Page 96 - BusinessStructures & Forms

16:38 - 30-Jan-2023
Page 2 of 31
Fileid: … ions/i1120/2022/a/xml/cycle08/source
The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.
corporation can also call TAS at all of the forms and publications it may extent that regular interests issued by the
877-777-4778. need on IRS.gov/FormsPubs. Otherwise, FASIT before October 22, 2004, continue
the corporation can go to IRS.gov/ to remain outstanding in accordance with
TAS also works to resolve large-scale OrderForms to place an order and have their original terms.
or systemic problems that affect many forms mailed to it.
taxpayers. If the corporation knows of one If a corporation holds an ownership
of these broad issues, please report it to General Instructions interest in a FASIT to which these special
TAS through the Systemic Advocacy rules apply, it must report all items of
Management System at IRS.gov/SAMS. income, gain, deductions, losses, and
credits on the corporation's income tax
For more information, go to IRS.gov/ Purpose of Form return (except as provided in section
Advocate. Use Form 1120, U.S. Corporation Income 860H). Show a breakdown of the items on
Tax Return, to report the income, gains,
an attached statement. For more
Direct Deposit of Refund losses, deductions, credits, and to figure information, see sections 860H and 860L
To request a direct deposit of the the income tax liability of a corporation. (repealed with certain exceptions).
corporation's income tax refund into an Who Must File Foreign-owned domestic disregarded
account at a U.S. bank or other financial entities. If a foreign person, including a
institution, attach Form 8050, Direct Unless exempt under section 501, all foreign corporation, wholly owns a
Deposit of Corporate Tax Refund. See the domestic corporations (including domestic disregarded entity (DE), the
instructions for line 37. corporations in bankruptcy) must file an domestic DE is treated as a domestic
income tax return whether or not they corporation separate from its owner (the
How To Make a have taxable income. Domestic foreign corporation) for the limited
corporations must file Form 1120, unless
Contribution To Reduce they are required, or elect to file a special purposes of the requirements under
Debt Held by the Public return. See Special Returns for Certain section 6038A that apply to 25%
foreign-owned domestic corporations.
To help reduce debt held by the public, Organizations, later. While a DE is not required to file a U.S.
make a check payable to “Bureau of the Entities electing to be taxed as corpo- income tax return, a DE covered by these
Fiscal Service.” Send it to: rations. A domestic entity electing to be rules is required to file a pro forma Form
classified as an association taxable as a 1120 with Form 5472 attached by the due
Bureau of the Fiscal Service corporation must file Form 1120, unless it date (including extensions) of the return.
Attn: Dept G is required to or elects to file a special See the Instructions for Form 5472 for
P.O. Box 2188 return listed under Special Returns for additional information and coordination
Parkersburg, WV 26106-2188 Certain Organizations. The entity must with Form 5472 reporting by the domestic
also file Form 8832, Entity Classification DE.
Or, enclose the check with the Election, and attach a copy of Form 8832 Qualified opportunity fund. To certify
corporation's income tax return. In the to Form 1120 (or the applicable return) for as a qualified opportunity fund (QOF), the
memo section of the check, make a note the year of the election. For more corporation must file Form 1120 and
that it is a gift to reduce the debt held by information, see Form 8832 and its attach Form 8996, even if the corporation
the public. For information on how to make instructions. had no income or expenses to report. See
this type of contribution online, go to Limited liability companies (LLC). If an Schedule K, Question 25, later. Also, see
www.treasurydirect.gov and click on “How entity with more than one owner was the Instructions for Form 8996.
to Make a Contribution to Reduce the formed as an LLC under state law, it is
Debt.” generally treated as a partnership for Qualified opportunity investment. If

Do not add the contributions to any tax federal income tax purposes and files the corporation held a qualified investment
in a QOF at any time during the year, the
the corporation may owe. See the Form 1065, U.S. Return of Partnership corporation must file its return with Form
instructions for line 35 for details on how to Income. Generally, a single-member LLC 8997 attached. See the instructions for
pay any tax the corporation owes. is disregarded as an entity separate from Form 8997.
Contributions to reduce debt held by the its owner and reports its income and
public are deductible subject to the rules deductions on its owner's federal income Special Returns for
and limitations for charitable contributions. tax return. The LLC can file a Form 1120
only if it has filed Form 8832 to elect to be Certain Organizations
How To Get Forms treated as an association taxable as a
and Publications corporation. For more information about Instead of filing Form 1120, certain organizations,
LLCs, see Pub. 3402, Taxation of Limited
as shown below, file special returns.
Internet. You can access the IRS website Liability Companies. If the organization is a: File Form
24 hours a day, 7 days a week, at IRS.gov Corporations engaged in farming. A ▼ ▼
to: corporation (other than a corporation that
• Download forms, instructions, and is a subchapter T cooperative) that Exempt organization
publications; engages in farming should use Form 1120 with unrelated trade or 990-T
• Order IRS products online; to report the income (loss) from such business income
• Research your tax questions online; activities. Enter the income and Religious or apostolic
• Search publications online by topic or deductions of the corporation according to organization exempt 1065
keyword; the instructions for lines 1 through 10 and under section 501(d)
• View Internal Revenue Bulletins (IRBs) 12 through 29.
published in recent years; and Entity formed as a
• Sign up to receive local and national tax Ownership interest in a Financial As- limited liability company
news by email. set Securitization Investment Trust under state law and 1065
(FASIT). Special rules apply to a FASIT in
treated as a partnership
Tax forms and publications. The existence on October 22, 2004, to the for federal income tax
corporation can view, print, or download purposes
-2- Instructions for Form 1120