, 2014. Turbotax free state efile coupon The deduction is allowed for the year in which the property is placed in service. Turbotax free state efile coupon A subchapter T cooperative can make an irrevocable election on its return by the due date (including extensions) to allocate this deduction to its owners based on their ownership interest. Turbotax free state efile coupon For more information, see section 179C of the Internal Revenue Code and the related Regulations. Turbotax free state efile coupon Deduction to Comply With EPA Sulfur Regulations A small business refiner can make an irrevocable election on its tax return filed by the due date (including extensions) to deduct up to 75% of qualified costs paid or incurred to comply with the Highway Diesel Fuel Sulfur Control Requirements of the Environmental Protection Agency (EPA). Turbotax free state efile coupon A subchapter T cooperative can make an irrevocable election on its return filed by the due date (including extensions) to allocate the deduction to its owners based on their ownership interest. Turbotax free state efile coupon For more information, see sections 45H and 179B of the Internal Revenue Code and the related Regulations. Turbotax free state efile coupon Energy-Efficient Commercial Building Property Deduction A corporation can claim a deduction for costs associated with energy-efficient commercial building property, placed in service before January 1, 2014. Turbotax free state efile coupon In order to qualify for the deduction: The costs must be associated with depreciable or amortizable property in a Standard 90. Turbotax free state efile coupon 1-2001 domestic building; The property must be either a part of the interior lighting system, the heating, cooling, ventilation and hot water system, or the building envelope (defined in section 179D(c)(1)(C) of the Internal Revenue Code); and The property must be installed as part of a plan to reduce the total annual energy and power costs of the building by 50% or more. Turbotax free state efile coupon The deduction is limited to $1. Turbotax free state efile coupon 80 per square foot of the building less the total amount of deductions taken for this property in prior tax years. Turbotax free state efile coupon Other rules and limitations apply. Turbotax free state efile coupon The corporation must reduce the basis of any property by any deduction taken. Turbotax free state efile coupon The deduction is subject to recapture if the corporation fails to fully implement an energy savings plan. Turbotax free state efile coupon For more information, see section 179D of the Internal Revenue Code. Turbotax free state efile coupon Also see Notice 2006-52, 2006-26 I. Turbotax free state efile coupon R. Turbotax free state efile coupon B. Turbotax free state efile coupon 1175, clarified and amplified by Notice 2008-40, 2008-14 I. Turbotax free state efile coupon R. Turbotax free state efile coupon B. Turbotax free state efile coupon 725, and any successor. Turbotax free state efile coupon Corporate Preference Items A corporation must make special adjustments to certain items before it takes them into account in determining its taxable income. Turbotax free state efile coupon These items are known as corporate preference items and they include the following. Turbotax free state efile coupon Gain on the disposition of section 1250 property. Turbotax free state efile coupon For more information, see section 1250 Property under Depreciation Recapture in chapter 3 of Publication 544. Turbotax free state efile coupon Percentage depletion for iron ore and coal (including lignite). Turbotax free state efile coupon For more information, see Mines and Geothermal Deposits under Mineral Property in chapter 9 of Publication 535. Turbotax free state efile coupon Amortization of pollution control facilities. Turbotax free state efile coupon For more information, see Pollution Control Facilities in chapter 8 of Publication 535 and section 291(a)(5) of the Internal Revenue Code. Turbotax free state efile coupon Mineral exploration and development costs. Turbotax free state efile coupon For more information, see Exploration Costs and Development Costs in chapter 7 of Publication 535. Turbotax free state efile coupon For more information on corporate preference items, see section 291 of the Internal Revenue Code. Turbotax free state efile coupon Dividends-Received Deduction A corporation can deduct a percentage of certain dividends received during its tax year. Turbotax free state efile coupon This section discusses the general rules that apply. Turbotax free state efile coupon The deduction is figured on Form 1120, Schedule C, or the applicable schedule of your income tax return. Turbotax free state efile coupon For more information, see the Instructions for Form 1120, or the instructions for your applicable income tax return. Turbotax free state efile coupon Dividends from domestic corporations. Turbotax free state efile coupon   A corporation can deduct, within certain limits, 70% of the dividends received if the corporation receiving the dividend owns less than 20% of the corporation distributing the dividend. Turbotax free state efile coupon If the corporation owns 20% or more of the distributing corporation's stock, it can, subject to certain limits, deduct 80% of the dividends received. Turbotax free state efile coupon Ownership. Turbotax free state efile coupon   Determine ownership, for these rules, by the amount of voting power and value of the paying corporation's stock (other than certain preferred stock) the receiving corporation owns. Turbotax free state efile coupon Small business investment companies. Turbotax free state efile coupon   Small business investment companies can deduct 100% of the dividends received from taxable domestic corporations. Turbotax free state efile coupon Dividends from regulated investment companies. Turbotax free state efile coupon   Regulated investment company dividends received are subject to certain limits. Turbotax free state efile coupon Capital gain dividends received from a regulated investment company do not qualify for the deduction. Turbotax free state efile coupon For more information, see section 854 of the Internal Revenue Code. Turbotax free state efile coupon No deduction allowed for certain dividends. Turbotax free state efile coupon   Corporations cannot take a deduction for dividends received from the following entities. Turbotax free state efile coupon A real estate investment trust (REIT). Turbotax free state efile coupon A corporation exempt from tax under section 501 or 521 of the Internal Revenue Code either for the tax year of the distribution or the preceding tax year. Turbotax free state efile coupon A corporation whose stock was held less than 46 days during the 91-day period beginning 45 days before the stock became ex-dividend with respect to the dividend. Turbotax free state efile coupon Ex-dividend means the holder has no rights to the dividend. Turbotax free state efile coupon A corporation whose preferred stock was held less than 91 days during the 181-day period beginning 90 days before the stock became ex-dividend with respect to the dividend if the dividends received are for a period or periods totaling more than 366 days. Turbotax free state efile coupon Any corporation, if your corporation is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Turbotax free state efile coupon Dividends on deposits. Turbotax free state efile coupon   Dividends on deposits or withdrawable accounts in domestic building and loan associations, mutual savings banks, cooperative banks, and similar organizations are interest, not dividends. Turbotax free state efile coupon They do not qualify for this deduction. Turbotax free state efile coupon Limit on deduction for dividends. Turbotax free state efile coupon   The total deduction for dividends received or accrued is generally limited (in the following order) to: 80% of the difference between taxable income and the 100% deduction allowed for dividends received from affiliated corporations, or by a small business investment company, for dividends received or accrued from 20%-owned corporations, then 70% of the difference between taxable income and the 100% deduction allowed for dividends received from affiliated corporations, or by a small business investment company, for dividends received or accrued from less-than-20%-owned corporations (reducing taxable income by the total dividends received from 20%-owned corporations). Turbotax free state efile coupon Figuring the limit. Turbotax free state efile coupon   In figuring the limit, determine taxable income without the following items. Turbotax free state efile coupon The net operating loss deduction. Turbotax free state efile coupon The domestic production activities deduction. Turbotax free state efile coupon The deduction for dividends received. Turbotax free state efile coupon Any adjustment due to the nontaxable part of an extraordinary dividend (see Extraordinary Dividends, below). Turbotax free state efile coupon Any capital loss carryback to the tax year. Turbotax free state efile coupon Effect of net operating loss. Turbotax free state efile coupon   If a corporation has a net operating loss (NOL) for a tax year, the limit of 80% (or 70%) of taxable income does not apply. Turbotax free state efile coupon To determine whether a corporation has an NOL, figure the dividends-received deduction without the 80% (or 70%) of taxable income limit. Turbotax free state efile coupon Example 1. Turbotax free state efile coupon A corporation loses $25,000 from operations. Turbotax free state efile coupon It receives $100,000 in dividends from a 20%-owned corporation. Turbotax free state efile coupon Its taxable income is $75,000 ($100,000 – $25,000) before the deduction for dividends received. Turbotax free state efile coupon If it claims the full dividends-received deduction of $80,000 ($100,000 × 80%) and combines it with an operations loss of $25,000, it will have an NOL of ($5,000). Turbotax free state efile coupon Therefore, the 80% of taxable income limit does not apply. Turbotax free state efile coupon The corporation can deduct the full $80,000. Turbotax free state efile coupon Example 2. Turbotax free state efile coupon Assume the same facts as in Example 1, except that the corporation only loses $15,000 from operations. Turbotax free state efile coupon Its taxable income is $85,000 before the deduction for dividends received. Turbotax free state efile coupon After claiming the dividends-received deduction of $80,000 ($100,000 × 80%), its taxable income is $5,000. Turbotax free state efile coupon Because the corporation will not have an NOL after applying a full dividends-received deduction, its allowable dividends-received deduction is limited to 80% of its taxable income, or $68,000 ($85,000 × 80%). Turbotax free state efile coupon Extraordinary Dividends If a corporation receives an extraordinary dividend on stock held 2 years or less before the dividend announcement date, it generally must reduce its basis in the stock by the nontaxed part of the dividend. Turbotax free state efile coupon The nontaxed part is any dividends-received deduction allowable for the dividends. Turbotax free state efile coupon Extraordinary dividend. Turbotax free state efile coupon   An extraordinary dividend is any dividend on stock that equals or exceeds a certain percentage of the corporation's adjusted basis in the stock. Turbotax free state efile coupon The percentages are: 5% for stock preferred as to dividends, or 10% for other stock. Turbotax free state efile coupon Treat all dividends received that have ex-dividend dates within an 85-consecutive-day period as one dividend. Turbotax free state efile coupon Treat all dividends received that have ex-dividend dates within a 365-consecutive-day period as extraordinary dividends if the total of the dividends exceeds 20% of the corporation's adjusted basis in the stock. Turbotax free state efile coupon Disqualified preferred stock. Turbotax free state efile coupon   Any dividend on disqualified preferred stock is treated as an extraordinary dividend regardless of the period of time the corporation held the stock. Turbotax free state efile coupon   Disqualified preferred stock is any stock preferred as to dividends if any of the following apply. Turbotax free state efile coupon The stock when issued has a dividend rate that declines (or can reasonably be expected to decline) in the future. Turbotax free state efile coupon The issue price of the stock exceeds its liquidation rights or stated redemption price. Turbotax free state efile coupon The stock is otherwise structured to avoid the rules for extraordinary dividends and to enable corporate shareholders to reduce tax through a combination of dividends-received deductions and loss on the disposition of the stock. Turbotax free state efile coupon   These rules apply to stock issued after July 10, 1989, unless it was issued under a written binding contract in effect on that date, and thereafter, before the issuance of the stock. Turbotax free state efile coupon More information. Turbotax free state efile coupon   For more information on extraordinary dividends, see section 1059 of the Internal Revenue Code. Turbotax free state efile coupon Below-Market Loans If a corporation receives a below-market loan and uses the proceeds for its trade or business, it may be able to deduct the forgone interest. Turbotax free state efile coupon A below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Turbotax free state efile coupon A below-market loan generally is treated as an arm's-length transaction in which the borrower is considered as having received both the following: A loan in exchange for a note that requires payment of interest at the applicable federal rate, and An additional payment in an amount equal to the forgone interest. Turbotax free state efile coupon Treat the additional payment as a gift, dividend, contribution to capital, payment of compensation, or other payment, depending on the substance of the transaction. Turbotax free state efile coupon Foregone interest. Turbotax free state efile coupon   For any period, forgone interest is equal to: The interest that would be payable for that period if interest accrued on the loan at the applicable federal rate and was payable annually on December 31, minus Any interest actually payable on the loan for the period. Turbotax free state efile coupon See Below-market loans, in chapter 4 of Publication 535 for more information. Turbotax free state efile coupon Charitable Contributions A corporation can claim a limited deduction for charitable contributions made in cash or other property. Turbotax free state efile coupon The contribution is deductible if made to, or for the use of, a qualified organization. Turbotax free state efile coupon For more information on qualified organizations, see Publication 526, Charitable Contributions. Turbotax free state efile coupon Also see, Exempt Organizations Select Check (EO Select Check) at www. Turbotax free state efile coupon irs. Turbotax free state efile coupon gov/charities, the on-line search tool for finding information on organizations eligible to receive tax-deductible contributions. Turbotax free state efile coupon Note. Turbotax free state efile coupon You cannot take a deduction if any of the net earnings of an organization receiving contributions benefit any private shareholder or individual. Turbotax free state efile coupon Cash method corporation. Turbotax free state efile coupon   A corporation using the cash method of accounting deducts contributions in the tax year paid. Turbotax free state efile coupon Accrual method corporation. Turbotax free state efile coupon   A corporation using an accrual method of accounting can choose to deduct unpaid contributions for the tax year the board of directors authorizes them if it pays them by the 15th day of the 3rd month after the close of that tax year. Turbotax free state efile coupon Make the choice by reporting the contribution on the corporation's return for the tax year. Turbotax free state efile coupon A declaration stating that the board of directors adopted the resolution during the tax year must accompany the return. Turbotax free state efile coupon The declaration must include the date the resolution was adopted. Turbotax free state efile coupon Limitations on deduction. Turbotax free state efile coupon   A corporation cannot deduct charitable contributions that exceed 10% of its taxable income for the tax year. Turbotax free state efile coupon Figure taxable income for this purpose without the following. Turbotax free state efile coupon The deduction for charitable contributions. Turbotax free state efile coupon The dividends-received deduction. Turbotax free state efile coupon The deduction allowed under section 249 of the Internal Revenue Code. Turbotax free state efile coupon The domestic production activities deduction. Turbotax free state efile coupon Any net operating loss carryback to the tax year. Turbotax free state efile coupon Any capital loss carryback to the tax year. Turbotax free state efile coupon Farmers and ranchers. Turbotax free state efile coupon    Corporations that are farmers and ranchers should see section 170(b)(2) of the Internal Revenue Code for special rules that may affect the deduction limit. Turbotax free state efile coupon Carryover of excess contributions. Turbotax free state efile coupon   You can carry over, within certain limits, to each of the subsequent 5 years any charitable contributions made during the current year that exceed the 10% limit. Turbotax free state efile coupon You lose any excess not used within that period. Turbotax free state efile coupon For example, if a corporation has a carryover of excess contributions paid in 2010 and it does not use all the excess on its return for 2011, it can carry any excess over to 2012, 2013, 2014, and 2015, if applicable. Turbotax free state efile coupon Any excess not used in 2015 is lost. Turbotax free state efile coupon Do not deduct a carryover of excess contributions in the carryover year until after you deduct contributions made in that year (subject to the 10% limit). Turbotax free state efile coupon You cannot deduct a carryover of excess contributions to the extent it increases a net operating loss carryover. Turbotax free state efile coupon Cash contributions. Turbotax free state efile coupon   A corporation must maintain a record of any contribution of cash, check, or other monetary contribution, regardless of the amount. Turbotax free state efile coupon The record can be a bank record, receipt, letter, or other written communication from the donee indicating the name of the organization, the date of the contribution, and the amount of the contribution. Turbotax free state efile coupon Keep the record of the contribution with the other corporate records. Turbotax free state efile coupon Do not attach the records to the corporation's return. Turbotax free state efile coupon For more information on cash contributions, see Publication 526. Turbotax free state efile coupon Gifts of $250 or more. Turbotax free state efile coupon   Generally, no deduction is allowed for any contribution of $250 or more unless the corporation gets a written acknowledgement from the donee organization. Turbotax free state efile coupon The acknowledgement should show the amount of cash contributed, a description of the property contributed, and either gives a description and a good faith estimate of the value of any goods or services provided in return for the contribution or states that no goods or services were provided in return for the contribution. Turbotax free state efile coupon The acknowledgement should be received by the due date (including extensions) of the return, or, if earlier, the date the return was filed. Turbotax free state efile coupon Keep the acknowledgement with other corporate records. Turbotax free state efile coupon Do not attach the acknowledgement to the return. Turbotax free state efile coupon Contributions of property other than cash. Turbotax free state efile coupon   If a corporation (other than a closely-held or a personal service corporation) claims a deduction of more than $500 for contributions of property other than cash, a schedule describing the property and the method used to determine its fair market value must be attached to the corporation's return. Turbotax free state efile coupon In addition the corporation should keep a record of: The approximate date and manner of acquisition of the donated property and The cost or other basis of the donated property held by the donor for less than 12 months prior to contribution. Turbotax free state efile coupon   Closely held and personal service corporations must complete and attach Form 8283, Noncash Charitable Contributions, to their returns if they claim a deduction of more than $500 for non-cash contributions. Turbotax free state efile coupon For all other corporations, if the deduction claimed for donated property exceeds $5,000, complete Form 8283 and attach it to the corporation's return. Turbotax free state efile coupon   A corporation must obtain a qualified appraisal for all deductions of property claimed in excess of $5,000. Turbotax free state efile coupon A qualified appraisal is not required for the donation of cash, publicly traded securities, inventory, and any qualified vehicles sold by a donee organization without any significant intervening use or material improvement. Turbotax free state efile coupon The appraisal should be maintained with other corporate records and only attached to the corporation's return when the deduction claimed exceeds $500,000; $20,000 for donated art work. Turbotax free state efile coupon   See Form 8283 for more information. Turbotax free state efile coupon Qualified conservation contributions. Turbotax free state efile coupon   If a corporation makes a qualified conservation contribution, the corporation must provide information regarding the legal interest being donated, the fair market value of the underlying property before and after the donation, and a description of the conservation purpose for which the property will be used. Turbotax free state efile coupon For more information, see section 170(h) of the Internal Revenue Code. Turbotax free state efile coupon Contributions of used vehicles. Turbotax free state efile coupon   A corporation is allowed a deduction for the contribution of used motor vehicles, boats, and airplanes. Turbotax free state efile coupon The deduction is limited, and other special rules apply. Turbotax free state efile coupon For more information, see Publication 526. Turbotax free state efile coupon Reduction for contributions of certain property. Turbotax free state efile coupon   For a charitable contribution of property, the corporation must reduce the contribution by the sum of: The ordinary income and short-term capital gain that would have resulted if the property were sold at its FMV and For certain contributions, the long-term capital gain that would have resulted if the property were sold at its FMV. Turbotax free state efile coupon   The reduction for the long-term capital gain applies to: Contributions of tangible personal property for use by an exempt organization for a purpose or function unrelated to the basis for its exemption; Contributions of any property to or for the use of certain private foundations except for stock for which market quotations are readily available; and Contributions of any patent, certain copyrights, trademark, trade name, trade secret, know-how, software (that is a section 197 intangible), or similar property, or applications or registrations of such property. Turbotax free state efile coupon Larger deduction. Turbotax free state efile coupon   A corporation (other than an S corporation) may be able to claim a deduction equal to the lesser of (a) the basis of the donated inventory or property plus one-half of the inventory or property's appreciation (gain if the donated inventory or property was sold at fair market value on the date of the donation), or (b) two times basis of the donated inventory or property. Turbotax free state efile coupon This deduction may be allowed for certain contributions of: Certain inventory and other property made to a donee organization and used solely for the care of the ill, the needy, and infants. Turbotax free state efile coupon Scientific property constructed by the corporation (other than an S corporation, personal holding company, or personal service corporation) and donated no later than 2 years after substantial completion of the construction. Turbotax free state efile coupon The property must be donated to a qualified organization and its original use must be by the donee for research, experimentation, or research training within the United States in the area of physical or biological science. Turbotax free state efile coupon Computer technology and equipment acquired or constructed and donated no later than 3 years after either acquisition or substantial completion of construction to an educational organization for educational purposes within the United States. Turbotax free state efile coupon Contributions to organizations conducting lobbying activities. Turbotax free state efile coupon   Contributions made to an organization that conducts lobbying activities are not deductible if: The lobbying activities relate to matters of direct financial interest to the donor's trade or business and The principal purpose of the contribution was to avoid federal income tax by obtaining a deduction for activities that would have been nondeductible under the lobbying expense rules if conducted directly by the donor. Turbotax free state efile coupon More information. Turbotax free state efile coupon   For more information on charitable contributions, including substantiation and recordkeeping requirements, see section 170 of the Internal Revenue Code, the related regulations, and Publication 526. Turbotax free state efile coupon Capital Losses A corporation can deduct capital losses only up to the amount of its capital gains. Turbotax free state efile coupon In other words, if a corporation has an excess capital loss, it cannot deduct the loss in the current tax year. Turbotax free state efile coupon Instead, it carries the loss to other tax years and deducts it from any net capital gains that occur in those years. Turbotax free state efile coupon A capital loss is carried to other years in the following order. Turbotax free state efile coupon 3 years prior to the loss year. Turbotax free state efile coupon 2 years prior to the loss year. Turbotax free state efile coupon 1 year prior to the loss year. Turbotax free state efile coupon Any loss remaining is carried forward for 5 years. Turbotax free state efile coupon When you carry a net capital loss to another tax year, treat it as a short-term loss. Turbotax free state efile coupon It does not retain its original identity as long term or short term. Turbotax free state efile coupon Example. Turbotax free state efile coupon A calendar year corporation has a net short-term capital gain of $3,000 and a net long-term capital loss of $9,000. Turbotax free state efile coupon The short-term gain offsets some of the long-term loss, leaving a net capital loss of $6,000. Turbotax free state efile coupon The corporation treats this $6,000 as a short-term loss when carried back or forward. Turbotax free state efile coupon The corporation carries the $6,000 short-term loss back 3 years. Turbotax free state efile coupon In year 1, the corporation had a net short-term capital gain of $8,000 and a net long-term capital gain of $5,000. Turbotax free state efile coupon It subtracts the $6,000 short-term loss first from the net short-term gain. Turbotax free state efile coupon This results in a net capital gain for year 1 of $7,000. Turbotax free state efile coupon This consists of a net short-term capital gain of $2,000 ($8,000 − $6,000) and a net long-term capital gain of $5,000. Turbotax free state efile coupon S corporation status. Turbotax free state efile coupon   A corporation may not carry a capital loss from, or to, a year for which it is an S corporation. Turbotax free state efile coupon Rules for carryover and carryback. Turbotax free state efile coupon   When carrying a capital loss from one year to another, the following rules apply. Turbotax free state efile coupon When figuring the current year's net capital loss, you cannot combine it with a capital loss carried from another year. Turbotax free state efile coupon In other words, you can carry capital losses only to years that would otherwise have a total net capital gain. Turbotax free state efile coupon If you carry capital losses from 2 or more years to the same year, deduct the loss from the earliest year first. Turbotax free state efile coupon You cannot use a capital loss carried from another year to produce or increase a net operating loss in the year to which you carry it back. Turbotax free state efile coupon Refunds. Turbotax free state efile coupon   When you carry back a capital loss to an earlier tax year, refigure your tax for that year. Turbotax free state efile coupon If your corrected tax is less than the tax you originally owed, use either Form 1139, Corporate Application for Tentative Refund, or Form 1120X, Amended U. Turbotax free state efile coupon S. Turbotax free state efile coupon Corporation Income Tax Return, to apply for a refund. Turbotax free state efile coupon Form 1139. Turbotax free state efile coupon    A corporation can get a refund faster by using Form 1139. Turbotax free state efile coupon It cannot file Form 1139 before filing the return for the corporation's capital loss year, but it must file Form 1139 no later than 1 year after the year it sustains the capital loss. Turbotax free state efile coupon Form 1120X. 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Understanding your CP566 Notice

We need more information to process your application for an Individual Taxpayer Identification Number (ITIN). You may have sent us an incomplete form. You may have sent us the wrong documents.

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Effective June 22, 2012, the IRS has made interim changes that affect the Individual Taxpayer Identification Number (ITIN) application process. Some of the information below, including the documentation requirements for individuals seeking an ITIN, has been superseded by these changes. Taxpayers and their representatives should review these changes, which are further explained in these Frequently Asked Questions, before requesting an ITIN.


What you need to do

  • Go over the instructions for your application.
  • Make sure you don't qualify for a Social Security number (SSN) and you need an ITIN.
  • Go over your application to make sure you’ve answered all the questions.
  • Make sure your documents are correct.
  • Send us the documents we've asked for when you reply.
  • Make sure the documents are translated into English if we've requested a translation. Use a certified translator.
  • Complete and sign the response form at the end of your notice. Mail it to us with any documents we've requested.

You may want to...


Answers to Common Questions

What is an ITIN?
It is a number for you to use on federal tax documents.

Who needs an ITIN?
A non-citizen who has to file a federal tax return or a tax reporting document and does not qualify for an SSN needs an ITIN.

What is correct documentation?
In general, correct documentation is unexpired and has your photograph. It has the same name on it as on your application and tax return. It is from an organization authorized to issue it. The following documents can meet these conditions:

  • a passport
  • a visa (issued by the U.S. Department of State)
  • a civil birth certificate
  • a national, U.S. state, or military identification document
  • a U.S. or foreign driver’s license
  • a U.S. Citizenship and Immigration Services Photo ID
  • a foreign voter registration document or military card
  • U.S. school records (for dependents only)
  • U.S. medical records (for dependents only)

Foreign records must be from a country recognized by the U.S. State Department.

What are the special requirements for school and medical records?
They must be less than one year old. They must be for dependents younger than 18.

How much time do I have to reply?
You have 45 days from the date of your notice to reply.

What happens if I don't reply?
We will reject your application. You'll have to submit a new application for an ITIN.

Should I call you with my reply or mail it to you?
Mail your reply to us at the address on the notice.

What happens to my tax return if you reject my application?
We'll process your return without an ITIN. You'll need to reapply for an ITIN and attach a copy of the return to your application to get a refund.

I sent you documents when I applied for an ITIN. When will you return them?
We'll return your documents within 60 days after we've processed your application.

Whom can I talk to with my questions?
You can call the telephone number on the top right corner of the notice with your questions.


Tips for next year

Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.


Understanding your notice

Reading your notice
Your notice may look different from the sample because the information contained in your notice is tailored to your situation.

Notice CP566, Page 1

Notice CP566, Page 2

Notice CP566, Page 3

Notice CP566, Page 4

Printable samples of this notice (PDF)

Tax publications you may find useful

How to get help

Calling the 1-800 number listed on the top right corner of your notice is the fastest way to get your questions answered.

You can also authorize someone (such as an accountant) to contact the IRS on your behalf using this Power of Attorney and Declaration of Representative (Form 2848).

Or you may qualify for help from a Low Income Taxpayer Clinic.
 

Page Last Reviewed or Updated: 14-Mar-2014

The Turbotax Free State Efile Coupon

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