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If you operate a c corporation, you’re required to file a c corp tax return each year. This applies to companies of all sizes, regardless of its revenue or business activities. Whether your business is inactive or it earned $1,000,000 in revenue, you must file a c corp tax return with the IRS.
At Cleer Tax we specialize in c corp tax preparation, bringing a nuanced understanding of U.S. tax laws and how they impact entrepreneurs and non-U.S. founders.
Our C Corp tax filing packages ensure you’re compliant with the IRS guidelines, maximize the savings on both your tax bill and tax prep fees, and reduce your admin time.
Your accountant can help you select the form you need, but Form 1120 is for c-corporations. Form 1120-S is for corporations that have made the S-corp election. Form 1120-W is the estimated tax form for corporations based on the current year’s taxes.
So form 5472 is used when a company has a reportable transaction with a foreign or domestic related party. In most cases, this will mean that you have a non-US person or persons who own 25% or more of the company. It could also be used when you have a foreign company engaged in business in the US. If either of those sound familiar then yes you need a form 5472.
We can include a form 5471 for a dormant entity if it has less than $5k in income and expenses and less than $100k in assets. Form 5471 is required for companies that are shareholders in a foreign corporation. If your business has active foreign subsidiaries please see our Foreign Subsidiary packages.
Form 1125-A is used by companies that need to report a deduction in their Cost of Goods Sold.
Form 8949 is used by corporations to report sales and other dispositions of capital assets. Usually, these will be reported on Form 1099-B or 1099-S and Form 8949 is used to reconcile the amounts.
Form 6252 is used by companies when they have installment sale income. An installment sale is when you sell property and at least one of the payments is received after the end of the tax year in which you sold the property.
Form 1139 is how a corporation can apply for a tentative refund from the carryback of a net operating loss, a net capital loss, or an unused general business credit. It can also be used for an overpayment of tax due to a claim of right adjustment. Please note that amended return fees may apply.