C Corporations
C Corporation returns are filed on this form.
What is Form 1120?
S Corporation returns are filed on this form.
What is Form 1120S?
Partnership returns are filed on this form.
What is Form 1065?
A calendar-year C Corporation’s tax return is due on this date.
What is April 15th?
This schedule reconciles book income to taxable income for corporations with assets of $250,000 or more.
What is Schedule M-1?
This is the main disadvantage of C Corporation taxation compared to S Corporations.
What is double taxation?
An S Corporation must have no more than this number of shareholders.
What is 100?
A partnership must have at least this many owners to exist, and there is no statutory maximum number of partners.
What are two owners?
A calendar-year S Corporation or Partnership tax return is due on this date.
What is March 15th?
Ordinary business income from a partnership is reported here on the partnership return.
What is Schedule K (Form 1065) — Ordinary business income?
This is the flat federal tax rate for C Corporations under the Tax Cuts and Jobs Act.
What is 21%?
This is the form a corporation must file to elect S Corporation status.
What is Form 2553?
Partners receive this schedule to report their share of income, deductions, and credits.
What is Schedule K-1?
The extension for corporate and partnership returns is for this many months.
What is 6 months?
Ordinary business income and expenses for an S corporation are reported here.
What is page 1 of Form 1120S?
Charitable contributions for C Corporations are limited to this percentage of taxable income.
What is 10%?
Net Operating Losses (NOLs) for S Corporations do not remain at the entity level because they pass through to shareholders and are limited by this factor.
What is shareholder basis?
Guaranteed payments to partners are subject to this tax on their individual return.
What is self-employment tax?
This is the date Form 7004 must be filed to request an extension for a business tax return.
What is the original due date of the return? (March 15 for S Corporations and Partnerships; April 15 for C Corporations)
The partnership’s book balance sheet is reported here on the partnership return.
What is Schedule L (page 5) of Form 1065?
Capital losses for C Corporations can be carried back this many years and forward this many years.
What is 3 years back and 5 years forward?
If an S Corporation has more than 25% of gross receipts from passive income for three consecutive years, this happens at the start of the fourth year.
What is the termination of S Corporation status?
Losses from partnerships are limited by three tests in this order: basis, at-risk, and this rule.
What is passive activity limitations?
This is the due date for a fiscal-year C Corporation ending June 30.
What is September 15?
Separately stated items for an S corporation are reported here.
What is Schedule K of Form 1120S?