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FAQ

What tax form will a newly incorporated start-up need to file with no revenue or payroll?
As a corporation, you need to file Form 1120 (U.S. Corporation Income Tax Return) on an annual basis regardless of whether you have revenues or employees. From the Form 1120 instructions:Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Domestic corporations must file Form 1120, unless they are required, or elect to file a special return.When 1120 is due is based on your corporation's tax year:Generally, a corporation must file its income tax return by the 15th day of the 3rd month after the end of its tax year. A new corporation filing a short-period return must generally file by the 15th day of the 3rd month after the short period ends. A corporation that has dissolved must generally file by the 15th day of the 3rd month after the date it dissolved.Because you don't have any employees, you don't need to file Form 941 (or state equivalents) unless you have already filed Form 941 previously.You can find the full instructions to form 1120 here:http://www.irs.gov/pub/irs-pdf/i...
How do I fill out a 1120 tax report?
If you are not sophisticated with taxes, DON'T try this form. You can get yourself in a lot of trouble.  Get a good CPA or EA.  The time and effort it will take you to figure this thing out is not worth it. If you value your time at more than the minimum wage, you will save time and money by hiring a professional.
Corporate Finance: What do I need to do to file taxes for a delaware C-corp?
A Delaware C-corporation is required to file:Federal tax return, Form 1120 (see Instructions for Form 1120 (2021) and http://www.irs.gov/pub/irs-pdf/f... for the form itself).If you conduct business in Delaware, a Delaware Corporate tax return, Form 1100 (see http://revenue.delaware.gov/serv... for the instructions and http://revenue.delaware.gov/serv... for the form itself).If you do not conduct business in Delaware, you must pay the Delaware franchise tax and file an Annual Report - see Division of Corporations - Franchise Tax Calculations for the methods of calculating the franchise tax and Division of Corporations - Online Services to file and pay online.In my opinion, corporate tax preparation is not something you should try to take on yourself; hire a professional.
Should I prepare a tax return if a C corp made under 50,000 USD in profit?
Yes, you must file and 1120‡ even if you had no activity for the year!Filling out Form 1120 is not as easy as just inputting a few numbers, there’s actually quite a bit of informational data that needs to be entered as well. You have to have to right knowledge to know where to put those numbers and the right data. For example, if your startup had $0 revenue and expenses but had an international subsidiary - $0 revenue and expenses - and you dont file a 5471 with your 1120‡ You could get hit with a $10,000 penalty!!Filling out tax returns is a bit like a driving a rocket ship; you have to know which levers to pull and buttons to push at the right time. And while tax software exists, you need to work with a pro to make it all work. Just like you cant purely rely on WebMD to self-diagnose. With your financial health on the line, that’s why CPA’s are licensed and regulated. (Fun fact: the CPA exam is widely considered to be the most difficult professional exam.If you’re looking for Software + a CPA for your startup tax return, check out www.KruzeTax.com. We're Startup Tax CPA's that use AI and software to make tax returns faster and cheaper. Professional CPA's + Software = Confidence & Speed at a Bargain Price.
What steps are involved in creating a REIT?
Obviously, this question cannot be answered with one short, simple answer. The breadth of information on how to form a REIT from conception has basic tax considerations and requirements -- ones that should be researched with a legal representative for the finer details. However, the elemental compliance regulations generally require these qualifications:Organization -- A Real Estate Investment Trust must be founded in one of the 50 United States or District of Columbia as a taxable entity for federal purposes as a corporation. The REIT should be supervised by directors or trustees. It’s shares must also be transferable. By the second taxable year, a REIT must meet two prerequisites before it can qualify: 1) must have at least 100 shareholders 2) five or less individuals cannot not own more than 50 percent of the value of the stock in Q3 or Q4 taxable year. Operational -- A REIT must fulfill two yearly income tests and a quarterly asset test to ensure that most the REIT’s income and assets are from real estate-specific sources. ¾ of the REIT’s annual gross income must come from real estate: rent from property or secured by real mortgage properties, with the exception of the 5 percent allowed for non-real estate service fees. Additionally, a REIT cannot own more than 10 percent of the voting securities of any corporation other than another REIT, a taxable REIT subsidiary (“TRS”) or a qualified REIT subsidiary ("QRS"). Also, a REIT cannot own stock in another corporation (other than a REIT, TRS or QRS) in which the value of the stock equals more than 5 percent of a its assets. Lastly, the value of the stock of all of a REIT's TRSs cannot comprise more than 25 percent of the value of the REIT's entire portfolio.Distribution -- A REIT must disperse at least 90 percent of its taxable income and pay out its income to shareholders yearly in form of dividends.Compliance -- REITs must qualify with the IRS with an election form to qualify for a specific year. Most importantly, annual letters to shareholders its shareholders asking for information of the beneficial ownership shares or penalties will apply.Due to the stringent stipulations of each “test”, a legal and tax securities expert should be consulted.Follow Ivan Kaufman (@ivan_kaufman) | Twitter and Learn more about Ivan Kaufman .
Where can I learn and understand more about Corporate Taxes (Domestic & Internationally)?
So far you've gotten four good answers that cover different areas.  It really depends on what you want out of this endeavor.  A thorough understanding to understand what your CPA is say.  Follow Jim Watkins advice forget it.  The education time required to get to that level is better spent on your business.A career follow Jordan S. Zoot reply.US taxation a general understanding follow Nathanael Pine and his reply.International - Manish S. Modi reply points out the difficulty of this the research tools are very expensive.  The education required to become competent in both is extraordinary.  Not something for the faint of heart.  I myself can claim a rudimentary understanding of Canadian taxation and a vague understanding of several other countries.  Just staying current with US taxation is enough of a task.  This is after over 30 years of experience as a CPA.
If I get a 1099-MISC for three different types of activities, what is my "primary business"?
Circular 230 Disclaimer: To ensure compliance with requirements imposed by the IRS, any U.S. tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any matters addressed herein.  This advice is based on my understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.  Any change or addition to those facts could materially and adversely affect my analysis and conclusions, and in that event, the analysis should not be relied upon.If these business activities are actually unrelated in purpose and scope, you will need to file separate business returns - presumably Schedule C - for each of them. See the instructions for Schedule C, http://www.irs.gov/pub/irs-pdf/i..., page C-2.If the business activities are in fact related - for example, if you are performing various types of Web site and/or social media consulting across a variety of different domains - you can combine them on a single business return, in which case you pick a primary business activity code that best describes them. There's a fairly comprehensive list of codes and activities in the instructions for Form 1120-S, http://www.irs.gov/instructions/....
If you are a multi-member LLC, how often are you suppose to file quarterly taxes?
From the perspective of the business: If you have employees and are required to withhold at least $1000 per year Social Security, Medicare, and Federal income taxes, you must file Form 941 quarterly, no later than the last day of the month that follows the end of the quarter - so, April 30 for the first quarter, July 31 for the second, October 31 for the third, and January 31 for the fourth. If the liability for withholding these taxes is less than $1000, the business can file Form 944 on an annual basis instead. The business must also file Form 940 annually to report Federal unemployment tax (FUTA). If the business is organized as a C-corporation for tax purposes, then the corporation must report and pay estimated taxes on a quarterly basis if they expect the corporation's tax burden to exceed $500. These are due on the 15th day after the end of the quarter, and are reported on Form 1120-W (2021). If the business is organized as an S-corporation for tax purposes, estimated tax payments are required for certain types of taxes; see Chapter 1 of Instructions for Form 1120S (2021). Those are also reported on Form 1120-W. Most S-corporations do not owe these types of taxes. From the perspective of the LLC members: Individual members are not required to pay estimated taxes (which is what people generally mean when they discuss "paying quarterly taxes"), but they should do so when they expect their income from the business to place them in a position where they will pay an underwithholding penalty. Chapter 2 of IRS Publication 505, Tax Withholding and Estimated Tax gives guidance as to whether estimated tax payments should be made; it includes a worksheet that the members should use to figure whether or not they have estimated tax liability. Unless the business is organized as a C-corporation for tax purposes, members will pay taxes on their distributive share of the income from the business. If you do need to pay estimated taxes, those should be paid by the 15th day of the month that follows the end of each business quarter as well, using http://www.irs.gov/pub/irs-pdf/f....
What would be the best and easiest sources for a foreign tax practitioner that just started working in the US to get an overview of the main Corporation Tax rules?
Well there are two types of common Corporate entities, a C corporation and an S Corporation.  A C corporation pays tax on the income the Corporation earns.   Most people who create a Corporation make what is called an S election. That way the income of the S Corporation passes through to the shareholders of the S-Corporation. This avoids the trap of double taxation should the S-Corp make distributions of earnings.  Anyway, a good introduction to the taxation of both types of corporations, is to read the IRS instructions that come with both forms, Form 1120 for the C corp and Form 1120-S for the S Corp.   The forms and instructions are available at Internal Revenue Service Once you get an idea of what's involved, I would then take a course on corporate taxation at a nearby college. Reading the instructions is difficult but reading them and then going into a class that goes over what's involved in preparing a corporate tax return, will put you way ahead of many of the other students in the classroom.  And you will get far more out of it believe me.
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