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FAQ

Incorporation: How does one file form 1120 for a one person owned c-corp?
Filling out Form 1120 is not as easy as just inputting a few numbers there’sactually 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 theright data. For example if your startup had 0 revenue and expenses but hadan international subsidiary 0 revenue and expenses and you dont file a5471 with your 1120… You could get hit with a 10000 penaltyFilling out tax returns is a bit like a driving a rocket ship you have toknow which levers to pull and buttons to push at the right time. And while taxsoftware exists you need to work with a pro to make it all work. Just likeyou cant purely rely on WebMD to selfdiagnose. With your financial health onthe line that’s why CPA’s are licensed and regulated. Fun fact the CPA examis widely considered to be the most difficult professional exam.If you’re looking for Software a CPA for your startup tax return check outwww.KruzeTax.com. Were Startup Tax CPAs that use AI and software to make taxreturns faster and cheaper. Professional CPAs Software Confidence Speedat a Bargain Price.
Which payment category should I choose when paying federal taxes viapayusatax.com for C-Corp (form 1120)?
Why arent you paying it via the IRS own payment systemDirect Pay Internal Revenue Service.Seems stupid to pay a third party thats probably fraudulent for something theIRS provides for free.Or are you spamming
I've founded C corp (no revenue yet). To cover expenses, I have deposited somemoney in the bank. Under tax 1120 form, How do I report this money?
As Mark Rigotti has indicated this is a stockholder investment in thebusiness it goes on your balance sheet as additional equity since youobviously arent treating it as a loan.If youre going to have a viable business going forward you cant treat it asan extension of yourself you have to run it as a business. There are veryfew successful businesses out there where the owners dont bring in experts tocover the things that they dont do well. Pay someone now to help you avoidheadaches later and increase your chance of longterm success.
If a US C corp owns 100% of a foreign corp form Argentina, what are the taxform requirements on the 1120 form if any?
Sure I can address tax issues here. I am assuming from your post a domestic Ccorporation “DC” formed in a particular state in the United States owns 100of the shares of foreign corporation “FC” which operates from Argentina.And I am assuming the FC has no US offices — the FC is ran from Argentina.If this assumption is not true — and the FC is materially ran from the US theFC reports its taxable income in the US by filing a 1120 F corporate taxreturn and pays tax at a 21 rate Treasury Regulation Section 1.60122g1and Section 11b. As a FC ran from the US has effectively connected incomefor its foreign source income as noted in Section 864c4B. And Treasurytaxes a FC on its effectively connected income from a United States Trade orBusiness Section 882a. And the office in the US creates the United StatesTrade or Business. Though the FC may use the FC taxes paid in Argentina ascredit for taxes due in the US Section 901 subject to limiting restrictionsunder Section 904.Assuming the FC has no US office and only Argentina operations the FC doesnot file a tax return in the US. Here I am assuming the FC has no subpart Fincome from certain activities.A new reporting regime exists for tax years 2018 for a DC owning the shares ofa FC under Section 951A. While this provision has extensive reportingrequirements the DC does not owe any additional tax on the FC operations ifthe FC pays tax at 13.125 tax rate or greater in the home country. SinceArgentina has a 30 plus tax rate additional tax may not apply here thoughreporting requirements do apply at the DC corporate tax level.Under new Section 245A a DC may receive dividends from the FC with no taxcost for 2018 forward.The DC also have important treasury information reporting requirements underSection 6038a for its FC. Failure to complete this documentation fully orfailure to file this Treasury report carries a 10000 minimum penalty. Wefile this information report as part of filing the 1120 DC corporate taxreturn.I have completed the above analysis by summarizing key provisions above. Ifthe situation changes in anyway the tax results may change considerably.www.rst.tax
What exception do I fall under for an ITIN application on W7 form if I am aninternational student (F1 visa) who owns 51% of a C-Corp and I need the ITINto file 1120 Section G?
You dont need an ITIN to file a schedule G with Form 1120. You should putForeign US in the box for identification number Part II of Schedule G. Form1120 also does not require you the owner to have an ITIN or SSN you just needthe EIN for the corporation. Despite the above if you are authorized to work on campus or CPT under yourF1 you are eligible to get a SSN.