Reg 5C Corporations part 2

Question 1

Corporate tax filings

Answer 1

• 15th day of the fourth month after year end
• 15th day of the fourth month after short period ends
• 15th day of the fourth month after the date the corp is dissolved.

Question 2

S Corp

Answer 2

Flow through entities , generally don’t pay income tax at the entity level.

Question 3

S corp filing

Answer 3

• The 15th day of the 3rd month after year end.

Question 4

Filing an extention

Answer 4

6 month extension of time to file an extension . Although all your taxes are due by original due date

Question 5

Estimated payment dates

Answer 5

• Make installment payments if estimated tax is $500 or more
• Due on the 15th date of the 4rth,6th,9th and 12th months of the corp taxation year
• If any due date falls on a Saturday or legal holiday the installment is due on the next regular business dat

Question 6

Under payment penalty

Answer 6

Subject to penalty unless:
- They paid 100% of last years taxes and last years taxes were not zero or for less than 12 months
or 100% of this years taxes

Question 7

Statute of limitations

Answer 7

time limits for the governments assessment of tax for a filed return- 3 years after a return is filed