Instructions For Form 1120-Pc - 2006 (Page 3 of 20) in pdf

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2007 tax return. If the corporation wants

The corporation was required to use

Who Must Sign

to expand the paid preparer’s

EFTPS in 2006.

The return must be signed and dated by:

authorization or revoke the authorization

If the corporation is required to use

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The president, vice-president,

before it ends, see Pub. 947, Practice

EFTPS and fails to do so, it may be

treasurer, assistant treasurer, chief

Before the IRS and Power of Attorney.

subject to a 10% penalty. If the

accounting officer; or

corporation is not required to use EFTPS,

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Any other corporate officer (such as tax

Statements

it can participate voluntarily. To enroll in

officer) authorized to sign.

or get more information about EFTPS,

NAIC annual statement. Regulations

If a return is filed on behalf of a

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

section 1.6012-2(c) requires that the

corporation by a receiver, trustee, or

NAIC annual statement be filed with Form

assignee, the fiduciary must sign the

Depositing on time. For EFTPS

1120-PC. A penalty for the late filing of a

return, instead of the corporate officer.

deposits to be made timely, the

return may be imposed for not including

Returns and forms signed by a receiver or

corporation must initiate the transaction at

the annual statement when the return is

trustee in bankruptcy on behalf of a

least 1 business day before the date the

filed.

corporation must be accompanied by a

deposit is due.

copy of the order or instructions of the

Electronic filing. If the domestic or

Deposits With Form 8109

court authorizing signing of the return or

foreign nonlife insurance company files

form.

Form 1120-PC electronically, do not

If the corporation does not use EFTPS,

attach the annual statement or pro forma

deposit corporation income tax payments

If an employee of the corporation

annual statement to the electronically filed

(and estimated tax payments) with Form

completes Form 1120-PC, the paid

return. However, you must provide a copy

8109, Federal Tax Deposit Coupon. If you

preparer’s space should remain blank.

of the annual statement or pro forma

do not have a preprinted Form 8109, use

Anyone who prepares Form 1120-PC but

annual statement to the Internal Revenue

Form 8109-B to make deposits. You can

does not charge the corporation should

Service if requested and retain it with your

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

not complete that section. Generally,

other tax records for the period required

visiting an IRS taxpayer assistance

anyone who is paid to prepare the return

by the regulations.

center. Have your EIN ready when you

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

call or visit.

Use Only” area.

Assembling the Return

Do not send deposits directly to an IRS

The paid preparer must complete the

office; otherwise, the corporation may

required preparer information and:

To ensure that the corporation’s tax return

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have to pay a penalty. Mail or deliver the

Sign the return in the space provided

is correctly processed, attach all

completed Form 8109 with the payment

for the preparer’s signature.

schedules and other forms after page 8,

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to an authorized depositary (a commercial

Give a copy of the return to the

Form 1120-PC, and in the following order.

bank or other financial institution

taxpayer.

1. Schedule N (Form 1120).

authorized to accept federal tax deposits).

2. Schedule O (Form 1120).

Note. A paid preparer may sign

Make checks or money orders payable to

3. Form 4626.

original or amended returns by rubber

the depositary.

4. Form 8302.

stamp, mechanical device, or computer

If the corporation prefers, it can mail

5. Form 4136.

software program.

the coupon and payment to: Financial

6. Form 851.

Agent, Federal Tax Deposit Processing,

7. Additional schedules in alphabetical

Paid Preparer

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

order.

Authorization

Make the check or money order payable

8. Additional forms in numerical order.

to: “Financial Agent.”

If the corporation wants to allow the IRS

Complete every applicable entry space

To help ensure proper crediting, enter

to discuss its 2006 tax return with the paid

on Form 1120-PC. Do not enter “See

the corporation’s EIN, the tax period to

preparer who signed it, check the “Yes”

Attached” instead of completing the entry

which the deposit applies, and “Form

box in the signature area of the return.

spaces. If more space is needed on the

1120-PC” on the check or money order.

This authorization applies only to the

forms or schedules, attach separate

Darken the “1120” box under “Type of

individual whose signature appears in the

sheets using the same size and format as

Tax” and the appropriate “Quarter” box

“Paid Preparer’s Use Only” section of the

the printed forms. If there are supporting

under “Tax Period” on the coupon.

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

statements and attachments, arrange

Records of these deposits will be sent to

shown in that section.

them in the same order as the schedules

the IRS. For more information, see

If the “Yes” box is checked, the

or forms they support and attach them

“Marking the Proper Tax Period” in the

corporation is authorizing the IRS to call

last. Show the totals on the printed forms.

instructions for Form 8109.

the paid preparer to answer any

Enter the corporation’s name and EIN on

For more information on deposits, see

questions that may arise during the

each supporting statement or attachment.

the instructions in the coupon booklet

processing of its return. The corporation

(Form 8109) and Pub. 583, Starting a

is also authorizing the paid preparer to:

Depository Methods of Tax

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Business and Keeping Records.

Give the IRS any information that is

missing from the return,

Payment

If the corporation owes tax when it

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Call the IRS for information about the

files Form 1120-PC, do not

The corporation must pay any tax due in

processing of the return or the status of

include the payment with the tax

CAUTION

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

any related refund or payment(s), and

return. Instead, mail or deliver the

month after the end of the tax year. The

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Respond to certain IRS notices about

payment with Form 8109 to an authorized

two methods of depositing taxes are

math errors, offsets, and return

depositary, or use EFTPS, if applicable.

discussed below.

preparation.

Estimated Tax Payments

Electronic Deposit Requirement

The corporation is not authorizing the

paid preparer to receive any refund

The corporation must make electronic

Generally, the following rules apply to the

check, bind the corporation to anything

deposits of all depository taxes (such as

corporation’s payments of estimated tax.

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(including any additional tax liability), or

employment tax, excise tax, and

The corporation must make installment

otherwise represent the corporation

corporate income tax) using the

payments of estimated tax if it expects its

before the IRS.

Electronic Federal Tax Payment System

total tax for the year (less applicable

The authorization will automatically

(EFTPS) in 2007 if:

credits) to be $500 or more.

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end no later than the due date (excluding

The total deposits of such taxes in

The installments are due by the 15th

extensions) for filing the corporation’s

2005 were more than $200,000 or

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

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Instructions for Form 1120-PC

Instructions For Form 1120-Pc - 2006 Page 3

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