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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 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...