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Video instructions and help with filling out and completing Form 966

Instructions and Help about Can Irs Form 966 Llc

Hello Anthony hello Claudia we're here today to talk about C Corp form 1120 that's right it's a little bit of a dry subject a little bit dry but it's important information but we are the most exciting people on earth and we're gonna make it great sparkling sparkling okay so you have to file I RS form 1120 which is the u.s. corporation tax return you're gonna report income gains losses deductions credits and you're gonna figure the income income tax liability of the corporation must be filed even if the corporation is in bankruptcy or if they have no taxable income mm-hmm yeah that's right um one of the things about bankruptcy is that you have to stay in compliance with the US tax code in order to stay in bankruptcy and this is even if you're a corporation is gonna file a chapter 11 maybe they're able to get off you get some of those taxes away you still have to file you still have to be in compliance and part of the deal is you know bankruptcy is part of you know the benefits of the government well if you want the benefit of the government you have to do the compliance as well do what they say that's right all right so what about due dates okay so normally this is the way has been is to do the 15th day of the third month after the corporation ends its tax year now its tax year doesn't have to be it's fiscal year you can pick when you want the fiscal year to end but you usually sees people do a quarterly and so you look March 31st the quarter ends June 30th a September 31st December 31st and thence there's some benefits to that that if you have related corporations sometimes you can offload some income to another one to another one another one so you're sort of deferring that well we're gonna be talking about audits another one there's some things that may benefit but it also may get a little sketchy and sometimes having the different ones that create so much confusion when you're trying to reconcile bank accounts and you have different years it can get a little bit much and it's hard to keep things up here straight sometimes yep okay so now 2022 filing system a season excuse me for 2022 returns there is a change the due date will now be April 15 yeah so pretty much everything I just said was not valid anymore because March 15th has come and went and so we're going to be you know the next we're gonna be talking about while it's still true for anyone's this year's because there are gonna be some corporations with tax with tax their tax deadline ending in this year now what about someone December 30th if not 31st if their tax year yeah it would still be due the March 15th yep that one day that some I don't know yeah I don't know why would somebody could you could do that you could know you can file for extensions is form seven zero zero four right now it's the six-month extension but next year when the changes come it will only be eligible for a five-month extension bringing the due date to September 15th that they want to keep it in line with the government's fiscal year yeah there's a lot of changes coming up next year for filing seasons we're seeing the f bar has changed normally to June 30th for those with finance with with offshore bank accounts of over $10,000 in aggregate that's coming from June 30th which is just sort of a date out there now to you whenever your tax return is due that's April 15th in your us October 15th if you a file extension June 15th if you're an expat December 15th if you are an expat and you get a permissive extension Wow so right there's a lot of different ones so and also that you're five months extension when you're due September 15th that's really where your you a lot of the other reporting where where your partnership returns are due as well so they're just sort of putting on a consistent basis most people who are filing on 1120 1120 s 1065 do tend to go on extension to october 15th iris is just gonna want to make sure you know that sort of month delay gets allows them to check anything from one to another before the issue a refund or impose an additional tax that may be reversed whatever it is got it okay now this is a complicated form and the good news is smaller companies can use a simplified tax return it's called form 1120 a if they have to meet these requirements the gross receipts and total income are both under $500,000 the total assets are also under $500,000 and the company does not own and is not owned by a foreign corporation we know for yes only different and I could tell you exactly how many 11:28 we've prepared here and it's zero and the reason why is because if it is under $500,000 you're really going to be somebody we're gonna want you to do at eleven 20s that you're probably theirs unless I could see some instances of a start-up C Corp mmm-hmm with those sort of numbers where they want to be a C Corp but for most smaller corporations it just simply doesn't make sense because when we look at the tax brackets that under five you know that over the the the under over there's a really a really nasty little envelope of horridness of the tax rate of under five hundred but over seventy five thousand yes it's one of the worst tax rates out there so it's really something to think about if you are file 1120 a is.

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