In the United States, corporations are required to file annual tax return and must make quarterly estimated tax payments throughout the tax year. Tax liability shall be fully paid by the original due date of the tax return. Groups of corporations controlled by the same owners may file a consolidated return. A taxpayer can obtain an additional six-month extension of time to file its tax return.
Corporate tax is imposed in the United States at the federal, most state, and some local levels on the income of entities treated for tax purposes as corporations. Since January 1, 2018, the nominal federal corporate tax rate in the United States of America is a flat 21% due to the passage of the Tax Cuts and Jobs Act of 2017. State and Local taxes and rules vary by jurisdiction, though many are based on federal concepts and definitions. Failure to timely file a return may result in penalties. Additional penalties may be applicable for a late return for certain information returns that are required to be filed with a timely return.
Rakesh Jain, CPA PC provides corporate tax return preparation and planning services for several entities, including but not limited to:
- Form 1120 – Tax Return for C-Corp
- Form 1120-S – Tax Return for S-Corp
- Form 1120-F – Tax Return for Foreign Corporation
- Form 1120-C – Tax Return for Cooperatives
- Form 1120-H – Tax Return for Homeowners Association
- Form 1065 – Tax Return for Partnerships
- Form 990 – Tax Return for Exempt Organization
