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Corporate Tax Returns (1120)

Corporate Tax Return Filing Procedures & Deadlines:

Most corporations elect to have a financial year which coincides with the end of the calendar year, i.e., December 31.

If your fiscal year finished on December 31, then your corporate tax returns for the year ended December 31, will be due as follows:

Federal Tax Return:
A corporation must file its income tax return (Federal Tax Return Form 1120) by the 15th day of the 3rd month after the end of its tax year. A new corporation filing a short-period return must generally file by the 15th day of the 3rd month after the short period ends. A corporation that has dissolved must generally file by the 15th day of the 3rd month after the date it dissolved.

Therefore, since the financial year end of your company is December 31, the form 1120 will be due March 15, of the following year.

If the company should owe any Federal Corporate Taxes, then this amount is due to be paid on or before March 15.

If the Federal Tax return is not complete and ready to be filed by March 15, we may file an extension request form (Form 7004). This will extend the filing period for the return by 6 months.

However, this extension does not extend the payment deadline for the payment of any federal taxes that the company may owe.
This payment due date remains as March 15.

If tax is not paid on time, penalties and interest will be assessed.

State of Florida Tax Returns:
Your corporation is also required to file Florida Form F-1120 (Corporate Income/Franchise and Emergency Excise Tax Return). This return is due to be filed by April 1.

If the State Tax return is not complete and ready to be filed by April 1, we may file an extension request form (Form F-7004). This will extend the filing period for the return by 6 months.

However, this extension does not extend the payment deadline for the payment of any State taxes that the company may owe.
This payment due date remains as April 1.

If tax is not paid on time, penalties and interest will be assessed.

In order to ensure that returns are filed in a timely fashion and tax due amounts are calculated and paid on or before the appropriate due dates, we would request that you please assist us by doing the following:

  1. Finalize your year-end book-keeping work in January by obtaining the necessary bank statements, credit card, supplier statements, etc. and gathering together all your business financial records for deliverance to our office by the end of January.
  2. Please leave your records at our office so that we may work on them. If you will require the records for your usage after this date, then please ensure that you make copies where necessary prior to delivering the records to our office. A list of the types of records that is required is attached.
  3. We will log the receipt of your financial records and we will return your original supporting documents/records to you upon completion of the tax returns.
  4. We will require the payment via USD check of a retainer fee in order to commence work on your tax returns. You will be advised of the exact amount when your records are being delivered to our office. The balance will be payable in full upon collection of the tax returns and the return of your accounting records.
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A H Gantt CPA & Associates, PA is a licensed and insured firm of Certified Public Accountants (CPA) located in Kissimmee Florida catering to US Taxation and Reporting issues, for domestic and non-resident clients, both individuals and corporations. A H Gantt CPA & Associates, taxes, cpa orlando, accountant kissimmee, 1040nr, derek breen, florida accountant, cpa, business tax florida, filing taxes, US taxation, tax reporting, non-resident taxes, visa, immigration, move to florida, consultancy taxation