Form Sf-1120 - Corporation Income Tax Return - City Of Springfield

CITY OF SPRINGFIELD

2007 CORPORATION INCOME TAX RETURN

Instructions for Form SF-1120 for CORPORATIONS doing business in Springfield

ELECTRONIC FILING

PAYMENTS AND CREDITS

Taxpayers may elect to receive their refund via direct deposit or pay tax

LINE 11. Follow the instructions printed on the return form. Credit for tax

due via direct withdrawal. Springfield accepts paper filed returns.

aid by a partnership on behalf of the corporation is claimed on line 11.

COMPUTATION AND PAYMENT OF TAX

CORPORATIONS REQUIRED TO FILE

Line 15. If tax due (line 10) is greater than the total tax payments (line

Every corporation doing business in the city, whether or not it has an

1) subtract line 11 from line 10 and enter the tax due.

office or place of business in the city, is required to file an annual City of

To pay with a check or money order make the check or money order

pringfield Corporation Income Tax Return, Form SF-1120.

payable to the City of Springfield and mail the payment with the return to:

Corporations cannot elect to file and be taxed as partnerships.

Springfield Income Tax Department, 601 Avenue A, Springfield MI

ubchapter S corporations are treated as C corporations.

9037-7774.

The Springfield Income Tax Ordinance specifically exempts financial

To make payment via direct withdrawal from your bank account mark the

institutions from taxation. “Financial institutions” are defined as state and

box on line 15 to Pay tax due – Electronic funds withdrawal, enter the

national banks, trust companies, building and loan associations, savings

electronic funds withdrawal effective date and complete (a) the bank

and loan associations, credit unions, safety and collateral deposit

routing number, (b) the account type and (c) the bank account number.

companies, and any other association, joint stock company or

Mail your return to the address listed in the preceding paragraph.

corporation at least 90% of whose assets consist of intangible personal

property and at least 90% of whose gross income consists of dividends,

OVERPAYMENT OF TAX

interest or other charges resulting from the use of money or credit.

Line 12. If the total tax payments (line 11) are greater than tax due (line

0) subtract line 10 from line 11 and enter the tax overpayment.

MAILING OF RETURN FORMS

Corporation income tax return forms are normally mailed to every

Line 13. Enter all or the portion of the overpayment to be forwarded as

a credit to the 2008 estimated tax.

corporation that filed a return for the previous tax year. If you do not

need printed return forms because you use software-generated forms,

please indicate by placing a mark in the box on page 2 of the corporation

Line 14. Enter the amount of your overpayment to be refunded. A

return form.

refund will be issued via a paper refund check unless you choose to get

the refund via direct deposit by marking the box on line 15 for Refund –

TAX RATE

Direct Deposit and entering (a) the bank routing number, (b) the account

type and (c) the bank account number.

1.0% effective January 1, 1989.

FILING DATE

PAGE 2 INSTRUCTIONS

Taxpayers on a calendar year are required to file by April 30, 2008.

Those on a fiscal year must file by the last day of the fourth month

THIRD PARTY DESIGNEE

following the end of the fiscal year. Returns shall be for the same

If the “Yes” box is marked, the corporation is authorizing the Springfield

calendar year, fiscal year or other accounting period as the taxpayer

Income Tax Department to call the preparer to answer any questions

uses for federal income tax purposes.

that may arise during the processing of its return. The corporation is also

authorizing the preparer: to give the Department any information that is

REMITTANCE

missing from the return; to call the Department for information about the

The tax due must be paid when filing the return. Make check or money

processing of the return or the status of any related refund or payments;

order payable to:

and to respond to certain notices that the corporation has shared with

City of Springfield

the preparer about math errors, offsets and return preparation.

MAILING ADDRESS

SCHEDULE S

Mail your return and remittance to:

S corporations must file as C corporations. Schedule S is used to

City of Springfield Income Tax Department

reconcile the amount reported on line 1, page 1 SF-1120 with federal

Form 1120S and Schedule K (Form 1120S).

601 Avenue A

Springfield, MI 49037-7774

SCHEDULE C

LINE 1. Enter on line 1 the nondeductible portion of a loss from the sale

EFFECTIVE DATE OF TAX

or exchange of property acquired prior to January 1, 1989. The portion of

The City of Springfield’s income tax became effective January 1, 1989.

the loss occurring prior to the inception of the Ordinance, January 1,

Corporations are required to pay the tax each year on that part of their

1989 is not recognized. The amount of loss occurring prior to January 1,

net income attributable to business activity conducted in Springfield,

1989, is determined by either (1) computing the difference between the

commencing with their first year ending after January 1, 1989.

total gain or loss for the property as reported for federal income tax

purposes and the Springfield taxable portion of the loss computed by

EXTENSIONS

substituting the fair market value of the property on January 1, 1989, (the

Upon filing the form APPLICATION FOR EXTENSION OF TIME TO

December 31, 1988, closing price for traded securities) for the basis in

FILE SPRINGFIELD INCOME TAX RETURN (available on the City’s

determining loss; or (2) by multiplying the loss for the entire holding

website) on or before the date for filing a return, the Finance Director

period, as computed for federal income tax purposes, by a fraction, the

may extend the time for filing up to six months. When an extension is

numerator being the number of months the property was held prior to

requested, the tentative tax must be paid. When an extension form is

January 1, 1989 and the denominator being the total number of months

filed, it may be assumed that the extension is automatically granted

the property was held. See line 10 for instructions relative to gains from

unless otherwise notified. When the return is filed, a copy of the

ales or exchanges of property acquired prior to January 1, 1989.

application for extension must be attached. If the return is filed after the

Capital losses from US Government obligations included in income

extended due date, penalty and interest will apply from the original due

reported on page 1, line 1, are not deductible. Remove these losses by

date.

ncluding them in the amount reported on line 1.

LINE 4. Enter the losses from entities filing as partnerships that are

AMENDED RETURN

ncluded in taxable income reported on page 1, line 1.

An amended City of Springfield return is required if a determination is

LINE 6. Enter the amount of interest income from obligations of the

made by the Internal Revenue Service that affects the taxpayer’s City of

United States, the states or subordinate units of government of the state

Springfield tax liability. The amended return is due within 90 days from

hat is included in taxable income reported on page 1, line 1.

the date of the IRS final determination.

LINE 7. If you reported dividend income, enter on this line the amount

of the dividend-received deduction allowed by the Federal Internal

PAGE 1 INSTRUCTIONS

evenue Code for dividends received.

LINE 8 AND LINE 9. Taxpayers may deduct income, war profits and

LINES 1 - 10. Follow the instructions printed on the return form.

excess profits taxes imposed by foreign countries or possessions of the

United States, allocable to income included in taxable net income, any

Page 1

Form Sf-1120 - Corporation Income Tax Return - City Of Springfield - 2007 Page 2

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