Instructions For Form 1120-Pc - 2008 (Page 3 of 20) in pdf

do not have a preprinted Form 8109, use

Paid Preparer

Assembling the Return

Form 8109-B to make deposits. You can

To ensure that the corporation’s tax return

Authorization

get this form by calling 1-800-829-4933 or

is correctly processed, attach all

visiting an IRS taxpayer assistance

If the corporation wants to allow the IRS

schedules and other forms after page 8 of

center. Have your EIN ready when you

to discuss its 2008 tax return with the paid

Form 1120-PC in the following order.

call or visit.

preparer who signed it, check the “Yes”

1. Schedule N (Form 1120), Foreign

Do not send deposits directly to an IRS

box in the signature area of the return.

Operations of U.S. Corporations.

office; otherwise, the corporation may

This authorization applies only to the

2. Schedule O (Form 1120), Consent

have to pay a penalty. Mail or deliver the

individual whose signature appears in the

Plan and Apportionment Schedule for a

completed Form 8109 with the payment

“Paid Preparer’s Use Only” section of the

Controlled Group.

to an authorized depositary (a commercial

return. It does not apply to the firm, if any,

3. Form 4626, Alternative Minimum

bank or other financial institution

shown in that section.

Tax — Corporations.

authorized to accept federal tax deposits).

4. Form 8302, Electronic Deposit of

Make checks or money orders payable to

If the “Yes” box is checked, the

Tax Refund of $1 Million or More.

corporation is authorizing the IRS to call

the depositary.

5. Form 4136, Credit for Federal Tax

the paid preparer to answer any

If the corporation prefers, it can mail

Paid on Fuels.

questions that may arise during the

the coupon and payment to: Financial

6. Form 851, Affiliations Schedule.

processing of its return. The corporation

Agent, Federal Tax Deposit Processing,

7. Additional schedules in alphabetical

is also authorizing the paid preparer to:

P.O. Box 970030, St. Louis, MO 63197.

•

order.

Give the IRS any information that is

Make the check or money order payable

8. Additional forms in numerical order.

missing from the return,

to: “Financial Agent.”

•

Call the IRS for information about the

Complete every applicable entry space

To help ensure proper crediting, enter

processing of the return or the status of

on Form 1120-PC. Do not enter “See

the corporation’s EIN, the tax period to

any related refund or payment(s), and

Attached” instead of completing the entry

•

which the deposit applies, and “Form

Respond to certain IRS notices about

spaces. If more space is needed on the

1120-PC” on the check or money order.

math errors, offsets, and return

forms or schedules, attach separate

Darken the “1120” box under “Type of

preparation.

sheets using the same size and format as

Tax” and the appropriate “Quarter” box

the printed forms. If there are supporting

under “Tax Period” on the coupon.

The corporation is not authorizing the

statements and attachments, arrange

Records of these deposits will be sent to

paid preparer to receive any refund

them in the same order as the schedules

the IRS. For more information, see

check, bind the corporation to anything

or forms they support and attach them

“Marking the Proper Tax Period” in the

(including any additional tax liability), or

last. Show the totals on the printed forms.

instructions for Form 8109.

otherwise represent the corporation

Enter the corporation’s name and EIN on

before the IRS.

For more information on deposits, see

each supporting statement or attachment.

the instructions in the coupon booklet

The authorization will automatically

(Form 8109) and Pub. 583, Starting a

Depository Methods of Tax

end no later than the due date (excluding

Business and Keeping Records.

extensions) for filing the corporation’s

Payment

If the corporation owes tax when it

2009 tax return. If the corporation wants

The corporation must pay any tax due in

files Form 1120-PC, do not

to expand the paid preparer’s

full no later than the 15th day of the 3rd

include the payment with the tax

authorization or revoke the authorization

CAUTION

month after the end of the tax year. The

return. Instead, mail or deliver the

before it ends, see Pub. 947, Practice

two methods of depositing taxes are

payment with Form 8109 to an authorized

Before the IRS and Power of Attorney.

discussed below.

depositary, or use EFTPS, if applicable.

Electronic Deposit Requirement

Statements

Estimated Tax Payments

The corporation must make electronic

NAIC annual statement. Regulations

Generally, the following rules apply to the

deposits of all depository taxes (such as

corporation’s payments of estimated tax.

section 1.6012-2(c) requires that the

employment tax, excise tax, and

•

The corporation must make installment

NAIC annual statement be filed with Form

corporate income tax) using the

payments of estimated tax if it expects its

1120-PC. A foreign insurance company

Electronic Federal Tax Payment System

total tax for the year (less applicable

subject to tax under section 831 that is

(EFTPS) in 2009 if:

•

credits) to be $500 or more.

not required to file an annual statement

The total deposits of such taxes in

•

The installments are due by the 15th

must file a copy of the pro forma annual

2007 were more than $200,000 or

•

statement. A penalty for the late filing of a

day of the 4th, 6th, 9th, and 12th months

The corporation was required to use

return may be imposed for not including

of the tax year. If any date falls on a

EFTPS in 2008.

the annual statement when the return is

Saturday, Sunday, or legal holiday, the

If the corporation is required to use

filed. However, see Electronic filing,next.

installment is due on the next regular

EFTPS and fails to do so, it may be

business day.

subject to a 10% penalty. If the

•

Electronic filing. If the domestic or

Use Form 1120-W, Estimated Tax for

corporation is not required to use EFTPS,

foreign nonlife insurance company files

Corporations, as a worksheet to compute

it can participate voluntarily. To enroll in

Form 1120-PC electronically, do not

estimated tax.

or get more information about EFTPS,

•

attach the annual statement or pro forma

If the corporation does not use EFTPS,

call 1-800-555-4477. To enroll online, visit

annual statement to the electronically filed

use the deposit coupons (Forms 8109) to

return. However, you must provide a copy

make deposits of estimated tax.

•

of the annual statement or pro forma

Depositing on time. For EFTPS

If the corporation overpaid estimated

annual statement to the Internal Revenue

deposits to be made timely, the

tax, it may be able to get a quick refund

Service if requested and retain it with your

corporation must initiate the transaction at

by filing Form 4466, Corporation

other tax records for the period required

least 1 business day before the date the

Application for Quick Refund of

by the regulations.

deposit is due.

Overpayment of Estimated Tax.

Deposits With Form 8109

See the instructions for lines 14c and

Reconciliation. Corporations that do

14e, Form 1120-PC.

not file a Schedule M-3 (Form 1120-PC)

If the corporation does not use EFTPS,

with the Form 1120-PC must attach a

deposit corporation income tax payments

Estimated tax penalty. A corporation

schedule that reconciles the NAIC Annual

(and estimated tax payments) with Form

that does not make estimated tax

Statement to the Form 1120-PC.

8109, Federal Tax Deposit Coupon. If you

payments when due may be subject to an

-3-

Instructions for Form 1120-PC

Instructions For Form 1120-Pc - 2008 Page 3

Related Articles

Related forms

Related Categories