R3 M3 - C Corporation Tax

Question 1

Form 1120 - Tax deadline is April 15 after it closes the calendar year ( December 31) (4 month)

For C corporation (Form 1120) with a fiscal year of June 30, the tax return is due on September 15th ( 3 month)

Answer 1

Six month extension –> Only for filing the return but not to pay

7 month extension —> June 30 fiscal year

Question 2

-If you owe $500 C. corp you will not be subject to tax penalty

• Annualized income method for unequal quartly payment . If you don’t pay tax in the previous year use the annualized method.
• When pay tax small corp you take the lesser of 100% of the preceding year tax paid or 100% of the current tax owed. This does not apply if the preceding tax year was zero. You would have to use the current tax year.

Question 3

General Business Tax Credit –> Back 1 yr forward 20 years
- Invest credit
- Alternative fuel Credit
- Work opportunity credit
- R&D
- Employer Penstion for start up cost