Instructions For Form 1120-Pc - 2003 (Page 2 of 20) in pdf

Who Must File

request a 6-month extension of time to

check, bind the corporation to anything

file.

(including any additional tax liability), or

Every domestic nonlife insurance

otherwise represent the corporation

company and every foreign corporation

Who Must Sign

before the IRS. If the corporation wants to

that would qualify as a nonlife insurance

expand the paid preparer’s authorization,

The return must be signed and dated by:

company subject to taxation under

•

see Pub. 947, Practice Before the IRS

The president, vice-president,

section 831, if it were a U.S. corporation,

and Power of Attorney.

treasurer, assistant treasurer, chief

must file Form 1120-PC. This includes

accounting officer or

organizations described in section

The authorization cannot be revoked.

•

Any other corporate officer (such as tax

501(m)(1) that provide commercial-type

However, the authorization will

officer) authorized to sign.

insurance and organizations described in

automatically end no later than the due

section 833.

Receivers, trustees, or assignees must

date (excluding extensions) for filing the

sign and date any return filed on behalf of

corporation’s 2004 tax return.

Exceptions. A nonlife insurance

a corporation.

company that is:

•

If an employee of the corporation

Other Forms and

Exempt under section 501(c)(15)

completes Form 1120-PC, the paid

should file Form 990, Return of

Statements That

preparer’s space should remain blank.

Organization Exempt from Income Tax.

•

Anyone who prepares Form 1120-PC but

Subject to taxation under section 831,

May Be Required

does not charge the corporation should

and disposes of its insurance business

The corporation may have to file some of

not complete that section. Generally,

and reserves, or otherwise ceases to be

the following. See the form for more

anyone who is paid to prepare the return

taxed under section 831, but continues its

information.

must sign it and fill in the “Paid Preparer’s

corporate existence while winding up and

•

Form W-2, Wage and Tax Statement,

Use Only” area.

liquidating its affairs, should file Form

and Form W-3, Transmittal of Wage and

1120, U.S. Corporation Income Tax

The paid preparer must complete the

Tax Statements. Use these forms to

Return.

required preparer information and —

•

report wages, tips, and other

Sign the return in the space provided

Life insurance companies. Life

compensation, and withheld income,

for the preparer’s signature.

insurance companies should file Form

social security, and Medicare taxes for

•

Give a copy of the return to the

1120-L, U.S. Life Insurance Company

employees.

taxpayer.

•

Income Tax Return.

Form 720, Quarterly Federal Excise

Tax Return. Use this form to report and

Paid Preparer

When To File

pay environmental taxes, communications

Authorization

and air transportation taxes, fuel taxes,

Generally, a corporation must file its

manufacturers taxes, ship passenger

income tax return by the 15th day of the

If the corporation wants to allow the IRS

taxes, and certain other excise taxes.

3rd month after the end of its tax year. A

to discuss its 2003 tax return with the paid

•

Form 851, Affiliations Schedule. The

new corporation filing a short-period

preparer who signed it, check the “Yes”

parent corporation of an affiliated group

return must generally file by the 15th day

box in the signature area of the return.

of corporations must attach this form to its

of the 3rd month after the short period

This authorization applies only to the

consolidated return. If this is the first year

ends. A corporation that has dissolved

individual whose signature appears in the

one or more subsidiaries are being

must generally file by the 15th day of the

“Paid Preparer’s Use Only” section of the

included in a consolidated return, also

3rd month after the date it dissolved.

corporation’s return. It does not apply to

see Form 1122, Authorization and

the firm, if any, shown in that section.

If the due date falls on a Saturday,

Consent of Subsidiary Corporation To Be

If the “Yes” box is checked, the

Sunday, or legal holiday, the corporation

Included in a Consolidated Income Tax

may file on the next business day.

corporation is authorizing the IRS to call

Return, on page 3.

the paid preparer to answer any

•

Private delivery services. Corporations

Form 926, Return by a U.S. Transferor

questions that may arise during the

can use certain private delivery services

of Property to a Foreign Corporation.

processing of its return. The corporation

designated by the IRS to meet the “timely

Domestic nonlife insurance companies

is also authorizing the paid preparer to:

mailing as timely filing/paying” rule for tax

use this form to report certain transfers to

•

Give the IRS any information that is

returns and payments. The most recent

foreign corporations under section 6038B.

missing from the return,

•

list of designated private delivery services

•

Form 940 or Form 940-EZ, Employer’s

Call the IRS for information about the

was published by the IRS in September

Annual Federal Unemployment (FUTA)

processing of the return or the status of

2002.

Tax Return. The corporation may be

any related refund or payment(s), and

•

liable for FUTA tax and may have to file

The list includes only the following:

Respond to certain IRS notices that the

•

Form 940 or Form 940-EZ if it either:

Airborne Express (Airborne): Overnight

corporation has shared with the preparer

1. Paid wages of $1,500 or more in

Air Express Service, Next Afternoon

about math errors, offsets, and return

any calendar quarter in 2002 or 2003 or

Service, and Second Day Service.

preparation. The notices will not be sent

•

DHL Worldwide Express (DHL): DHL

to the preparer.

2. Had one or more employees who

“Same Day” Service and DHL USA

The corporation is not authorizing the

worked for the corporation for at least

Overnight.

paid preparer to receive any refund

some part of a day in any 20 or more

•

Federal Express (FedEx): FedEx

Priority Overnight, FedEx Standard

Overnight, FedEx 2Day, FedEx

Where To File

International Priority, and FedEx

International First.

•

United Parcel Service (UPS): UPS Next

File the corporation’s return at the applicable IRS address listed below.

Day Air, UPS Next Day Air Saver, UPS

2nd Day Air, UPS 2nd Day Air A.M, UPS

If the corporation’s principal business,

Use the following Internal Revenue Service

Worldwide Express Plus, and UPS

office, or agency is located in:

Center address:

Worldwide Express.

The United States

Ogden, UT 84201-0012

The private delivery service can tell

you how to get written proof of the mailing

A foreign country or U.S. possession (or the

date.

corporation is claiming the possessions

Philadelphia, PA 19255-0012

Extension. File Form 7004, Application

corporation tax credit under sections 30A and

for Automatic Extension of Time To File

936)

Corporation Income Tax Return, to

-2-

Instructions for Form 1120-PC

Instructions For Form 1120-Pc - 2003 Page 2

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