Instructions For Form 1120-Pc - 2001 (Page 3 of 20) in pdf

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Paid Preparer

Form 926, Return by a U.S. Transferor

7. Form 1099-MISC, Miscellaneous

of Property to a Foreign Corporation. Use

Income. See this form to report payments:

Authorization

this form to report certain transfers to

to certain fishing boat crew members; to

If the corporation wants to allow the IRS

foreign corporations under section 6038B.

providers of health and medical services;

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of rent or royalties; nonemployee

to discuss its 2001 tax return with the paid

Form 940 or Form 940-EZ, Employer’s

compensation, etc.

preparer who signed it, check the “Yes”

Annual Federal Unemployment (FUTA)

box in the signature area of the return.

Tax Return. The corporation may be

Note. Every corporation must file Form

This authorization applies only to the

liable for FUTA tax and may have to file

1099-MISC if it makes payments of rents,

individual whose signature appears in the

Form 940 or Form 940-EZ if either of the

commissions, or other fixed or

“Paid Preparer’s Use Only” section of the

following applies: (1) it paid wages of

determinable income (see section 6041)

corporation’s return. It does not apply to

$1,500 or more in any calendar quarter in

totaling $600 or more to any one person

the firm, if any, shown in that section.

2000 or 2001, or (2) it had at least one

in the course of its trade or business

employee who worked for the corporation

If the “Yes” box is checked, the

during the calendar year.

for some part of a day in 20 or more

corporation is authorizing the IRS to call

8. Form 1099-MSA, Distributions

different weeks in 2000 or 20 or more

the paid preparer to answer any

From an Archer MSA or Medicare+Choice

different weeks in 2001.

questions that may arise during the

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MSA.

Form 941, Employer’s Quarterly

processing of its return. The corporation

9. Form 1099-OID, Original Issue

Federal Tax Return. Employers must file

is also authorizing the paid preparer to:

Discount.

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this form to report income tax withheld

Give the IRS any information that is

10. Form 1099-PATR, Taxable

and employer and employee social

missing from the return,

Received Distributions from

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security and Medicare taxes. Also, see

Call the IRS for information about the

Cooperatives.

Trust fund recovery penalty on page 6.

processing of the return or the status of

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11. Form 1099-R, Distributions From

Form 945, Annual Return of Withheld

any related refund or payment(s), and

Pensions, Annuities, Retirement or

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Federal Income Tax. File Form 945 to

Respond to certain IRS notices that the

Profit-Sharing Plans, IRAs, Insurance

report income tax withholding from

corporation has shared with the

Contracts, etc.

nonpayroll distributions or payments,

preparer’s about math errors, offsets, and

12. Form 1099-S, Proceeds from Real

including pensions, annuities, IRAs,

return preparation. The notices will not be

Estate Transactions.

gambling winnings, and backup

sent to the preparer.

Also use these returns to report

withholding.

The corporation is not authorizing the

amounts received as a nominee for

See Trust fund recovery penalty on

paid preparer to receive any refund

another person.

page 6.

check, bind the corporation to anything

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Form 1122, Authorization and Consent

(including any additional tax liability), or

Form 966, Corporate Dissolution or

of Subsidiary Corporation To Be Included

Liquidation. Use this form to report the

otherwise represent the corporation

in a Consolidated Income Tax Return.

before the IRS. If the corporation wants to

adoption of a resolution or plan to

File this form if this is the first year a

expand the paid preparer’s authorization,

dissolve the corporation or liquidate any

consolidated return is being filed.

see Pub. 947, Practice Before the IRS

of its stock.

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Form 5452, Corporate Report of

and Power of Attorney.

Form 1042, Annual Withholding Tax

Nondividend Distributions. Use this form

Return for U.S. Source Income of Foreign

The authorization cannot be revoked.

to report nondividend distributions.

Persons, and Form 1042-S, Foreign

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However, the authorization will

Form 5471, Information Return of U.S.

Person’s U.S. Source Income Subject to

automatically end no later than the due

Persons With Respect to Certain Foreign

Withholding. Use these forms to report

date (without regard to extensions) for

Corporations. This form is required if the

and send withheld tax on payments or

filing the corporation’s 2002 tax return.

corporation controls a foreign corporation;

distributions made to nonresident alien

acquires, disposes of, or owns 10% or

individuals, foreign partnerships, or

Other Forms, Returns, and

more in value or vote of the outstanding

foreign corporations to the extent these

stock of a foreign corporation; or had

payments constitute gross income from

Statements That May Be

control of a foreign corporation for an

sources within the United States (see

Required

uninterrupted period of at least 30 days

sections 861 through 865).

during the annual accounting period of

The corporation may have to file some of

Also, see Pub. 515, Withholding of

the foreign corporation. See Question 4 of

the following. See the form for more

Tax on Nonresident Aliens and Foreign

Schedule N (Form 1120).

information.

Entities.

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Form 5472, Information Return of a

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Form W-2, Wage and Tax Statement,

Form 1096, Annual Summary and

25% Foreign-Owned U.S. Corporation or

and Form W-3, Transmittal of Wage and

Transmittal of U.S. Information Returns.

a Foreign Corporation Engaged in a U.S.

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Tax Statements. Use these forms to

Form 1098, Mortgage Interest

Trade or Business. This form is filed if the

report wages, tips, and other

Statement. Use this form to report the

corporation is 25% or more

compensation, withheld income, social

receipt from any individual of $600 or

foreign-owned. See Question 6 on page

security, and Medicare taxes for

more of mortgage interest (including

18.

employees.

points) in the course of the corporation’s

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Form 5498, IRA Contribution

Form 720, Quarterly Federal Excise

trade or business and reimbursements of

Information. Use this form to report

Tax Return. Use this form to report and

overpaid interest.

contributions (including rollover

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pay the luxury tax on passenger vehicles,

Forms 1099. Use these information

contributions) to any IRA, including a

environmental taxes, communications

returns to report the following:

SEP, SIMPLE, Roth IRA and Coverdell

and air transportation taxes, fuel taxes,

1. Form 1099-A, Acquisition or

ESA, and to report Roth conversions, IRA

manufacturers taxes, ship passenger

Abandonment of Secured Property.

recharacterizations, and the fair market

taxes, and certain other excise taxes.

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2. Form 1099-B, Proceeds from

value of the account.

Form 851, Affiliations Schedule. The

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Broker and Barter Exchange

Form 5498-MSA, Archer MSA or

parent corporation of an affiliated group of

Transactions.

Medicare+Choice MSA Information. Use

corporations must attach this form to its

3. Form 1099-C, Cancellation of

this form to report contributions to an

consolidated return. If this is the first year

Debt.

Archer MSA and the fair market value of

one or more subsidiaries are being

4. Form 1099-DIV, Dividends and

an Archer MSA or Medicare+Choice

included in a consolidated return, also

MSA.

Distributions.

see Form 1122, Authorization and

5. Form 1099-INT, Interest Income.

Consent of Subsidiary Corporation To Be

For more information, see the general

Included in a Consolidated Income Tax

6. Form 1099-LTC, Long Term Care

and specific Instructions for Forms 1099,

Return, below.

and Accelerated Death Benefits.

1098, and 5498.

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Instructions For Form 1120-Pc - 2001 Page 3

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