Instructions For Form 1120-Pc - 2016 (Page 3 of 23) in pdf

not complete that section. Generally,

Electronic filing. If the domestic or

Sunday, or legal holiday, the payment is

anyone who is paid to prepare the return

foreign nonlife insurance company files

due on the next day that isn't a Saturday,

must sign it and fill in the “Paid Preparer

Form 1120-PC electronically, do not

Sunday, or legal holiday.

Use Only” area.

attach the annual statement or pro forma

Electronic Deposit

annual statement to the electronically filed

The paid preparer must complete the

Requirement

return. However, you must provide a copy

required preparer information and:

of the annual statement or pro forma

Corporations must use electronic funds

Sign the return in the space provided

annual statement to the Internal Revenue

transfer to make all federal tax deposits

for the preparer's signature.

Service if requested and retain it with your

(such as deposits of employment, excise,

Give a copy of the return to the

other tax records for the period required

and corporate income tax). Generally,

taxpayer.

by the regulations.

electronic funds transfers are made using

the Electronic Federal Tax Payment

Note. A paid preparer may sign original or

Reconciliation. Corporations that do

System (EFTPS).

amended returns by rubber stamp,

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

mechanical device, or computer software

with the Form 1120-PC must attach a

If the corporation does not want to use

program.

statement that reconciles the NAIC Annual

the EFTPS, it can arrange for its tax

Statement to the Form 1120-PC.

professional, financial institution, payroll

Paid Preparer

service, or other trusted third party to

Assembling the Return

Authorization

make deposits on its behalf. Also, it can

To ensure that the corporation's tax return

arrange for its financial institution to

If the corporation wants to allow the IRS to

is correctly processed, attach all

submit a same-day payment (discussed

discuss its 2016 tax return with the paid

schedules and other forms after page 8 of

later) on its behalf. EFTPS is a free service

preparer who signed it, check the “Yes”

Form 1120-PC in the following order.

provided by the Department of the

box in the signature area of the return.

Treasury. Services provided by a tax

This authorization applies only to the

1. Schedule N (Form 1120), Foreign

professional, financial institution, payroll

individual whose signature appears in the

Operations of U.S. Corporations.

service, or other third party may have a

“Paid Preparer Use Only” section of the

2. Schedule D (Form 1120), Capital

fee.

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

Gains and Losses.

shown in that section.

To get more information about EFTPS

3. Schedule O (Form 1120), Consent

If the “Yes” box is checked, the

or to enroll in EFTPS, visit

Plan and Apportionment Schedule for a

corporation is authorizing the IRS to call

or call 1-800-555-4477 (TTY/TDD

Controlled Group.

the paid preparer to answer any questions

1-800-733-4829).

4. Form 4626, Alternative Minimum

that may arise during the processing of its

Tax—Corporations.

Depositing on time. To make your

return. The corporation is also authorizing

EFTPS deposits on time, the corporation

5. Form 8302, Electronic Deposit of

the paid preparer to:

must submit the transaction by 8 p.m.

Tax Refund of $1 Million or More.

Give the IRS any information that is

Eastern time the day before the date the

missing from the return,

6. Form 4136, Credit for Federal Tax

deposit is due. If the corporation uses a

Call the IRS for information about the

Paid on Fuels.

third party to make deposits on its behalf,

processing of the return or the status of

7. Form 8941, Credit for Small

they may have different cutoff times.

any related refund or payment(s), and

Employer Health Insurance Premiums.

Respond to certain IRS notices about

Same-day wire payment option. If the

8. Form 851, Affiliations Schedule.

math errors, offsets, and return

corporation fails to submit a deposit

preparation.

9. Additional schedules in

transaction on EFTPS by 8 p.m. Eastern

alphabetical order.

time the day before the date a deposit is

The corporation is not authorizing the

due, it can still make the deposit on time

10. Additional forms in numerical order.

paid preparer to receive any refund check,

by using the Federal Tax Collection

bind the corporation to anything (including

11. Supporting statements and

Service (FTCS). Before using the

any additional tax liability), or otherwise

attachments.

same-day wire payment method, the

represent the corporation before the IRS.

Complete every applicable entry space

corporation will need to make

The authorization will automatically end

on Form 1120-PC. Do not enter “See

arrangements with its financial institution

no later than the due date (excluding

Attached” or “Available Upon Request”

ahead of time regarding availability,

extensions) for filing the corporation's

deadlines, and costs. Financial institutions

instead of completing the entry spaces. If

2017 tax return. If the corporation wants to

may charge a fee for payments made this

more space is needed on the forms or

expand the paid preparer's authorization

schedules, attach separate sheets using

way. To learn more about making a

or revoke the authorization before it ends,

the same size and format as the printed

same-day wire payment, visit

see Pub. 947, Practice Before the IRS and

forms. If there are supporting statements

payments

and click on “Same-day wire.”

Power of Attorney.

and attachments, arrange them in the

Estimated Tax Payments

same order as the schedules or forms

Statements

they support and attach them last. Show

Generally, the following rules apply to the

the totals on the printed forms. Enter the

NAIC annual statement. Regulations

corporation's payments of estimated tax.

corporation's name and EIN on each

section 1.6012-2(c) requires that the NAIC

The corporation must make installment

supporting statement or attachment.

annual statement be filed with Form

payments of estimated tax if it expects its

1120-PC. A foreign insurance company

total tax for the year (less applicable

Tax Payments

subject to tax under section 831 that is not

credits) to be $500 or more.

required to file an annual statement must

Generally, the corporation must pay any

The installments are due by the 15th

file a copy of the pro forma annual

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

tax due in full no later than the due date for

statement. A penalty for the late filing of a

of the tax year. If any date falls on a

filing its tax return (not including

return may be imposed for not including

extensions). See the instructions for

Saturday, Sunday, or legal holiday, the

the annual statement when the return is

line 16. If the due date falls on a Saturday,

installment is due on the next regular

filed. However, see Electronic filing, next.

business day.

Instructions for Form 1120-PC (2016)

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Instructions For Form 1120-Pc - 2016 Page 3

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