Instructions For Form 1120-Ic-Disc - 2002 (Page 3 of 16) in pdf

Other Forms, Returns,

and employee social security and Medicare

Who Must Sign

taxes. Also, see Trust fund recovery

Schedules, and

penalty on page 6.

The return must be signed and dated by:

•

Form 945, Annual Return of Withheld

Statements That May Be

The president, vice president, treasurer,

Federal Income Tax. File Form 945 to report

assistant treasurer, chief accounting officer,

Required

income tax withheld from nonpayroll

•

distributions or payments. See Trust fund

Any other corporate officer (such as tax

recovery penalty on page 6.

officer) authorized to sign.

Forms

•

Form 966, Corporate Dissolution or

Receivers, trustees, or assignees must

An IC-DISC may have to file some of the

Liquidation. Use this form to report the

also sign and date any return filed on behalf

following forms. See the form for more

adoption of a resolution or plan to dissolve

of a corporation.

information.

the corporation or liquidate any of its stock.

•

If an employee of the corporation

•

Form W-2, Wage and Tax Statement,

Form 1042, Annual Withholding Tax

completes Form 1120-IC-DISC, the paid

and Form W-3, Transmittal of Wage and

Return for U.S. Source Income of Foreign

preparer’s space should remain blank. In

Tax Statements. Use these forms to report

Persons,

addition, anyone who prepares Form

•

wages, tips, and other compensation, and

Form 1042-S, Foreign Person’s U.S.

1120-IC-DISC but does not charge the

withheld income, social security and

Source Income Subject to Withholding, and

corporation should not complete that

•

Medicare taxes for employees.

Form 1042-T, Annual Summary and

section. Generally, anyone who is paid to

•

Form 926, Return by a U.S. Transferor of

Transmittal of Forms 1042-S. Use these

prepare Form 1120-IC-DISC must sign it

Property to a Foreign Corporation. Use this

forms to report and send withheld tax on

and fill in the “Paid Preparer’s Use Only”

form to report certain transfers to foreign

payments or distributions made to

area.

corporations under section 6038B.

nonresident alien individuals, foreign

•

The paid preparer must complete the

partnerships, or foreign corporations to the

Form 940 or Form 940-EZ, Employer’s

required preparer information and

extent these payments constitute gross

Annual Federal Unemployment (FUTA) Tax

•

Sign the return, by hand, in the space

income from sources within the United

Return. The corporation may be liable for

provided for the preparer’s signature

FUTA tax and may have to file Form 940 or

States (see sections 861 through 865).

(signature stamps or labels are not

Form 940-EZ if it either:

Also see Pub. 515, Withholding of Tax

acceptable).

•

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

on Nonresident Aliens and Foreign Entities,

Give a copy of the return to the taxpayer.

and sections 1441 and 1442.

calendar quarter in 2001 or 2002 or

•

Form 1096, Annual Summary and

2. Had one or more employee who

Transmittal of U.S. Information Returns.

worked for the corporation for at least some

•

Forms 1099. Use these information

part of a day in any 20 or more different

returns to report the following:

weeks in 2001 or 20 or more different weeks

in 2002.

1. 1099-A, Acquisition or Abandonment

•

of Secured Property.

Form 941, Employer’s Quarterly Federal

Tax Return. Employers must file this form to

2. 1099-B, Proceeds From Broker and

report income tax withheld, and employer

Barter Exchange Transactions.

3. 1099-C, Cancellation of Debt.

4. 1099-DIV, Dividends and

Distributions.

Where To File

5. 1099-INT, Interest Income.

File the IC-DISC’s return at the applicable IRS address listed below.

6. 1099-MISC, Miscellaneous Income.

Use this form to report payments: to certain

If the corporation’s principal And the total assets at the

Use the following Internal

fishing boat crew members, to providers of

business, office, or agency

end of the tax year (Form

Revenue Service Center

health and medical services, of rent or

is located in:

1120-IC-DISC, page 1, item

address:

royalties, of nonemployee compensation,

E) are:

etc.

Connecticut, Delaware, District

Note: Every corporation must file Form

of Columbia, Illinois, Indiana,

1099-MISC if it makes payments of rents,

Kentucky, Maine, Maryland,

commissions, or other fixed or determinable

Massachusetts, Michigan, New

Less than $10 million

Cincinnati, OH 45999-0012

income (see section 6041) totaling $600 or

Hampshire, New Jersey, New

more to any one U.S. person in the course

York, North Carolina, Ohio,

of its trade or business during the calendar

Pennsylvania, Rhode Island,

year.

South Carolina, Vermont,

$10 million or more

Ogden, UT 84201-0012

7. 1099-OID, Original Issue Discount.

Virginia, West Virginia,

Wisconsin

Also use these returns to report amounts

received as a nominee for another person.

•

Alabama, Alaska, Arizona,

Form 3520, Annual Return To Report

Arkansas, California,

Transactions With Foreign Trusts and

Colorado, Florida, Georgia,

Receipt of Certain Foreign Gifts. Use this

Hawaii, Idaho, Iowa, Kansas,

form to report a distribution received from a

Louisiana, Minnesota,

foreign trust; or, if the IC-DISC was the

Mississippi, Missouri,

Any amount

Ogden, UT 84201-0012

grantor of, transferor of, or transferor to, a

Montana, Nebraska, Nevada,

foreign trust that existed during the tax year.

New Mexico, North Dakota,

See Question 5 of Schedule N (Form 1120)

Oklahoma, Oregon, South

•

Form 4876-A, Election To Be Treated as

Dakota, Tennessee, Texas,

an Interest Charge DISC.

Utah, Washington, Wyoming

•

Form 5471, Information Return of U.S.

A foreign country or U.S.

Persons With Respect to Certain Foreign

Any amount

Philadelphia, PA 19255-0012

possession

Corporations. This form is required if the

corporation controls a foreign corporation;

acquires, disposes of, or owns 10% or more

A group of corporations with members located in more than one service center area will

in value or vote of the outstanding stock of a

often keep all the books and records at the principal office of the managing corporation. In

this case, the tax returns of the corporations may be filed with the service center for the area

foreign corporation; or had control of a

in which the principal office of the managing corporation is located.

foreign corporation for an uninterrupted

-3-

Instructions for Form 1120-IC-DISC

Instructions For Form 1120-Ic-Disc - 2002 Page 3

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