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State Taxes

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State Taxes

State taxes Index A Accounting methods, Accounting Methods Accrual method, Accrual method. State taxes Change in accounting method Section 481(a) adjustment. State taxes , Change in accounting method. State taxes Mark-to-market accounting method, Mark-to-market accounting method. State taxes Nonaccrual experience method, Nonaccrual experience method. State taxes Percentage of completion method, Percentage of completion method. State taxes Accounting periods, Accounting Periods Accumulated earnings tax, Accumulated Earnings Tax Alternative minimum tax (AMT), Alternative Minimum Tax (AMT) At-risk limits, At-Risk Limits B Backup withholding, Backup withholding. State taxes Below-market loans, Below-Market Loans C Capital contributions, Capital Contributions Capital losses, Capital Losses Charitable contributions, Charitable Contributions Closely held corporation: At-risk limits, Closely held corporation. State taxes Closely held corporations:, Closely held corporations. State taxes Comments, Comments and suggestions. State taxes Corporate preference items, Corporate Preference Items Corporations, businesses taxed as, Businesses Taxed as Corporations Credits, Credits Credits: Foreign tax, Credits General business credit, Credits Prior year minimum tax, Credits D Distributions: Money or property. State taxes , Money or Property Distributions Other, Constructive Distributions Reporting, Reporting Dividends and Other Distributions Stock or stock rights, Distributions of Stock or Stock Rights To shareholders, Distributions to Shareholders Dividends-received deduction, Dividends-Received Deduction E EFTPS, Electronic Federal Tax Payment System, Electronic Federal Tax Payment System (EFTPS). State taxes Electronic filing, Electronic filing. State taxes Energy-efficient commercial building property deduction, Energy-Efficient Commercial Building Property Deduction Estimated tax, Estimated Tax Extraordinary dividends, Extraordinary Dividends F Figuring: NOL carryovers, Figuring the NOL Carryover Tax, Figuring Tax Foreign tax credit, Credits Form: 1096, Form 1099-DIV. State taxes 1099–DIV, Form 1099-DIV. State taxes 1118, Credits 1120, Which form to file. State taxes 1120-W, How to figure each required installment. State taxes 1120X, Refunds. State taxes , NOL carryback. State taxes 1138, Carryback expected. State taxes 1139, Refunds. State taxes , NOL carryback. State taxes 2220, Form 2220. State taxes 3800, Credits, Recapture Taxes 4255, Recapture Taxes 4626, Form 4626. State taxes 5452, Form 5452. State taxes 7004, Extension of time to file. State taxes 8611, Recapture Taxes 8827, Credits 8832, Business formed after 1996. State taxes 8834, Recapture Taxes 8845, Recapture Taxes 8874, Recapture Taxes 8882, Recapture Taxes 8912, Credits G Going into business, Costs of Going Into Business I Income tax returns, Income Tax Return L Loans, below-market, Below-Market Loans M Minimum tax credit, Credits N Net operating losses, Net Operating Losses Nontaxable exchange of property for stock, Property Exchanged for Stock P Paid-in capital, Paid-in capital. State taxes Passive activity limits, Passive Activity Limits Paying estimated tax, How to pay estimated tax. State taxes Penalties Other, Other penalties. State taxes Trust fund recovery, Trust fund recovery penalty. State taxes Penalties: Estimated tax, Underpayment penalty. State taxes Late filing of return, Late filing of return. State taxes Late payment of tax, Late payment of tax. State taxes Personal service corporation: Figuring tax, Qualified personal service corporation. State taxes Personal service corporations:, Personal service corporations. State taxes Preference items, Corporate Preference Items Q Qualified refinery property, election to expense, Election to Expense Qualified Refinery Property Qualifying shipping activities, income from, Income From Qualifying Shipping Activities R Recapture taxes: Childcare facilities and services credit , Recapture Taxes Indian employment credit, Recapture Taxes Investment credit, Recapture Taxes Low-income housing credit, Recapture Taxes New markets credit, Recapture Taxes Qualified plug-in electric and electric vehicle credit, Recapture Taxes Recordkeeping, Recordkeeping Related persons, Related Persons Retained earnings, Accumulated Earnings Tax S Suggestions, Comments and suggestions. State taxes T Tax help, How To Get Tax Help Tax rate schedule, Tax Rate Schedule Tax, figuring, Figuring Tax Taxpayer Advocate, Contacting your Taxpayer Advocate. State taxes TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications
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Tax Information For Corporations

Abusive Tax Shelters and Transactions
The Internal Revenue Service has a comprehensive strategy in place to combat abusive tax shelters and transactions. This strategy includes guidance on abusive transactions, regulations governing tax shelters, a hotline for taxpayers to use to report abusive technical transactions, and enforcement activity against abusive tax shelter promoters and investors.

Additional Guidance on IRC Section 168(k)(4) Election to Accelerate Research Credits
A taxpayer with a taxable year end of June 30, is allowed the option provided by section 3.02(1)(a)(i)(I) and (II) of Rev. Proc. 2009-16 if such taxpayer files its original federal income tax return for such taxable year on or before March 11, 2009, consistent with the option available to a taxpayer who files its original federal income tax return after March 11, 2009.

Alternative Motor Vehicle Credit
The Alternative Fuel Motor Vehicle Credit was enacted by the Energy Policy Act of 2005 and includes separate credits for four distinct categories of vehicles: Hybrid vehicles, Fuel Cell vehicles, Qualified Alternative Fuel Motor vehicles (QAFMV) and Advanced Lean Burn Technology vehicles. The amount of the potential credit varies by type of vehicle and which of the four credits applies.

Corporate Executive Compliance
The Internal Revenue Service is taking steps to improve tax compliance by corporations and their executive employees. One area of emphasis is executive compensation, for which audit technique guides have been developed for use by agents in examining tax returns filed by corporations and executives.

e-file for Large Business and International (LB&I)
Certain large business and International (LB&I) corporations are required to electronically file their Forms 1120 and 1120S. Other corporations may do so voluntarily. This site provides e-file information for corporations that prepare and transmit their own electronic corporate income tax returns and those that use the services of third party tax professionals.

FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes"
FIN 48 is intended to eliminate inconsistency in accounting for uncertain tax positions in financial statements certified in accordance with U.S. GAAP and mandates new rules for recognition, de-recognition, measurement, and disclosure of tax positions.

Fast Track Settlement
The LB&I / Appeals Fast Track Settlement program is a joint effort between the Large Business and International (LB&I) Division and Appeals to use the mediation skills and delegated settlement authority of Appeals to resolve issues while still under LB&I jurisdiction.

Filing Requirements for Filing Status Change (revised 11-15-11)
Guidance for taxpayers requesting to change their filing status from a C Corporation (filing Form 1120) to an S Corporation (filing Form 1120S).

Foreign Account Tax Compliance Act
FATCA will increase information reporting by foreign financial institutions, non-financial foreign entities, and certain U.S. persons holding financial assets outside the United States.

Forms 5471 - Automatic Assessment of Penalties under IRC Section 6038(b)(1)
Beginning January 1, 2009, the Internal Revenue Service Center will automatically assert appropriate penalties on late filed Forms 1120 with Forms 5471 attached. Taxpayers are encouraged to submit delinquent Forms 5471 prior to January 1, 2009.

Form 8806 - Information Return for Acquisition of Control or Substantial Change in Capital Structure
Pursuant to the provisions of Temporary Regulation § 1.6043-4T(a), requiring reporting of certain acquisitions of control and substantial changes in capital structure, corporations can consent to the publication by the IRS of the information from their Form 8806.

Income from Abroad is Taxable
There have been recent reports about the interest of the Internal Revenue Service (IRS) in taxpayers with bank accounts in Liechtenstein. The IRS' interest, however, extends beyond bank accounts in Liechtenstein to financial accounts anywhere in the world. The IRS reminds you to report your worldwide income on your U.S. tax return and lists the possible consequences of hiding income overseas.

Index of Large Business and International (LB&I) Division Industry Overviews
The LB&I Industry Overview Series, designed to provide LB&I employees greater awareness of various industries, contain information on industry background, trends, and terms, accounting principles, information systems, industry operating procedures, government regulatory requirements, significant law and important issues and industry resources.

Industry Issue Resolution Program
The Industry Issue Resolution (IIR) Program resolves frequently disputed or burdensome tax issues. IRS solicits suggestions for issues for the program from taxpayers, representatives and associations.

International Businesses
Provides links to information on a variety of International topics including Tax Treaties, Know-Your-Customer (KYC) Rules, Transfer Pricing and Qualified Intermediaries (QI).

The International Tax Gap
Find resources on this page pertaining to the international tax gap — the difference between the amount of tax that taxpayers should pay and the amount that is paid voluntarily and on time. The tax gap can also be thought of as the sum of non-compliance with the tax law.

Limited Issue Focused Examination (LIFE)
The IRS Large Business and International (LB&I) Division is implementing a new streamlined examination process.

LB&I Technical Resources and Guidance
Coordinated issue papers, Industry Director guidance, audit technique guides and other documents provide technical information and guidance on complex tax law and administrative issues affecting the LB&I division and LB&I taxpayers.

New Identification Number Implemented for Certain Foreign Information Returns
New Identification Number Implemented for Certain Foreign Information Returns

Pre-Filing Agreement Program
The Pre-Filing Agreement Program is expected to reduce taxpayer burden and make more effective use of IRS resources by resolving or eliminating tax controversy earlier in the examination process.

Quality Examination Process
The Quality Examination Process (QEP) is a systematic approach for engaging and involving Large Business and International (LB&I) taxpayers in the tax examination process, from the earliest planning stages through resolution of all issues and completion of the case.

Report of Foreign Bank and Financial Accounts (FBAR)
If you own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account, then you may be required to report the account yearly to the Internal Revenue Service.

S Corporations
An eligible domestic corporation can avoid double taxation (once to the shareholders and again to the corporation) by electing to be treated as an S corporation.

Schedule M-3 for Large Business & International (LB&I)
Schedule M-3 is used by certain corporations and partnerships to reconcile financial accounting net income and taxable income. Affected corporations and partnerships are those with assets of $10 million or more that file Form 1120, 1120-PC, 1120-L, 1120S, or 1065. Certain other partnerships filing Form 1065 are also required to use the Schedule M-3.

2008 Changes to Form 1065 - Frequently Asked Questions
Form 1065 has a number of changes for 2008. For example, Schedule B and Schedule K-1 require reporting of ownership percentages. The FAQ page on Form 1065 changes offers helpful examples.

U.S./Germany Tax Treaty Modified to Include Mandatory Arbitration in Certain Circumstances
A new Protocol modifying certain provisions of the income tax treaty between the U.S. and Germany came into force on Dec. 28, 2007. It modifies Article 25 Mutual Agreement Procedure (MAP) to provide for mandatory arbitration of certain cases in the MAP. This announcement provides interim guidance for the “commencement date” for MAP case arbitration until a formal mutual agreement is published.

Uncertain Tax Positions - Schedule UTP
IRS finalized Schedule UTP & instructions for reporting uncertain tax positions by certain corporations.

Page Last Reviewed or Updated: 30-Mar-2014

The State Taxes

State taxes 1. State taxes   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. State taxes This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. State taxes Tax records are not the only type of records you need to keep for your farming business. State taxes You should also keep records that measure your farm's financial performance. State taxes This publication only discusses tax records. State taxes The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. State taxes For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. State taxes ffsc. State taxes org. State taxes For more information, contact Countryside Marketing, Inc. State taxes in the following manner. State taxes Call 262-253-6902. State taxes Send a fax to 262-253-6903. State taxes Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. State taxes , #287 Menomonee Falls, WI 53051. State taxes Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. State taxes Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. State taxes Recordkeeping will help you do the following. State taxes Monitor the progress of your farming business. State taxes   You need records to monitor the progress of your farming business. State taxes Records can show whether your business is improving, which items are selling, or what changes you need to make. State taxes Records can help you make better decisions that may increase the likelihood of business success. State taxes Prepare your financial statements. State taxes   You need records to prepare accurate financial statements. State taxes These include income (profit and loss) statements and balance sheets. State taxes These statements can help you in dealing with your bank or creditors and help you to manage your farm business. State taxes Identify source of receipts. State taxes   You will receive money or property from many sources. State taxes Your records can identify the source of your receipts. State taxes You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. State taxes Keep track of deductible expenses. State taxes   You may forget expenses when you prepare your tax return unless you record them when they occur. State taxes Prepare your tax returns. State taxes   You need records to prepare your tax return. State taxes For example, your records must support the income, expenses, and credits you report. State taxes Generally, these are the same records you use to monitor your farming business and prepare your financial statements. State taxes Support items reported on tax returns. State taxes   You must keep your business records available at all times for inspection by the IRS. State taxes If the IRS examines any of your tax returns, you may be asked to explain the items reported. State taxes A complete set of records will speed up the examination. State taxes Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. State taxes You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. State taxes You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. State taxes See  chapter 2. State taxes If you are in more than one business, you should keep a complete and separate set of records for each business. State taxes A corporation should keep minutes of board of directors' meetings. State taxes Your recordkeeping system should include a summary of your business transactions. State taxes This summary is ordinarily made in accounting journals and ledgers. State taxes For example, they must show your gross income, as well as your deductions and credits. State taxes In addition, you must keep supporting documents. State taxes Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. State taxes These documents contain the information you need to record in your journals and ledgers. State taxes It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. State taxes Keep them in an orderly fashion and in a safe place. State taxes For instance, organize them by year and type of income or expense. State taxes Electronic records. State taxes   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. State taxes When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. State taxes An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. State taxes The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. State taxes All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. State taxes Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. State taxes The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. State taxes You still have the responsibility of retaining any other books and records that are required to be retained. State taxes The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. State taxes This test is not considered an examination and the results must be shared with you. State taxes If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. State taxes If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. State taxes For details on electronic storage system requirements, see Rev. State taxes Proc. State taxes 97-22. State taxes You can find Rev. State taxes Proc. State taxes 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. State taxes irs. State taxes gov/pub/irs-irbs/irb97-13. State taxes pdf. State taxes Travel, transportation, entertainment, and gift expenses. State taxes   Specific recordkeeping rules apply to these expenses. State taxes For more information, see Publication 463. State taxes Employment taxes. State taxes   There are specific employment tax records you must keep. State taxes For a list, see Publication 51 (Circular A). State taxes Excise taxes. State taxes   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. State taxes Assets. State taxes   Assets are the property, such as machinery and equipment, you own and use in your business. State taxes You must keep records to verify certain information about your business assets. State taxes You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. State taxes Your records should show all the following. State taxes When and how you acquired the asset. State taxes Purchase price. State taxes Cost of any improvements. State taxes Section 179 deduction taken. State taxes Deductions taken for depreciation. State taxes Deductions taken for casualty losses, such as losses resulting from fires or storms. State taxes How you used the asset. State taxes When and how you disposed of the asset. State taxes Selling price. State taxes Expenses of sale. State taxes   The following are examples of records that may show this information. State taxes Purchase and sales invoices. State taxes Real estate closing statements. State taxes Canceled checks. State taxes Bank statements. State taxes Financial account statements as proof of payment. State taxes   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. State taxes These include account statements prepared for the financial institution by a third party. State taxes These account statements must be legible. State taxes The following table lists acceptable account statements. State taxes IF payment is by. State taxes . State taxes . State taxes THEN the statement must show the. State taxes . State taxes . State taxes Check Check number. State taxes Amount. State taxes Payee's name. State taxes Date the check amount was posted to the account by the financial institution. State taxes Electronic funds  transfer Amount transferred. State taxes Payee's name. State taxes Date the transfer was posted to the account by the financial institution. State taxes Credit card Amount charged. State taxes Payee's name. State taxes Transaction date. State taxes    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. State taxes You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. State taxes Tax returns. State taxes   Keep copies of your filed tax returns. State taxes They help in preparing future tax returns and making computations if you file an amended return. State taxes Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. State taxes How Long To Keep Records You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. State taxes Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. State taxes A period of limitations is the period of time after which no legal action can be brought. State taxes Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. State taxes However, certain records must be kept for a longer period of time, as discussed below. State taxes Employment taxes. State taxes   If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. State taxes Assets. State taxes   Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. State taxes You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure your basis for computing gain or (loss) when you sell or otherwise dispose of the property. State taxes   You may need to keep records relating to the basis of property longer than the period of limitation. State taxes Keep those records as long as they are important in figuring the basis of the original or replacement property. State taxes Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. State taxes For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. State taxes For more information on basis, see chapter 6. State taxes Records for nontax purposes. State taxes   When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. State taxes For example, your insurance company or creditors may require you to keep them longer than the IRS does. State taxes Prev  Up  Next   Home   More Online Publications