Corporations with assets of $50 million or more that file at least 250 returns annually are required to electronically file 1120/1120S income tax returns with
the Internal Revenue Service (IRS) for tax years ending on or after Dec.
Temporary regulations issued under IRC section 6081 (TD 9229, 1i/4/05) simplify how individuals, partnerships and others can obtain an automatic six-month extension of time to file a number of income tax returns with
a single request.
* Conducted structured reviews of completed returns with
the taxpayer present, to improve the review process.
Because it only has relevance for taxpayers that operate in the environment of consolidated returns with
multiple domestic and foreign affiliates, this schedule should be removed from Form 1120 and set up as a separate schedule.
If you are a nonfiler, go directly your nearest tax professional and file tax returns with
the Internal Revenue Service voluntarily.
In February 2004 the 1120 and 1120S returns with
53 forms and schedules and the 990 series--corporate income returns and nonprofit informational returns, respectively--joined an array of common forms already available for electronic filing, including employment taxes (forms 940 and 941), partnership returns (form 1065) and estates and trusts (form 1041).
Tax advisers can more quickly complete spreadsheet returns with
the appropriate information and revise them more efficiently than actual returns.
In trying to identify high-risk, high-income returns, the Service uses a combination of filters and is selecting returns with
unreported income or structured transactions (i.e., transactions with a limited economic benefit that act primarily to reduce or eliminate a tax liability).
Conversely, most CPAs do not prepare returns with
clients sitting in front of them.
One of the biggest tasks in preparing business tax returns and 1040 returns with
schedule C businesses is converting client accounting records for use with tax software.
During the 1999 filing season, taxpayers in Indiana and Kentucky who qualify for Telefile can file both their Federal and state returns with
one phone call.
Section 7216 generally prohibits disclosure of tax information without the taxpayer's written consent by anyone who prepares tax returns for compensation or who is "in the business of" preparing returns with
or without compensation.
Judge Chabot pointed out that accepting the IRS's position (that deductions from the gross estate are limited to only those reported on the estate tax return) might cause prudent executors to load up estate tax returns with
Two reviewers are required for all corporate tax returns with
gross income over $1 million.
Practitioners filing gift tax returns face potential significant liability in connection with preparing gift tax returns with
respect to possible GSTT transfers.