Instructions For Form 1120-Pc - 2009 (Page 3 of 21) in pdf

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The president, vice-president,

before it ends, see Pub. 947, Practice

month after the end of the tax year. The

treasurer, assistant treasurer, chief

Before the IRS and Power of Attorney.

two methods of depositing taxes are

accounting officer; or

discussed below.

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Any other corporate officer (such as tax

Statements

Electronic Deposit Requirement

officer) authorized to sign.

NAIC annual statement. Regulations

The corporation must make electronic

If a return is filed on behalf of a

section 1.6012-2(c) requires that the

deposits of all depository taxes (such as

corporation by a receiver, trustee, or

NAIC annual statement be filed with Form

employment tax, excise tax, and

assignee, the fiduciary must sign the

1120-PC. A foreign insurance company

corporate income tax) using the

return, instead of the corporate officer.

subject to tax under section 831 that is

Electronic Federal Tax Payment System

Returns and forms signed by a receiver or

not required to file an annual statement

(EFTPS) in 2010 if:

trustee in bankruptcy on behalf of a

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must file a copy of the pro forma annual

The total deposits of such taxes in

corporation must be accompanied by a

statement. A penalty for the late filing of a

2008 were more than $200,000 or

copy of the order or instructions of the

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return may be imposed for not including

The corporation was required to use

court authorizing signing of the return or

the annual statement when the return is

EFTPS in 2009.

form.

filed. However, see Electronic filing, next.

If an employee of the corporation

If the corporation is required to use

Electronic filing. If the domestic or

completes Form 1120-PC, the paid

EFTPS and fails to do so, it may be

foreign nonlife insurance company files

preparer’s space should remain blank.

subject to a 10% penalty. If the

Form 1120-PC electronically, do not

Anyone who prepares Form 1120-PC but

corporation is not required to use EFTPS,

attach the annual statement or pro forma

does not charge the corporation should

it can participate voluntarily. To enroll in

annual statement to the electronically filed

not complete that section. Generally,

or get more information about EFTPS,

return. However, you must provide a copy

anyone who is paid to prepare the return

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

of the annual statement or pro forma

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

annual statement to the Internal Revenue

Use Only” area.

Service if requested and retain it with your

Depositing on time. For EFTPS

The paid preparer must complete the

other tax records for the period required

deposits to be made timely, the

required preparer information and:

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by the regulations.

corporation must initiate the transaction at

Sign the return in the space provided

least 1 business day before the date the

for the preparer’s signature.

Reconciliation. Corporations that do

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deposit is due.

Give a copy of the return to the

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

taxpayer.

with the Form 1120-PC must attach a

Deposits With Form 8109

schedule that reconciles the NAIC Annual

Note. A paid preparer may sign original

If the corporation does not use EFTPS,

Statement to the Form 1120-PC.

or amended returns by rubber stamp,

deposit corporation income tax payments

mechanical device, or computer software

(and estimated tax payments) with Form

Assembling the Return

program.

8109, Federal Tax Deposit Coupon. If you

To ensure that the corporation’s tax return

do not have a preprinted Form 8109, use

Paid Preparer

is correctly processed, attach all

Form 8109-B to make deposits. You can

schedules and other forms after page 8 of

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

Authorization

Form 1120-PC in the following order.

visiting an IRS taxpayer assistance

If the corporation wants to allow the IRS

center. Have your EIN ready when you

1. Schedule N (Form 1120), Foreign

to discuss its 2009 tax return with the paid

call or visit.

Operations of U.S. Corporations.

preparer who signed it, check the “Yes”

2. Schedule O (Form 1120), Consent

Do not send deposits directly to an IRS

box in the signature area of the return.

Plan and Apportionment Schedule for a

office; otherwise, the corporation may

This authorization applies only to the

Controlled Group.

have to pay a penalty. Mail or deliver the

individual whose signature appears in the

3. Form 4626, Alternative Minimum

completed Form 8109 with the payment

“Paid Preparer’s Use Only” section of the

Tax — Corporations.

to an authorized depositary (a commercial

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

4. Form 8302, Electronic Deposit of

bank or other financial institution

shown in that section.

Tax Refund of $1 Million or More.

authorized to accept federal tax deposits).

If the “Yes” box is checked, the

5. Form 4136, Credit for Federal Tax

Make checks or money orders payable to

corporation is authorizing the IRS to call

Paid on Fuels.

the depositary. Records of the deposits

the paid preparer to answer any

6. Form 851, Affiliations Schedule.

will be sent to the IRS.

questions that may arise during the

7. Additional schedules in alphabetical

processing of its return. The corporation

order.

If the corporation prefers, it can mail

is also authorizing the paid preparer to:

8. Additional forms in numerical order.

the coupon and payment to: Financial

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Give the IRS any information that is

Agent, Federal Tax Deposit Processing,

missing from the return,

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

Complete every applicable entry space

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Call the IRS for information about the

Make the check or money order payable

on Form 1120-PC. Do not enter “See

processing of the return or the status of

to “Financial Agent.”

Attached” instead of completing the entry

any related refund or payment(s), and

spaces. If more space is needed on the

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The financial agent cannot process

Respond to certain IRS notices about

forms or schedules, attach separate

foreign checks. If the corporation sends a

math errors, offsets, and return

sheets using the same size and format as

check written on a foreign bank to pay a

preparation.

the printed forms. If there are supporting

federal tax deposit, it may be charged a

The corporation is not authorizing the

statements and attachments, arrange

deposit penalty.

paid preparer to receive any refund

them in the same order as the schedules

check, bind the corporation to anything

or forms they support and attach them

To help ensure proper crediting, enter

(including any additional tax liability), or

last. Show the totals on the printed forms.

the corporation’s EIN, the tax period to

otherwise represent the corporation

Enter the corporation’s name and EIN on

which the deposit applies, and “Form

before the IRS.

each supporting statement or attachment.

1120-PC” on the check or money order.

The authorization will automatically

On the coupon, darken the “1120” box

Depository Methods of Tax

end no later than the due date (excluding

under “Type of Tax” and the appropriate

extensions) for filing the corporation’s

“Quarter” box under “Tax Period.” See the

Payment

2010 tax return. If the corporation wants

Instructions for Form 8109 for details on

to expand the paid preparer’s

The corporation must pay any tax due in

how to complete the appropriate “Quarter”

authorization or revoke the authorization

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

box for income tax deposits.

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Instructions for Form 1120-PC (2009)

Instructions For Form 1120-Pc - 2009 Page 3

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