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Video instructions and help with filling out and completing Can Irs Form 966 Llc

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, 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 IRS 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 tax liability of the corporation. Must be filed even if the corporation is in bankruptcy or if they have no taxable income. 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 your 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 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, the due date is the 15th day of the third month after the corporation ends its tax year. Now, its tax year doesn't have to be its fiscal year. You can pick when you want the fiscal year to end, but you usually see people do it quarterly. So you have March 31st, the quarter ends, June 30th, a September 31st, December 31st. And then there's some benefits to that, that if you have related corporations, sometimes you can offload some income to another one, to...