Who Needs to File a Corporate tax Return With the IRS?

All business, except partnerships, needs to file a corporate tax return with the IRS. The form you used to file depends on your business entity type. Partnerships also file taxes under an information return in the US.

When is the Deadline to File Business Tax Returns for Corporations and LLCs in the US?

Generally, the business tax return for LLCs in the US is due on April 15. Also, in rare circumstances, a two-month extension is also available, subject to consent from the IRS. Additionally, the corporate tax is typically due by the 15th day of the fourth month of the following tax year of the corporation. However, a corporation whose fiscal tax year ends on June 30 should file the taxes by the 15th day of the third month after the completion of its tax year.

What Documents are Required for an IRS Business Tax Filing?

To file an IRS business tax filing in the US, you generally need your Social Security number or individual tax ID number (ITIN), bank account, and routing numbers to get a tax refund for taxes you have paid or a direct deposit, your adjusted gross income, and exact tax refund amount if you filed your tax return from the last year, your current address proof, Forms W-2, 1099 or other information returns and your name on record with the US Social Security Administration (SSA).

How do I Know if My Business Qualifies as an S Corporation?

To qualify for an S Corporation, your business should first be a local corporation with fewer than 100 shareholders, who can only be individuals, certain estates or trusts, or other than businesses or non-resident aliens. Also, the business should only issue one class of stock and not be a business that is ineligible for S Corporation, such as a financial institution. If your business meets the following criteria, then it qualifies as an S Corporation.

Can an LLC File Taxes as a Corporation?

If the LLC is a corporation, in this scenario, normal corporate tax rules will be applicable on the LLC, and it should fill out a Form 1120, U.S. Corporation Income Tax Return. Depending on elections made by the LLS and members involved, the IRS will treat it as either a corporation, a partnership, or as part of the tax return of the owner of the LLC.

What Are the Penalties For Late Filing or Non-Filing?

The penalty for filing taxes late is generally five percent of the unpaid taxes for every month or part of the month when you file the tax return late. This penalty starts accruing the day after the due date of filing taxes and will not be more than 25% of your unpaid taxes in the US.

How Can I Reduce My Corporate Tax Liability Legally in the US?

To reduce your corporate tax liability legally in the US, claim every business expense when filing the taxes, pay the authorities tax early, maximize your tax deductions, create a retirement fund, work on your capital allowance, and stay updated with the current tax laws in the US.

Do Foreign-Owned Businesses Need to File U.S. Corporate Taxes?

The United States asserts that tax officials only tax the foreign corporation if they are engaged in business in the country or has any source of income within the country. Considering this, like the C-Corp, the foreign-owned businesses should file Form 1120 annually.

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