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Form 1120-W Salt Lake City Utah: What You Should Know
If the third installment is late you will be charged a late-filing penalty of 35% as of Jan 1, 2013. A second installment of estimated taxes for 2023 is due by June 11, 2021. A non-profit corporation filing under Form 1120 must file with the state of Utah an annual report from the end of the Tax Year. The annual report contains: the corporation's registered agent and a copy of the corporation's annual audit report; details of the corporation's business carried on for the corporation in Utah for the tax year, including: for domestic operations, the address, state, and country of each place of business, and, if more than one, the name and address of the first principal place of business; for foreign operations, the address, state, and country of each place of business, and, if more than one, the name and address of the first principal place of business; The gross receipts in each state and each foreign country during the tax year. The annual audit report will show the corporation's gross revenue for the tax year, its expenditures for services, expenses and charges, and the taxable income. When preparing a report for annual financial reporting the corporation will be required to enter an operating loss against net operating income. The corporation's tax return must contain an itemized list of the tax years' expenses. The list should include an itemized list of each corporation item of value (and the total amount of value), including the purchase price. The list of itemized expense itemization will be required for each year. The corporation may include items such as leases, inventory, equipment, and equipment-related intangible property on the list. The corporation will be required to submit to the corporation's state tax commission an annual operating budget for the year and the estimate of taxes due from all the corporation's operations in Utah and Idaho. If the state tax commission finds the list to be accurate the corporation will be required to file IRS Form 8739, Statement of Financial Condition, detailing its financial condition, and provide a statement of gross revenue for the year and an estimate of its taxes due. The corporation will have 90 days from the filing of such report to pay those taxes and have them remitted to the federal government at the earliest possible time in accordance with federal law and applicable revenue rules.
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