This document provides instructions for completing Form 1120-L, the U.S. Life Insurance Company Income Tax Return. It outlines who must file, definitions, when to file, where to file, who must sign, and specific line-by-line instructions for completing the form. It also provides information on new developments, extensions, penalties, accounting methods, and other general filing guidelines for life insurance companies.
Instructions for Form 1120 REIT, U.S. Income Tax Return for Real Estate Inves...taxman taxman
This document provides instructions for completing Form 1120-REIT, the U.S. Income Tax Return for Real Estate Investment Trusts. Key details include:
- The filing address for certain REITs located in Georgia and Tennessee has changed.
- The minimum penalty for failure to file a return over 60 days late has increased to $135 or the tax due, whichever is smaller.
- For business start-up costs paid after September 8, 2008, a REIT is no longer required to attach a statement identifying amounts deducted.
- A REIT can elect to claim additional research and minimum tax credits in lieu of additional first-year special depreciation allowance.
It also
Instructions for Form 1120-RIC, U.S. Income Tax Return For Regulated Investme...taxman taxman
This document provides instructions for completing Form 1120-RIC, the U.S. Income Tax Return for Regulated Investment Companies. It discusses who must file this form, the general requirements to qualify as a regulated investment company (RIC), and where to file. It also summarizes the income test, asset test, and distribution requirements that a company must meet to qualify as a RIC. The instructions provide guidance on completing various parts of the tax return and related schedules.
Instructions for Form 1120-PC, U.S. Property and Casualty Insurance Company I...taxman taxman
The document provides instructions for completing Form 1120-PC, the U.S. Property and Casualty Insurance Company Income Tax Return. It outlines who must file the form, when it is due, where to file, and how to complete various schedules and worksheets. The instructions also provide information on recent tax law changes, accounting periods, depository methods for tax payments, and how to get additional IRS forms and publications.
Form 8802-Application for United States Residency Certificationtaxman taxman
This document provides instructions for completing Form 8802, which is used to request Form 6166, a letter of U.S. residency certification for claiming benefits under an income tax treaty or VAT exemption. It outlines who is eligible to request Form 6166, when and where to apply, required documentation, and payment of a user fee. The user fee can be paid electronically or by check/money order, and covers the issuance of up to 20 Form 6166 certifications under a single taxpayer identification number.
Instructions for Form 1041, U.S. Income Tax Return for Estates and Trusts, an...taxman taxman
This document provides instructions for completing Form 1041, the U.S. Income Tax Return for Estates and Trusts. It discusses what's new for the 2008 tax year, including that Schedule I will now be a separate form. It provides general instructions on filing requirements, definitions, accounting methods, and penalties. It also gives specific line-by-line instructions for completing Form 1041 and attached schedules.
This document is a Nebraska Fiduciary Income Tax Return form for the 2008 tax year. It provides instructions and lines for estates and trusts to report income, deductions, credits, and taxes owed or refunded for Nebraska state income tax purposes. Key information includes lines to report federal taxable income, Nebraska adjustments increasing or decreasing taxable income, calculation of Nebraska taxable income, total Nebraska tax, nonrefundable credits, payments and credits, and the amount of tax due or refund owed. Schedules are included to calculate tax for nonresident estates/trusts and to report income and tax withheld for nonresident beneficiaries.
This document is a tax return form for the State of New Jersey for an Electing Small Business Trust (ESBT) for the tax year 2008. It contains sections to report the trust's income, deductions, taxes owed, and credits. Key details include:
- It reports S corporation income and non-S corporation income separately
- There are lines to calculate tax amounts owed for both types of income and claim credits for taxes paid to other jurisdictions
- Schedules are included to provide additional details on business income, capital gains, rental income, and beneficiary distributions
The form is used by ESBTs to file New Jersey gross income tax and report income from S corporations and non-S corporation sources,
Instructions for Form 1120 REIT, U.S. Income Tax Return for Real Estate Inves...taxman taxman
This document provides instructions for completing Form 1120-REIT, the U.S. Income Tax Return for Real Estate Investment Trusts. Key details include:
- The filing address for certain REITs located in Georgia and Tennessee has changed.
- The minimum penalty for failure to file a return over 60 days late has increased to $135 or the tax due, whichever is smaller.
- For business start-up costs paid after September 8, 2008, a REIT is no longer required to attach a statement identifying amounts deducted.
- A REIT can elect to claim additional research and minimum tax credits in lieu of additional first-year special depreciation allowance.
It also
Instructions for Form 1120-RIC, U.S. Income Tax Return For Regulated Investme...taxman taxman
This document provides instructions for completing Form 1120-RIC, the U.S. Income Tax Return for Regulated Investment Companies. It discusses who must file this form, the general requirements to qualify as a regulated investment company (RIC), and where to file. It also summarizes the income test, asset test, and distribution requirements that a company must meet to qualify as a RIC. The instructions provide guidance on completing various parts of the tax return and related schedules.
Instructions for Form 1120-PC, U.S. Property and Casualty Insurance Company I...taxman taxman
The document provides instructions for completing Form 1120-PC, the U.S. Property and Casualty Insurance Company Income Tax Return. It outlines who must file the form, when it is due, where to file, and how to complete various schedules and worksheets. The instructions also provide information on recent tax law changes, accounting periods, depository methods for tax payments, and how to get additional IRS forms and publications.
Form 8802-Application for United States Residency Certificationtaxman taxman
This document provides instructions for completing Form 8802, which is used to request Form 6166, a letter of U.S. residency certification for claiming benefits under an income tax treaty or VAT exemption. It outlines who is eligible to request Form 6166, when and where to apply, required documentation, and payment of a user fee. The user fee can be paid electronically or by check/money order, and covers the issuance of up to 20 Form 6166 certifications under a single taxpayer identification number.
Instructions for Form 1041, U.S. Income Tax Return for Estates and Trusts, an...taxman taxman
This document provides instructions for completing Form 1041, the U.S. Income Tax Return for Estates and Trusts. It discusses what's new for the 2008 tax year, including that Schedule I will now be a separate form. It provides general instructions on filing requirements, definitions, accounting methods, and penalties. It also gives specific line-by-line instructions for completing Form 1041 and attached schedules.
This document is a Nebraska Fiduciary Income Tax Return form for the 2008 tax year. It provides instructions and lines for estates and trusts to report income, deductions, credits, and taxes owed or refunded for Nebraska state income tax purposes. Key information includes lines to report federal taxable income, Nebraska adjustments increasing or decreasing taxable income, calculation of Nebraska taxable income, total Nebraska tax, nonrefundable credits, payments and credits, and the amount of tax due or refund owed. Schedules are included to calculate tax for nonresident estates/trusts and to report income and tax withheld for nonresident beneficiaries.
This document is a tax return form for the State of New Jersey for an Electing Small Business Trust (ESBT) for the tax year 2008. It contains sections to report the trust's income, deductions, taxes owed, and credits. Key details include:
- It reports S corporation income and non-S corporation income separately
- There are lines to calculate tax amounts owed for both types of income and claim credits for taxes paid to other jurisdictions
- Schedules are included to provide additional details on business income, capital gains, rental income, and beneficiary distributions
The form is used by ESBTs to file New Jersey gross income tax and report income from S corporations and non-S corporation sources,
This document is a Nebraska Fiduciary Income Tax Return form for the 2008 tax year. It provides lines for an estate or trust to report income, deductions, credits, and tax owed or refunded. Schedules are included to calculate tax for nonresident estates/trusts and to report income and withholding for nonresident beneficiaries. The form also allows credits for taxes paid to other states.
You may be able to deduct certain expenses you incur while looking for a new job, even if you do not get a new job. Expenses may include travel, resume and outplacement agency fees. For more information, see Publication 529, Miscellaneous Deductions . Moving costs for a new job at least 50 miles away from your home may also be deductible.
This document is CIT Group's quarterly report filed with the SEC for the quarter ended March 31, 2004. It includes CIT's consolidated balance sheet, income statement, and statement of cash flows for the quarter. CIT reported net income of $189.3 million for the quarter, compared to $127 million in the prior year. Total assets were $46.3 billion as of March 31, 2004. CIT is a global commercial and consumer finance company that provides financing and leasing capital to companies across various industries.
- The document is CIT Group Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2004.
- It includes CIT's consolidated balance sheets, income statements, statements of cash flows and stockholders' equity for the relevant periods.
- The financial statements show that for the quarter ended June 30, 2004, CIT reported net income of $176.6 million on total revenues of $915.2 million.
This document appears to be a tax return form for the State of New Jersey Gross Income Tax for estates and trusts. It includes sections to report income such as interest, dividends, business profits, capital gains, rents and royalties. It also includes sections to calculate tax liability and credits, and designate overpayment or balance due. The form must be completed and filed by the fiduciary of the estate or trust to report income earned and calculate taxes owed for the tax year.
This document is CIT Group's quarterly report filed with the SEC for the quarter ended September 30, 2005. It includes consolidated financial statements such as the balance sheet, income statement, and cash flow statement. Some highlights include:
- Total assets increased to $60.2 billion as of 9/30/2005 from $51.1 billion as of 12/31/2004 mainly due to growth in financing receivables.
- Net income for the first nine months of 2005 was $1.04 billion, up from $916 million in the same period of 2004.
- Revenue increased due to growth in net finance income and other income, partially offset by higher interest expenses and provision for credit losses.
This document appears to be a tax return form for Utah corporations. It includes sections for the corporation to provide identification information, mark boxes to indicate filing status, report total tax amounts, credits, payments and refunds. It also includes schedules for computing Utah taxable income, additions and subtractions to income, apportionment, and credits.
This document provides instructions for completing Wisconsin income tax form 1NPR for nonresidents and part-year residents for the 2008 tax year. Key points include:
- Social security benefits are no longer taxable by Wisconsin. The maximum tuition deduction and medical care insurance subtraction are increased. Section 179 expense deductions are available for farmers.
- The form includes tips for paper filing, requirements to make estimated tax payments, and guidance on legal residence, various income types, deductions, credits, and other tax situations.
- The index provides page references for topics including business income, capital gains, exemptions, farm losses, retirement benefits, and instructions for specific lines on the tax form.
This document is CIT Group's Form 10-Q filing for the quarterly period ended June 30, 2005. It includes:
- Consolidated financial statements including balance sheets, income statements, statements of cash flows and notes to the financial statements.
- Management's discussion and analysis of financial condition, results of operations, quantitative and qualitative disclosures about market risk.
- Disclosures regarding controls and procedures, legal proceedings, unregistered sales of equity securities, defaults on senior securities, and other information.
The filing provides required quarterly financial disclosures and important information about CIT Group's financial performance and position for investors and regulators.
This document is an Indiana amended individual income tax return form (IT-40X) for the year being amended. It provides instructions for taxpayers to correct errors or omissions on their original Indiana individual income tax return. The form collects identifying information about the taxpayer, income and exemption amounts, tax due, credits, payments, and refund or amount due. It directs taxpayers to provide explanations for amendments and attach supporting documentation.
Schedule A for the IT-40PNR: Income, Proration & Adjustmentstaxman taxman
This document is an Indiana Schedule A form for nonresidents to report income and calculate the portion of income taxed by Indiana. It summarizes income from the federal return and allows the reporting of adjustments. The form includes sections to report income or loss by line item from the federal return in Columns A and B. Column B is for income taxed by Indiana. It also includes sections to report adjustments to income and calculate total income.
This document is a Kansas Net Operating Loss Carry Forward Form used to calculate a taxpayer's net operating loss that can be carried forward to offset income in future tax years. It contains schedules to compute the Kansas net operating loss, distribute the loss amount to future years, and allocate income between spouses if filing statuses changed. The form provides instructions on how to complete the schedules for qualifying for a Kansas net operating loss carry forward based on having a federal net operating loss, Kansas tax return filed in the loss year, and Kansas source income or residency in the loss year.
form101-enabled nd.gov tax indincome forms 2008taxman taxman
This document is an application form for an extension of time to file a North Dakota tax return. It contains instructions for completing the form, including providing identifying information in Part 1 and the reason for needing an extension in line 6. If the extension request is approved, the form will be returned marked "Granted" in Part 2. If rejected, the reason will be indicated and the form returned. Extensions are only granted for good cause such as circumstances beyond the taxpayer's control.
This document is a 2008 Michigan Schedule 1 Additions and Subtractions form. It contains instructions for reporting additions to and subtractions from income on a Michigan tax return. Some key additions include interest and dividends from other states, the deduction for federal taxes, and gains/losses from other forms. Key subtractions include income from U.S. government bonds, military pay, retirement/pension benefits, and various tax credits. The purpose of this form is to reconcile a taxpayer's federal adjusted gross income with their income for Michigan state tax purposes.
The document summarizes how corporately-held life insurance can be used as a tax minimization tool for the estate of a shareholder. It provides examples of how deemed dispositions at death can trigger capital gains taxes, and how life insurance death benefits credited to the corporation's capital dividend account can fund tax-free distributions to the estate to avoid double taxation. Specifically, it compares different post-mortem planning strategies, finding that using an insured redemption where some dividends are taxable and some capital preserves half the capital dividend account and results in the lowest total taxes.
This document discusses how life insurance can be used as a tax-advantaged investment for high net worth individuals. It notes that life insurance provides growth that is tax-preferred, retains value when the owner dies, and the death benefit is tax-free. It also presents a case study showing how a life insurance plan outperformed a corporate bond investment by $98,940 in net cash flow and left an estate of $332,274, unlike the bonds which left nothing.
Retirement Planning With Cash Value Life Insurance FinalMark L. Simon
The document discusses challenges facing retirement savings and proposes supplementing savings with cash value life insurance. It notes that longer lifespans, inflation, and uncertain social security and pensions require greater personal savings. Cash value life insurance allows tax-deferred growth, tax-free retirement income and death benefits to help cover these needs. A case study shows how $10,000 annual premiums over 20 years can provide over $500,000 of benefits.
Income Tax Consequences Of The Sales And Surrenders Of Life Insurance Policieskirkpatj
The document summarizes IRS tax code provisions related to income taxation of life insurance policies when they are sold or surrendered. It discusses that gains from surrenders or sales by the insured are generally taxed as ordinary income under IRC section 72 or capital gains/losses under section 1001. For investors who purchase policies, gains from resales are capital gains, and gains from death benefits are taxed as ordinary income under section 101. Losses from surrenders generally are not deductible, but may be for business policies.
This document provides information about life insurance. It begins with definitions of insurance and life insurance, then discusses the history and evolution of the life insurance industry. It also covers life insurance in Pakistan, the different types of life insurance policies, reasons to have life insurance, how insurance works, effects of insurance, and terms and conditions. Finally, it outlines the main differences between life insurance and Takaful, which is an Islamic form of insurance.
Using Life Insurance in Zero Tax Estate Planningwardwilsey
This presentation describes the uses of life insurance in estate plans designed to eliminate the estate tax. For a version with audio as well, please email me at wardwilsey@wilseylaw.com
2015 tax brackets and other inflation changes by Kay Bell. Bankrate.com.
Read more: http://www.bankrate.com/financing/taxes/2015-tax-brackets-and-other-inflation-changes/#ixzz3LYHLO7oq
This document discusses how permanent life insurance can be a tax-advantaged investment asset that provides growth potential, access to cash value through loans, and benefits for heirs. It provides an example comparing returns from life insurance to traditional investments like interest, dividends, and capital gains, showing that life insurance requires less capital and risk to achieve the same results due to its tax advantages. While collateral loans involve risk, permanent life insurance is positioned as an effective strategy for managing assets, accessing funds, and preserving an estate over the long term.
This document is a Nebraska Fiduciary Income Tax Return form for the 2008 tax year. It provides lines for an estate or trust to report income, deductions, credits, and tax owed or refunded. Schedules are included to calculate tax for nonresident estates/trusts and to report income and withholding for nonresident beneficiaries. The form also allows credits for taxes paid to other states.
You may be able to deduct certain expenses you incur while looking for a new job, even if you do not get a new job. Expenses may include travel, resume and outplacement agency fees. For more information, see Publication 529, Miscellaneous Deductions . Moving costs for a new job at least 50 miles away from your home may also be deductible.
This document is CIT Group's quarterly report filed with the SEC for the quarter ended March 31, 2004. It includes CIT's consolidated balance sheet, income statement, and statement of cash flows for the quarter. CIT reported net income of $189.3 million for the quarter, compared to $127 million in the prior year. Total assets were $46.3 billion as of March 31, 2004. CIT is a global commercial and consumer finance company that provides financing and leasing capital to companies across various industries.
- The document is CIT Group Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2004.
- It includes CIT's consolidated balance sheets, income statements, statements of cash flows and stockholders' equity for the relevant periods.
- The financial statements show that for the quarter ended June 30, 2004, CIT reported net income of $176.6 million on total revenues of $915.2 million.
This document appears to be a tax return form for the State of New Jersey Gross Income Tax for estates and trusts. It includes sections to report income such as interest, dividends, business profits, capital gains, rents and royalties. It also includes sections to calculate tax liability and credits, and designate overpayment or balance due. The form must be completed and filed by the fiduciary of the estate or trust to report income earned and calculate taxes owed for the tax year.
This document is CIT Group's quarterly report filed with the SEC for the quarter ended September 30, 2005. It includes consolidated financial statements such as the balance sheet, income statement, and cash flow statement. Some highlights include:
- Total assets increased to $60.2 billion as of 9/30/2005 from $51.1 billion as of 12/31/2004 mainly due to growth in financing receivables.
- Net income for the first nine months of 2005 was $1.04 billion, up from $916 million in the same period of 2004.
- Revenue increased due to growth in net finance income and other income, partially offset by higher interest expenses and provision for credit losses.
This document appears to be a tax return form for Utah corporations. It includes sections for the corporation to provide identification information, mark boxes to indicate filing status, report total tax amounts, credits, payments and refunds. It also includes schedules for computing Utah taxable income, additions and subtractions to income, apportionment, and credits.
This document provides instructions for completing Wisconsin income tax form 1NPR for nonresidents and part-year residents for the 2008 tax year. Key points include:
- Social security benefits are no longer taxable by Wisconsin. The maximum tuition deduction and medical care insurance subtraction are increased. Section 179 expense deductions are available for farmers.
- The form includes tips for paper filing, requirements to make estimated tax payments, and guidance on legal residence, various income types, deductions, credits, and other tax situations.
- The index provides page references for topics including business income, capital gains, exemptions, farm losses, retirement benefits, and instructions for specific lines on the tax form.
This document is CIT Group's Form 10-Q filing for the quarterly period ended June 30, 2005. It includes:
- Consolidated financial statements including balance sheets, income statements, statements of cash flows and notes to the financial statements.
- Management's discussion and analysis of financial condition, results of operations, quantitative and qualitative disclosures about market risk.
- Disclosures regarding controls and procedures, legal proceedings, unregistered sales of equity securities, defaults on senior securities, and other information.
The filing provides required quarterly financial disclosures and important information about CIT Group's financial performance and position for investors and regulators.
This document is an Indiana amended individual income tax return form (IT-40X) for the year being amended. It provides instructions for taxpayers to correct errors or omissions on their original Indiana individual income tax return. The form collects identifying information about the taxpayer, income and exemption amounts, tax due, credits, payments, and refund or amount due. It directs taxpayers to provide explanations for amendments and attach supporting documentation.
Schedule A for the IT-40PNR: Income, Proration & Adjustmentstaxman taxman
This document is an Indiana Schedule A form for nonresidents to report income and calculate the portion of income taxed by Indiana. It summarizes income from the federal return and allows the reporting of adjustments. The form includes sections to report income or loss by line item from the federal return in Columns A and B. Column B is for income taxed by Indiana. It also includes sections to report adjustments to income and calculate total income.
This document is a Kansas Net Operating Loss Carry Forward Form used to calculate a taxpayer's net operating loss that can be carried forward to offset income in future tax years. It contains schedules to compute the Kansas net operating loss, distribute the loss amount to future years, and allocate income between spouses if filing statuses changed. The form provides instructions on how to complete the schedules for qualifying for a Kansas net operating loss carry forward based on having a federal net operating loss, Kansas tax return filed in the loss year, and Kansas source income or residency in the loss year.
form101-enabled nd.gov tax indincome forms 2008taxman taxman
This document is an application form for an extension of time to file a North Dakota tax return. It contains instructions for completing the form, including providing identifying information in Part 1 and the reason for needing an extension in line 6. If the extension request is approved, the form will be returned marked "Granted" in Part 2. If rejected, the reason will be indicated and the form returned. Extensions are only granted for good cause such as circumstances beyond the taxpayer's control.
This document is a 2008 Michigan Schedule 1 Additions and Subtractions form. It contains instructions for reporting additions to and subtractions from income on a Michigan tax return. Some key additions include interest and dividends from other states, the deduction for federal taxes, and gains/losses from other forms. Key subtractions include income from U.S. government bonds, military pay, retirement/pension benefits, and various tax credits. The purpose of this form is to reconcile a taxpayer's federal adjusted gross income with their income for Michigan state tax purposes.
The document summarizes how corporately-held life insurance can be used as a tax minimization tool for the estate of a shareholder. It provides examples of how deemed dispositions at death can trigger capital gains taxes, and how life insurance death benefits credited to the corporation's capital dividend account can fund tax-free distributions to the estate to avoid double taxation. Specifically, it compares different post-mortem planning strategies, finding that using an insured redemption where some dividends are taxable and some capital preserves half the capital dividend account and results in the lowest total taxes.
This document discusses how life insurance can be used as a tax-advantaged investment for high net worth individuals. It notes that life insurance provides growth that is tax-preferred, retains value when the owner dies, and the death benefit is tax-free. It also presents a case study showing how a life insurance plan outperformed a corporate bond investment by $98,940 in net cash flow and left an estate of $332,274, unlike the bonds which left nothing.
Retirement Planning With Cash Value Life Insurance FinalMark L. Simon
The document discusses challenges facing retirement savings and proposes supplementing savings with cash value life insurance. It notes that longer lifespans, inflation, and uncertain social security and pensions require greater personal savings. Cash value life insurance allows tax-deferred growth, tax-free retirement income and death benefits to help cover these needs. A case study shows how $10,000 annual premiums over 20 years can provide over $500,000 of benefits.
Income Tax Consequences Of The Sales And Surrenders Of Life Insurance Policieskirkpatj
The document summarizes IRS tax code provisions related to income taxation of life insurance policies when they are sold or surrendered. It discusses that gains from surrenders or sales by the insured are generally taxed as ordinary income under IRC section 72 or capital gains/losses under section 1001. For investors who purchase policies, gains from resales are capital gains, and gains from death benefits are taxed as ordinary income under section 101. Losses from surrenders generally are not deductible, but may be for business policies.
This document provides information about life insurance. It begins with definitions of insurance and life insurance, then discusses the history and evolution of the life insurance industry. It also covers life insurance in Pakistan, the different types of life insurance policies, reasons to have life insurance, how insurance works, effects of insurance, and terms and conditions. Finally, it outlines the main differences between life insurance and Takaful, which is an Islamic form of insurance.
Using Life Insurance in Zero Tax Estate Planningwardwilsey
This presentation describes the uses of life insurance in estate plans designed to eliminate the estate tax. For a version with audio as well, please email me at wardwilsey@wilseylaw.com
2015 tax brackets and other inflation changes by Kay Bell. Bankrate.com.
Read more: http://www.bankrate.com/financing/taxes/2015-tax-brackets-and-other-inflation-changes/#ixzz3LYHLO7oq
This document discusses how permanent life insurance can be a tax-advantaged investment asset that provides growth potential, access to cash value through loans, and benefits for heirs. It provides an example comparing returns from life insurance to traditional investments like interest, dividends, and capital gains, showing that life insurance requires less capital and risk to achieve the same results due to its tax advantages. While collateral loans involve risk, permanent life insurance is positioned as an effective strategy for managing assets, accessing funds, and preserving an estate over the long term.
This document outlines a project to design and build a Stirling engine powered generator system using wood fires. It presents the objectives to generate 50-100W of electricity from a Stirling engine that operates on a community's wood-fueled fires. It details the work breakdown structure of the project which includes developing the Stirling engine, electrical systems, business plans, and experiments with the community's wood fires. It also provides background on Stirling engines and describes the initial design of an Alpha type Stirling engine called the "Daedalus Alpha".
The Myths & Realities Of Estate Planning 2009cpwalmsley
In this presentation I debunk some common misconceptions with estate planning. This knowledge and more is available to my clients. Audio will soon be added.
A wonderful way to include The Rotary Foundation of Rotary International in your estate plans is by naming the Foundation a beneficiary of an insurance policy. Simply inform your insurance agent that you would like to make the Foundation a beneficiary or partial beneficiary of your insurance policy. Also, be sure to inform the Foundation of your plans so that we may properly recognize your generosity to the Permanent Fund.
Finding the nominal rate of an ordinary annuity?anjaval5471
Try this site where you can compare quotes from different companies: WWW.ANNUITY-HELP.US
Finding the nominal rate of an ordinary annuity?
Can you help me with this assignment. We are going to submit it on Wednesday. Thanks...
Math of Investment
A part of P10,000 at the end of each 3 months for 3 years was put in an investment fund. At the end of six years, the investor got the value of P36,000. What nominal rate compounded quarterly did his investment earn?
Thanks for the one who can help.
The document discusses tax strategies and economic trends for dentists. It begins with an introduction of the presentation topics, including an overview of the latest tax legislation and strategies to lower taxes. Some key points discussed are that practices are either thriving or declining, patients are paying more out of pocket, and dentistry is becoming more consumer driven. It also outlines strategies dentists can take to reduce their taxes such as good record keeping, maximizing retirement plans, accelerating or deferring expenses, and taking advantage of available tax credits. The presentation emphasizes being proactive in tax planning can significantly reduce dentists' tax burden.
If you still believe old “Partners & Co” approach to your accounting practice is the way to go, you need to wake up. Cloud accounting is here, new banking infrastructure, such as bitcoin is emerging, and new devices adoption rate is accelerating. All these new trends are making your old accounting business obsolete.
What are you going to do about it?
Every business owner, including an accountant, wants to make the world a better place and build something that makes a difference and pleases her customers.
Guy Pearson will help you define your unique selling proposition and business model, assist you to take the focus back to your clients and will share his experience on building a practice that scales.
In this presentation, we will take a deep dive into proven ways to build a practice that matters and one you’ll be proud to tell your friends, colleagues and family about.
Objectives:
What is your USP (Unique selling proposition) – do you have one and how to craft one?
Business models – are you a surgeon, a local coffee shop or a McDonald’s? Maybe a hybrid is the way to go?
Always. Focus. On the client. They help you get paid.
Think with scalability in mind.
Make yourself obsolete.
Do something that matters.
Inst 1120-C-Instructions for Form 1120-C, U.S. Income Tax Return for Cooperat...taxman taxman
This document provides instructions for filing Form 1120-C, the U.S. Income Tax Return for Cooperative Associations. It discusses who must file, where and when to file, how to make payments, and how to complete various schedules and forms. It also provides information on tax relief for certain taxpayers affected by storms and tornadoes in Kansas, and ways the IRS partners with organizations to help missing children.
Inst 1065-Instructions for Form 1065, U.S. Return of Partnership Incometaxman taxman
This document provides instructions for completing Form 1065, the U.S. Return of Partnership Income. It outlines what's new for the 2008 tax year, including modifications to Schedule B questions and additional credits being reported on various forms. It provides general instructions on the purpose of Form 1065, definitions, who must file, electronic filing, penalties, and how to assemble the return. It also provides specific instructions for completing various schedules and forms.
Instructions for Form 1120-FSC, U.S. Income Tax Return of a Foreign Sales Cor...taxman taxman
This document provides instructions for filing Form 1120-FSC, the U.S. Income Tax Return of a Foreign Sales Corporation. It summarizes the rules for FSCs that were in effect prior to repeal in 2000, including definitions of a FSC, foreign trading gross receipts, and foreign economic process rules. It also outlines the transition rules and extraterritorial income exclusion that applied after the FSC rules were repealed in 2000, including how taxpayers could elect these alternative provisions.
This document provides instructions for filing a 2008 North Carolina individual income tax return using Form D-400. Some key points:
1. Filing requirements for North Carolina tax returns are different than federal, as NC does not adjust for inflation. Most taxpayers must file if their gross income exceeds thresholds based on filing status.
2. New in 2008, NC offers a refundable Earned Income Tax Credit equal to 3.5% of the federal credit. Bonus depreciation requires an addition on the NC return. The top income tax rate was reduced to 7.75%.
3. The instructions provide guidance on filing status, exemptions, deductions, credits, and forms
This document provides instructions for filing a 2008 North Carolina individual income tax return using Form D-400. Some key points:
1. Filing requirements for North Carolina tax returns are different than federal, as NC does not adjust for inflation. Income thresholds for requiring a filing are provided.
2. A refundable Earned Income Tax Credit is available for certain taxpayers equal to 3.5% of the federal credit. Bonus depreciation requires an addition on the 2008 NC return. The top income tax rate was reduced to 7.75%.
3. The instructions provide guidance on filing status, exemptions, deductions, credits, and forms to use for extensions, estimated
Individual Income Tax Return (no tax credits) (web fill-in, instructions) taxman taxman
This document provides instructions for filing a 2008 North Carolina individual income tax return using Form D-400. Some key points:
1. Filing requirements for North Carolina tax returns are different than federal, as NC does not adjust for inflation. Income thresholds for requiring a filing are provided.
2. A refundable Earned Income Tax Credit is available for certain taxpayers equal to 3.5% of the federal credit. Bonus depreciation requires an addition on the NC return. The top income tax rate was reduced to 7.75%.
3. The instructions provide guidance on filing status, exemptions, deductions, credits, and forms to use for extensions, estimated payments
This document provides instructions for claiming Wisconsin historic rehabilitation tax credits on Schedule HR. It includes details on:
- A supplement to the federal historic rehabilitation tax credit for rehabilitating certified historic structures used for business purposes.
- A state historic rehabilitation credit for individuals preserving or rehabilitating an owner-occupied personal residence.
- Calculating qualified rehabilitation expenditures, adjusted basis, and credit amounts on Lines 1-7 of Schedule HR.
- Specific eligibility requirements and qualified preservation costs that must be met to claim the state historic rehabilitation credit for individuals on Lines 8-11.
This document provides instructions for claiming Wisconsin's historic rehabilitation tax credits on Schedule HR. It outlines two available credits: 1) A supplement to the federal credit for rehabilitating income-producing historic structures. To qualify, expenditures must exceed $5,000 or the property's adjusted basis. 2) A state credit for individuals rehabilitating owner-occupied historic residences, up to $10,000. Qualified preservation costs must exceed $10,000. Both credits may be carried forward for unused amounts. The instructions provide details on credit calculation and eligibility requirements.
Inst 1099 General Instructions-General Instructions for Forms 1099, 1098, 392...taxman taxman
This document provides general instructions for completing Forms 1099, 1098, 3921, 3922, 5498, and W-2G for the 2009 tax year. It outlines what's new, reminders, items to note, who must file, when and where to file, how to file electronically or on paper, how to submit corrected or void returns, rules around recipient and filer information, statements to recipients, backup withholding, penalties, and how to get tax help. Key changes for 2009 include new reporting requirements for certain tax credits, military differential pay, and death benefits.
This document is a tax form for claiming development zones credits in Wisconsin. It contains sections to claim credits for environmental remediation, job creation, investment in opportunity zones, and capital investment in zones. It also has sections for carrying over unused credits from previous years and recapturing credits if property is disposed of early.
Corporate Business Profits Tax Return and Instructionstaxman taxman
This document is a form and instructions for the New Hampshire Corporation Business Profits Tax Return. It requires corporations doing business in New Hampshire with over $50,000 in gross business income to file. The form collects information about the corporation's name, federal tax filings, and subsidiaries. It then guides corporations through calculating their New Hampshire gross business profits, adjustments, apportionment, credits, and tax due.
This document is CIT Group Inc.'s quarterly report filed with the SEC for the quarter ending March 31, 2005 on Form 10-Q. It includes CIT's consolidated balance sheets, income statements, statements of cash flows and notes to the financial statements. Some key details include:
- CIT reported total assets of $56.8 billion as of March 31, 2005, up from $51.1 billion as of December 31, 2004.
- CIT's debt increased to $42.5 billion as of March 31, 2005 from $37.7 billion as of December 31, 2004, due to $4.6 billion in non-recourse secured borrowings for its education lending business.
- CIT Group Inc. filed a Form 10-Q quarterly report with the SEC for the quarterly period ended March 31, 2005.
- The report includes consolidated financial statements such as the balance sheet, income statement, and statements of cash flows and stockholders' equity.
- For the quarter ended March 31, 2005, CIT Group reported total revenue of $595.1 million, income before taxes of $334.1 million, and net income of $182.6 million.
This document is a financial supplement from Genworth Financial for the fourth quarter of 2006. It includes key financial highlights such as:
- Total stockholders' equity of $13.3 billion as of December 31, 2006.
- Book value per common share of $30.09 as of the end of the fourth quarter.
- Return on equity (ROE) of 11% for full year 2006 on a GAAP basis.
The supplement also provides detailed segment financial results, investment portfolio information, and other selected financial data for Genworth.
This document is a financial supplement from Genworth Financial for the fourth quarter of 2006. It includes key financial highlights such as:
- Total stockholders' equity of $13.3 billion as of December 31, 2006.
- Book value per common share of $30.09 as of the end of the fourth quarter.
- Return on equity (ROE) of 11% for full year 2006 on a GAAP basis.
The supplement also provides detailed segment financial results, investment portfolio information, and other selected financial data for Genworth.
This document is a tax form for claiming various development zone credits in Wisconsin. It contains sections to claim credits for environmental remediation, job creation, investment in opportunity zones, capital investment, and recapture of credits. The taxpayer would fill in amounts on lines 1-34 to calculate credits earned and owed.
Schedule A adjustments to tax/child care credit worksheet/Schedule 3 credit f...taxman taxman
This document is a Schedule A form for Maine tax adjustments and credits. It includes sections to calculate tax additions such as retirement plan distributions and early distributions that are subject to additional Maine tax. It also includes sections to calculate various tax credits that can be applied against Maine tax liability, such as credits for childcare, income taxes paid to other jurisdictions, research expenses, and more. Supporting documentation like worksheets must be included to substantiate credits claimed.
This document provides instructions for completing Wisconsin Schedule EC, which is used to claim the enterprise zone jobs credit. The credit is available for businesses certified by the Wisconsin Department of Commerce that operate within a designated enterprise zone. The schedule collects information to calculate a regular credit based on increased employment and wages, as well as a supplemental credit for training employees who work in an enterprise zone. Line-by-line instructions are provided for completing various parts of the schedule to determine the total available enterprise zone jobs credit.
Similar to Instructions for Form 1120-L, , U.S. Life Insurance Company Income Tax Return (20)
This document is an application for a California homebuyer's tax credit. It contains sections for the seller to certify that the home has never been occupied, as well as sections for the escrow company to provide closing details. Finally, there are sections for up to three qualified buyers to provide their contact and ownership information and certify that they intend to use the home as their primary residence for at least two years. The buyers will receive a tax credit of up to 5% of the home's purchase price or $10,000, whichever is less.
This document contains Forms 593-C and 593-E and instructions for real estate withholding in California for 2009. It explains that real estate withholding is a prepayment of estimated income tax due from gains on real estate sales in California. The Real Estate Escrow Person is responsible for providing the forms to sellers and withholding the appropriate amount based on the forms submitted.
This document provides instructions for completing Form 593-V Payment Voucher for Real Estate Withholding Electronic Submission. Key details include:
1) Form 593-V is used to remit real estate withholding payment to the Franchise Tax Board if Form 593 was filed electronically. It must include the withholding agent's identifying information and payment amount.
2) Payments can be made by check or money order payable to the Franchise Tax Board, or through electronic funds transfer for large payments. The payment must match the electronically filed Form 593.
3) Payments are due within 20 days of the end of the month in which the real estate transaction occurred. Interest and penalties
This document provides instructions for California real estate withholding on installment sales. It explains that for tax years beginning on or after January 1, 2009, the buyer is required to withhold taxes on the principal portion of each installment payment for properties sold via an installment sale. The form guides the buyer through providing their contact information, the seller's information, acknowledging the withholding requirement, and signing to indicate they understand their obligation to withhold taxes and send payments to the state. Escrow agents are instructed to send the initial withholding amount to the state and provide copies of documents to help facilitate ongoing withholding as future installment payments are made.
This document is a California Form 593-C, which is a Real Estate Withholding Certificate. It allows a seller of California real estate to certify exemptions from real estate withholding requirements. The form has four parts: seller information, certifications that fully exempt from withholding, certifications that may partially or fully exempt, and the seller's signature. Checking boxes in Part II or III can allow full or partial exemption from the default 3 1/3% withholding on the sales price of California real estate.
This document is a California Form 593 for real estate withholding tax. It contains information about the withholding agent, seller or transferor, escrow or exchange details, and transaction details. The form requires the seller to sign a perjury statement if electing an optional gain on sale calculation method rather than the default 3 1/3% of total sales price withholding amount.
This document provides instructions for completing Form 592-V, the payment voucher for electronically filed Form 592 (Quarterly Resident and Nonresident Withholding Statement) and Form 592-F (Foreign Partner or Member Annual Return). Key details include verifying complete information is provided on the voucher, rounding cents to dollars, mailing the payment and voucher to the Franchise Tax Board by the payment due date, and interest and penalties for late payments.
This document is a California Form 592-B for the tax year 2009. It provides instructions for withholding agents and recipients regarding nonresident and resident withholding. Key details include:
- Form 592-B is used to report income subject to withholding and the amount of California tax withheld.
- It must be provided to recipients by January 31 and to foreign partners by the 15th day of the 4th month following the close of the taxable year.
- The recipient should attach Copy B to their California tax return to claim the withholding amount.
This document is a Foreign Partner or Member Quarterly Withholding Remittance Statement form for tax year 2009 from the California Franchise Tax Board. It contains instructions for three installment payments due by the 15th day of the 4th, 6th, and 9th months of the tax year. The form collects identifying information about the Withholding Agent such as name, address, ID number, and payment amounts to be remitted to the Franchise Tax Board.
This document is a Quarterly Resident and Nonresident Withholding Statement form for tax year 2009. It is used to report tax amounts withheld from payments made to independent contractors, recipients of rents/royalties, distributions to shareholders/partners/beneficiaries, and other types of income. The form includes sections to enter information about the withholding agent, types of income, amounts of tax withheld and due, and a schedule of payees listing details of payments made and tax withheld for each recipient. Instructions are provided on filing deadlines, common errors to avoid, electronic filing requirements, interest and penalties.
This document is a Nonresident Withholding Exemption Certificate form used to certify an exemption from withholding on distributions of previously reported income from an S corporation, partnership, or LLC. It allows a nonresident shareholder, partner, or member to claim exemption if the income represented by the distribution was already reported on their California tax return. The form requires information about the entity and individual, and certification that the income has been reported. It is to be kept by the entity and presented to claim exemption from withholding requirements on distributions of prior year income.
This document is a Withholding Exemption Certificate form from the California Franchise Tax Board. It allows individuals and entities to certify an exemption from California nonresident income tax withholding. The form contains checkboxes for different types of taxpayers, including individuals, corporations, partnerships, LLCs, tax-exempt entities, and trusts, to claim an exemption based on their status. It requires the taxpayer's name, address, and signature to certify that the information provided is true and correct.
This document is a request form for a waiver of nonresident withholding in California. It requests information about the requester, withholding agent, and payees. The requester provides their name and address and selects the type of income payment for which a waiver is requested. The withholding agent's name and address are also provided. In the vendor/payee section, names, addresses, and tax identification numbers are listed along with the reason for waiver request. Reasons include having current tax returns on file, making estimated payments, being a member of a combined reporting entity, or other special circumstances. The form is signed under penalty of perjury.
This document is a Nonresident Withholding Allocation Worksheet (Form 587) used to determine if withholding of income tax is required for payments made by a withholding agent to a nonresident vendor/payee. The vendor/payee provides information about the types of payments received and allocation of income between California and other states. The withholding agent uses this information to determine if withholding of 7% is required based on the amount of California-source income payments exceeding $1,500.
This document is a tax return form for California's nonadmitted insurance tax. It provides instructions for calculating taxes owed on insurance premiums paid to insurers not authorized to conduct business in California. The form includes sections to enter the taxpayer's information, identify the tax period and insurance contracts, compute the tax amount, and make payments or claim refunds. It also provides directions on filing amended returns, payment due dates, and authorizing a third party to discuss the filing with the tax agency.
The document provides instructions for Form 541-ES, which is used to calculate and pay estimated tax for estates and trusts. Key details include:
- Estimated tax payments for 2009 are now required to be 30% of the estimated tax liability for the 1st and 2nd installments and 20% for the 3rd and 4th installments.
- Estates and trusts with a 2009 adjusted gross income of $1,000,000 or more must base estimated tax payments on their 2009 tax liability rather than the prior year's tax.
- The form and instructions provide guidance on calculating estimated tax, payment due dates, and how to complete and submit Form 541-ES.
This document provides instructions for California taxpayers to estimate their tax liability and make estimated tax payments for tax year 2009. Key details include:
- Taxpayers must make estimated payments if they expect to owe $500 or more in tax for 2009 after subtracting withholding and credits.
- Payments are due April 15, June 15, September 15 of 2009, and January 15 of 2010.
- A worksheet is provided to help calculate estimated tax liability based on 2008 tax return or expected 2009 income.
- Failure to make required estimated payments may result in penalties. Electronic payment is required for payments over $20,000.
This document provides instructions for making estimated tax payments for individuals in California. It includes:
1) Directions for making online payments through the Franchise Tax Board website for ease and to schedule payments up to a year in advance.
2) A form for making estimated tax payments by mail on April 15, June 15, September 15, and January 15 that includes fields for name, address, amounts owed, and payment instructions.
3) Reminders not to combine estimated tax payments with tax payments from the previous year and to write your name and identification number on the check.
This document contains contact information for the California Franchise Tax Board. It lists phone numbers and addresses for various tax-related services, including automated phone services, taxpayer assistance, tax practitioner services, and departments within the FTB that handle issues like collections, bankruptcy, and deductions. The board members and executive officer are also named.
This document provides answers to frequently asked questions about tax audits conducted by the Franchise Tax Board of California. It explains that the purpose of an audit is to fairly verify the correct amount of taxes owed. It addresses questions about obtaining representation, responding to information requests, payment plans if additional taxes are owed, and appeal rights. The document directs taxpayers to contact their auditor or the Franchise Tax Board directly for additional assistance.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Instructions for Form 1120-L, , U.S. Life Insurance Company Income Tax Return
1. 2008 Department of the Treasury
Internal Revenue Service
Instructions for Form 1120-L
U.S. Life Insurance Company Income Tax Return
County, Kansas, and surrounding
Section references are to the Internal
What’s New
Revenue Code unless otherwise noted. areas, see Pub. 4492-A, Information
• The filing address for certain for Taxpayers Affected by the May 4,
Contents Page
2007, Kansas Storms and
Photographs of Missing corporations whose principal
Tornadoes.
Children . . . . . . . . . . . . . . . . . . . 1 business office or agency is located
• For information on tax relief
in Georgia and Tennessee has
Unresolved Tax Issues . . . . . . . . . . 1
granted to certain taxpayers in the
changed. See Where To File on page
How To Get Forms and
Midwestern disaster areas, see Pub.
3.
Publications . . . . . . . . . . . . . . . . 2
• A corporation can elect to claim 4492-B, Information for Affected
IRS E-Services . . . . . . . . . . . . . . . . 2 Taxpayers in the Midwestern Disaster
additional research and minimum tax
General Instructions . . . . . . . . . . . 2 Areas.
credits in lieu of claiming any
Purpose of Form . . . . . . . . . . . . . . . 2
additional first-year special
Photographs of Missing
Who Must File . . . . . . . . . . . . . . . . 2 depreciation allowance for eligible
Definitions . . . . . . . . . . . . . . . . . . . 2 qualified property. See the Children
When To File . . . . . . . . . . . . . . . . . 3 instructions for line 29j.
The Internal Revenue Service is a
• For business start-up and
Where To File . . . . . . . . . . . . . . . . . 3
proud partner with the National
Who Must Sign . . . . . . . . . . . . . . . . 3 organizational costs paid or incurred
Center for Missing and Exploited
after September 8, 2008, a
Paid Preparer Authorization . . . . . 4
Children. Photographs of missing
corporation is no longer required to
Statements . . . . . . . . . . . . . . . . . . . 4 children selected by the Center may
attach a statement to its return or
Assembling the Return . . . . . . . . . . 4 appear in instructions on pages that
specifically identify the amount
Depository Methods of Tax would otherwise be blank. You can
deducted as organizational or start-up
Payment . . . . . . . . . . . . . . . . . . . 4 help bring these children home by
costs in order for the election under
Estimated Tax Payments . . . . . . . . 5 looking at the photographs and
sections 195(b) or 248(a) to be
calling 1-800-THE-LOST (1-800-
Interest and Penalties . . . . . . . . . . . 5 effective. See page 9 of the
843-5678) if you recognize a child.
Accounting Methods . . . . . . . . . . . . 5 instructions.
• Rev. Rul. 2008-37 (2008-28 I.R.B.
Accounting Period . . . . . . . . . . . . . 5
Unresolved Tax Issues
Rounding Off to Whole 77) provides that if a life insurance
The Taxpayer Advocate Service
Dollars . . . . . . . . . . . . . . . . . . . . 6 company does business in several
(TAS) is an independent organization
Recordkeeping . . . . . . . . . . . . . . . . 6 states with different minimum
within the IRS whose employees
reserving requirements, the amount
Other Forms and Statements
assist taxpayers who are
of the company’s statutory reserves is
That May Be Required . . . . . . . . 6
experiencing economic harm, who
the highest aggregate amount set
Specific Instructions . . . . . . . . . . 6
are seeking help in resolving tax
forth on an annual statement
Period Covered . . . . . . . . . . . . . . . 6
problems that have not been resolved
pursuant to the minimum reserve
Name and Address . . . . . . . . . . . . . 7 through normal channels, or who
requirements of any state in which
Identifying Information . . . . . . . . . . 7 believe that an IRS system or
the company does business. See
Employer Identification procedure is not working as it should.
Statements on page 4.
• Complete Schedule M, Item 14, on
Number (EIN) . . . . . . . . . . . . . . . 7 The service is free, confidential,
Section 953 Elections . . . . . . . . . . . 7 tailored to meet your needs, and is
page 8 of Form 1120-L to identify the
available for businesses, as well as
Final Return, Name Change, state with which the annual statement
individuals.
Address Change, or used to prepare the tax return was
Amended Return . . . . . . . . . . . . . 8 filed. The corporation can contact the
• For returns required to be filed after
Life Insurance Company TAS as follows.
• Call the TAS toll-free case intake
December 31, 2008, the minimum
Taxable Income . . . . . . . . . . . . . 8
penalty for failure to file a return that line at 1-877-777-4778 or TTY/TDD
Schedule A . . . . . . . . . . . . . . . . . . 14
is over 60 days late has increased to 1-800-829-4059 to see if the
Schedule B . . . . . . . . . . . . . . . . . . 16
the smaller of the tax due or $135. corporation is eligible for assistance.
Schedule F . . . . . . . . . . . . . . . . . . 17
• Call or write the corporation’s local
See page 5 of the instructions.
Schedule G . . . . . . . . . . . . . . . . . 19
• All general business credits taxpayer advocate, whose phone
Schedule H . . . . . . . . . . . . . . . . . . 19
allowed against the alternative number and address are listed in the
Schedule I . . . . . . . . . . . . . . . . . . 19 minimum tax are claimed on Form local telephone directory and in Pub.
Schedule J . . . . . . . . . . . . . . . . . . 19 3800, General Business Credit. See 1546, Taxpayer Advocate Service –
Schedule K . . . . . . . . . . . . . . . . . . 20 the instructions for Schedule K, line Your Voice at the IRS.
• File Form 911, Request for
Schedule L . . . . . . . . . . . . . . . . . . 22 5c, on page 21, and Form 3800.
• For information on temporary tax
Schedule M . . . . . . . . . . . . . . . . . 22 Taxpayer Advocate Assistance (And
Index . . . . . . . . . . . . . . . . . . . . . . 24 relief for certain taxpayers in Kiowa Application for Taxpayer Assistance
Cat. No. 11485H
2. Order), or ask an IRS employee to tax professional or handle your own (including all relevant information that
complete it on the corporation’s taxes, the IRS offers you convenient would be reported on Form 1120-L).
behalf. programs to make taxes easier.
Foreign Life Insurance
• You can e-file Form 7004,
For more information, go to www.
Companies
Application for Automatic Extension
irs.gov/advocate.
of Time To File Certain Business A foreign life insurance company that
Income Tax, Information, and Other sells a U.S. real property interest
How To Get Forms and Returns, Form 940, Employer’s must file Form 1120-L and Schedule
Publications Annual Federal Unemployment D (Form 1120) to report the sale.
(FUTA) Tax Return, 941, Employer’s Gain or loss from the sale of a U.S.
Internet. You can access the IRS Quarterly Federal Tax Return, Form real property interest is considered
website 24 hours a day, 7 days a 1099-MISC, Miscellaneous Income, effectively connected with the
week, at www.irs.gov to: and other information returns. Visit conduct of a U.S. business, even
• Download forms, instructions, and www.irs.gov/efile for details. though the foreign life insurance
• You can pay taxes online or by
publications;
company does not carry on any
• Order IRS products online; phone using the free Electronic insurance business in the United
• Research your tax questions Federal Tax Payment System States and is not otherwise required
online; (EFTPS). Visit www.eftps.gov or call to file a U.S. income tax return. See
• Search publications online by topic 1-800-555-4477 for details. sections 842 and 897, and the
or keyword; and
Schedule K, line 8, instructions on
• Sign up to receive local and Use these electronic options to
page 21 for additional information.
make filing and paying taxes easier.
national tax news by email.
Other Insurance Companies
IRS Tax Products DVD. You can
order Pub. 1796, IRS Tax Products
General Instructions Insurance companies, other than life
DVD, and obtain: insurance companies, should file
• Current-year forms, instructions, Form 1120-PC, U.S. Property and
Purpose of Form Casualty Insurance Company Income
and publications.
• Prior-year forms, instructions, and Use Form 1120-L, U.S. Life Tax Return. A burial or funeral benefit
Insurance Company Income Tax insurance company that directly
publications.
• Tax Map: an electronic research Return, to report the income, gains, manufactures funeral supplies or
losses, deductions, credits, and to performs funeral services is taxable
tool and finding aid.
• Tax law frequently asked questions figure the income tax liability of life under section 831 and should file
insurance companies. Form 1120-PC.
(FAQs).
• Tax Topics from the IRS telephone
Who Must File Definitions
response system.
• Internal Revenue Code – Title 26. Every domestic life insurance An “insurance company” means any
• Fill-in, print, and save features for company and every foreign corporation if more than half of its
most tax forms. corporation that would qualify as a life business during the tax year is from
• Internal Revenue Bulletins. insurance company if it were a U.S. the issuance of insurance or annuity
• Toll-free and email technical corporation must file Form 1120-L. contracts or the reinsuring of risks
support. This includes organizations described underwritten by insurance
• Two releases during the year. in section 501(m)(1) that provide companies.
– The first release will ship early in commercial-type life insurance. A “life insurance company” is an
January 2009. insurance company in the business of
Mutual Savings Banks
– The final release will ship early in issuing life insurance and annuity
Conducting Life Insurance
March 2009. contracts either separately or
Business
Purchase the DVD from the combined with health and accident
National Technical Information insurance, or noncancelable
Mutual savings banks conducting life
Service (NTIS) at www.irs.gov/ contracts of health and accident
insurance business and meeting the
cdorders for $30 (no handling fee) or insurance that meet the reserves test
requirements of section 594 are
call 1-877-CDFORMS in section 816(a). Guaranteed
subject to an alternative tax
(1-877-233-6767) toll free to buy the renewable life, health, and accident
consisting of:
• A partial tax computed on Form
DVD for $30 (plus a $6 handling fee). insurance that the corporation cannot
cancel but reserves the right to adjust
1120, U.S. Corporation Income Tax
By phone and in person. You can
premium rates by classes, according
Return, on the taxable income of the
order forms and publications by
to experience under the kind of policy
bank excluding the life insurance
calling 1-800-TAX-FORM
involved, are treated as
department, and
(1-800-829-3676). You can also get
• A partial tax on the taxable income noncancelable.
most forms and publications at your
computed on Form 1120-L of the life The “reserves test” requires that
local IRS office.
insurance department. life insurance reserves, as defined in
IRS E-Services Make Enter the combined tax on line 2 of section 816(b), plus unearned
Schedule J, Form 1120. File Form premiums and unpaid losses
Taxes Easier 1120 and attach Form 1120-L as a (whether or not ascertained) on
Now more than ever before, schedule (and identify it as such) or noncancelable life, health, or accident
businesses can enjoy the benefits of attach a statement showing the policies not included in life insurance
filing and paying their federal taxes computation of the taxable income of reserves must make up more than
electronically. Whether you rely on a the life insurance department 50% of total reserves as defined in
-2- Instructions for Form 1120-L
3. section 816(c). When determining The private delivery service can officer. Returns and forms signed by
whether the reserves test has been tell you how to get written proof of the a receiver or trustee in bankruptcy on
met: mailing date. behalf of a corporation must be
accompanied by a copy of the order
1. Life insurance reserves and Private delivery services or instructions of the court authorizing
total reserves must each be reduced
! cannot deliver items to P.O. signing of the return or form.
by an amount equal to the mean of CAUTION boxes. You must use the U.S.
the aggregates, at the beginning and If an employee of the corporation
Postal Service to mail any item to an
end of the tax year, of the policy completes Form 1120-L, the paid
IRS P.O. box address.
loans outstanding with respect to preparer’s space should remain
contracts for which life insurance Extension of Time To File blank. Anyone who prepares Form
reserves are maintained; 1120-L but does not charge the
File Form 7004 to request a 6-month
2. Amounts set aside and held at corporation should not complete that
extension of time to file. Generally,
interest to satisfy obligations under section. Generally, anyone who is
file Form 7004 by the regular due
contracts that do not contain paid to prepare the return must sign it
date of the return.
permanent guarantees with respect to and fill in the “Paid Preparer’s Use
life, accident, or health contingencies Only” area.
Who Must Sign
must not be included in either life
The paid preparer must complete
The return must be signed and dated
insurance reserves (section
the required preparer information
by:
816(c)(1)) or other reserves required
• The president, vice-president, and:
by law (section 816(c)(3)); and
• Sign the return in the space
treasurer, assistant treasurer, chief
3. Deficiency reserves must not provided for the preparer’s signature.
accounting officer; or
• Give a copy of the return to the
be included in either life insurance • Any other corporate officer (such
reserves or total reserves. taxpayer.
as tax officer) authorized to sign.
If a return is filed on behalf of a Note. A paid preparer may sign
When To File corporation by a receiver, trustee, or original or amended returns by rubber
assignee, the fiduciary must sign the stamp, mechanical device, or
Generally, a corporation must file its return, instead of the corporate computer software program.
income tax return by the 15th day of
the 3rd month after the end of its tax
year. A new corporation filing a
short-period return must generally file Where To File
by the 15th day of the 3rd month after
the short period ends. A corporation File the corporation’s return at the applicable IRS address listed below.
that has dissolved must generally file
by the 15th day of the 3rd month after And the total assets at the
If the corporation’s principal end of the tax year (Form
the date it dissolved.
business, office, or agency 1120-L, Schedule L, Part I,
If the due date falls on a Saturday, is located in: line 6, column (b)) are: Use the following address:
Sunday, or legal holiday, the Connecticut, Delaware, District
corporation can file on the next of Columbia, Georgia, Illinois, Department of the Treasury
business day. Indiana, Kentucky, Maine, Less than $10 million and Internal Revenue Service Center
Maryland, Massachusetts, Schedule M-3 is not filed Cincinnati, OH 45999-0012
Michigan, New Hampshire,
Private Delivery Services New Jersey, New York, North
Corporations can use certain private Carolina, Ohio, Pennsylvania,
delivery services designated by the Rhode Island, South Carolina, $10 million or more or Department of the Treasury
IRS to meet the “timely mailing as Tennessee, Vermont, Virginia, less than $10 million and Internal Revenue Service Center
West Virginia, Wisconsin Schedule M-3 is filed Ogden, UT 84201-0012
timely filing/paying” rule for tax
returns and payments. These private Alabama, Alaska, Arizona,
delivery services include only the Arkansas, California,
following. Colorado, Florida, Hawaii,
Idaho, Iowa, Kansas,
• DHL Express (DHL): DHL Same Louisiana, Minnesota,
Department of the Treasury
Mississippi, Missouri, Any amount
Day Service, DHL Next Day 10:30 Internal Revenue Service Center
Montana, Nebraska, Nevada,
am, DHL Next Day 12:00 pm, DHL Ogden, UT 84201-0012
New Mexico, North Dakota,
Next Day 3:00 pm, and DHL 2nd Day Oklahoma, Oregon, South
Service. Dakota, Texas, Utah,
• Federal Express (FedEx): FedEx Washington, Wyoming
Priority Overnight, FedEx Standard
Overnight, FedEx 2Day, FedEx A foreign country or U.S. Internal Revenue Service Center
Any amount
International Priority, and FedEx possession P.O. Box 409101
International First. Ogden, UT 84409
• United Parcel Service (UPS): UPS
Next Day Air, UPS Next Day Air A group of corporations with members located in more than one service
Saver, UPS 2nd Day Air, UPS 2nd center area will often keep all the books and records at the principal office of
Day Air A.M., UPS Worldwide the managing corporation. In this case, the tax returns of the corporations may
Express Plus, and UPS Worldwide be filed with the service center for the area in which the principal office of the
Express. managing corporation is located.
-3-
Instructions for Form 1120-L
4. statement to the Internal Revenue Electronic Deposit
Paid Preparer Service if requested and retain it with Requirement
Authorization your other tax records for the period
The corporation must make electronic
required by the regulations.
If the corporation wants to allow the deposits of all depository taxes (such
IRS to discuss its 2008 tax return with as employment tax, excise tax, and
Reconciliation. Corporations that
the paid preparer who signed it, corporate income tax) using the
do not file Schedule M-3 (Form
check the “Yes” box in the signature Electronic Federal Tax Payment
1120-L) with Form 1120-L must
area of the return. This authorization System (EFTPS) in 2009 if:
attach a schedule that reconciles
• The total deposits of such taxes in
applies only to the individual whose
Form 1120-L with the annual
signature appears in the “Paid 2007 were more than $200,000 or
statement used as the basis for
• The corporation was required to
Preparer’s Use Only” section of the
computing taxable income reported
return. It does not apply to the firm, if use EFTPS in 2008.
on Form 1120-L. Also, see the Note
any, shown in that section.
under the instructions for Schedule F If the corporation is required to use
If the “Yes” box is checked, the for additional required reconciliations. EFTPS and fails to do so, it may be
corporation is authorizing the IRS to subject to a 10% penalty. If the
call the paid preparer to answer any corporation is not required to use
Assembling the Return
questions that may arise during the EFTPS, it can participate voluntarily.
processing of its return. The To enroll in or get more information
To ensure that the corporation’s tax
corporation is also authorizing the about EFTPS, call 1-800-555-4477.
return is correctly processed, attach
paid preparer to: To enroll online, visit www.eftps.gov.
all schedules and other forms after
• Give the IRS any information that is page 8 of Form 1120-L in the Depositing on time. For EFTPS
missing from the return,
following order. deposits to be made timely, the
• Call the IRS for information about corporation must initiate the
1. Schedule N (Form 1120),
the processing of the return or the
transaction at least 1 business day
Foreign Operations of U.S.
status of any related refund or
before the date the deposit is due.
Corporations.
payment(s), and
• Respond to certain IRS notices 2. Schedule O (Form 1120), Deposits With Form 8109
Consent Plan and Apportionment
about math errors, offsets, and return
If the corporation does not use
preparation. Schedule for a Controlled Group.
EFTPS, deposit corporation income
3. Form 4626, Alternative
The corporation is not authorizing tax payments (and estimated tax
Minimum Tax —Corporations.
the paid preparer to receive any payments) with Form 8109, Federal
refund check, bind the corporation to 4. Form 8302, Electronic Deposit Tax Deposit Coupon. If you do not
anything (including any additional tax of Tax Refund of $1 Million or More. have a preprinted Form 8109, use
liability), or otherwise represent the 5. Form 4136, Credit for Federal Form 8109-B to make deposits. You
corporation before the IRS. Tax Paid on Fuels. can get this form by calling
1-800-829-4933 or visiting an IRS
The authorization will automatically 6. Form 851, Affiliations Schedule.
taxpayer assistance center. Have
end no later than the due date 7. Additional schedules in
your EIN ready when you call or visit.
(excluding extensions) for filing the alphabetical order.
corporation’s 2009 tax return. If the Do not send deposits directly to an
8. Additional forms in numerical
corporation wants to expand the paid IRS office; otherwise, the corporation
order.
preparer’s authorization or revoke the may have to pay a penalty. Mail or
authorization before it ends, see Pub. deliver the completed Form 8109 with
Complete every applicable entry
947, Practice Before the IRS and the payment to an authorized
space on Form 1120-L. Do not enter
Power of Attorney. depositary (a commercial bank or
“See Attached” instead of completing other financial institution authorized to
Statements the entry spaces. If more space is accept federal tax deposits). Make
needed on the forms or schedules, checks or money orders payable to
Annual Statement. In general, attach separate sheets using the the depositary.
every domestic or foreign life same size and format as on the
If the corporation prefers, it can
insurance company must attach a printed forms. If there are supporting
mail the coupon and payment to:
copy of the NAIC annual statement statements and attachments, arrange
Financial Agent, Federal Tax Deposit
filed with the state of domicile and them in the same order as the
Processing, P.O. Box 970030, St.
used as the basis for computing schedules or forms they support and
Louis, MO 63197. Make the check or
taxable income. If a different annual attach them last. Show the totals on
money order payable to “Financial
statement was used as the basis for the printed forms. Enter the
Agent.”
computing taxable income, attach corporation’s name and EIN on each
that annual statement to Form To help ensure proper crediting,
supporting statement or attachment.
1120-L. However, see Electronic enter the corporation’s employer
filing, next. identification number, the tax period
Depository Methods of
Electronic filing. If a domestic or to which the deposit applies, and
foreign life insurance company files “Form 1120-L” on the check or money
Tax Payment
the Form 1120-L electronically, do not order. Darken the “1120” box under
The corporation must pay any tax due
attach the annual statement or pro “Type of Tax” and the appropriate
in full no later than the 15th day of the
forma annual statement to the “Quarter” box under “Tax Period” on
3rd month after the end of the tax
electronically filed return. However, the coupon. Records of these
year. The two methods of depositing
you must provide a copy of the deposits will be sent to the IRS. For
annual statement or pro forma annual taxes are discussed below. more information, see “Marking the
-4- Instructions for Form 1120-L
5. • Form 941, Employer’s
Proper Tax Period” in the instructions amount of any penalty and bill the
for Form 8109. corporation for it. However, even if QUARTERLY Federal Tax Return; or
• Form 945, Annual Return of
the corporation does not owe the
For more information on deposits,
penalty, complete and attach Form Withheld Federal Income Tax.
see the instructions in the coupon
2220 if: The trust fund recovery penalty
booklet (Form 8109) and Pub. 583,
• The annualized income or adjusted may be imposed on all persons who
Starting a Business and Keeping
seasonal installment method is used, are determined by the IRS to have
Records.
or been responsible for collecting,
• The corporation is a large
If the corporation owes tax accounting for, and paying over these
! when it files Form 1120-L, do corporation computing its first taxes, and who acted willfully in not
CAUTION not include the payment with
required installment based on the doing so. The penalty is equal to the
the tax return. Instead, mail or deliver prior year’s tax. See the Instructions unpaid trust fund tax. See the
the payment with Form 8109 to an for Form 2220 for the definition of a Instructions for Form 720 or Pub. 15
authorized depositary, or use EFTPS, large corporation. (Circular E), Employer’s Tax Guide,
if applicable. for details, including the definition of
Also, see the instructions for line
responsible persons.
30 on page 14.
Estimated Tax Payments Other penalties. Other penalties
Generally, the following rules apply to Interest and Penalties can be imposed for negligence,
the corporation’s payments of substantial understatement of tax,
Interest. Interest is charged on
estimated tax. reportable transaction
• The corporation must make taxes paid late even if an extension of understatements, and fraud. See
time to file is granted. Interest is also
installment payments of estimated tax sections 6662, 6662A, and 6663.
charged on penalties imposed for
if it expects its total tax for the year
failure to file, negligence, fraud,
(less applicable credits) to be $500 or Accounting Methods
substantial valuation misstatements,
more.
The return of a life insurance
• The installments are due by the substantial understatements of tax,
company must be filed using the
and reportable transaction
15th day of the 4th, 6th, 9th, and 12th
accrual method of accounting or, to
understatements from the due date
months of the tax year. If any date
the extent permitted under
(including extensions) to the date of
falls on a Saturday, Sunday, or legal
regulations, a combination of the
payment. The interest charge is
holiday, the installment is due on the
accrual method with any other
figured at a rate determined under
next regular business day.
method, except the cash receipts and
• Use Form 1120-W, Estimated Tax section 6621.
disbursements method. In all cases,
for Corporations, as a worksheet to Late filing of return. A corporation the method used must clearly show
compute estimated tax. that does not file its tax return by the LICTI.
• If the corporation does not use due date, including extensions, may
Change in accounting method.
EFTPS, use the deposit coupons be penalized 5% of the unpaid tax for
Generally, the corporation must get
(Forms 8109) to make deposits of each month or part of a month the
IRS consent to change the method of
estimated tax. return is late, up to a maximum of
• If the corporation overpaid accounting used to report taxable
25% of the unpaid tax. The minimum
income (for income as a whole or for
estimated tax, it may be able to get a penalty for a return that is over 60
the treatment of any material item).
quick refund by filing Form 4466, days late is the smaller of the tax due
To do so, the corporation generally
Corporation Application for Quick or $135. The penalty will not be
must file Form 3115, Application for
Refund of Overpayment of Estimated imposed if the corporation can show
Change in Accounting Method.
Tax. that the failure to file on time was due
See Form 3115 and Pub. 538,
to reasonable cause. Corporations
See the instructions for lines 29c
Accounting Periods and Methods, for
that file late should attach a
and 29e on page 14.
more information on accounting
statement explaining the reasonable
Estimated tax penalty. A
methods.
cause.
corporation that does not make
There are some instances when
Late payment of tax. A corporation
estimated tax payments when due
the corporation can obtain automatic
that does not pay the tax when due
may be subject to an underpayment
consent from the IRS to change to
generally may be penalized 1/2 of 1%
penalty for the period of
certain accounting methods. See
of the unpaid tax for each month or
underpayment. Generally, a
Rev. Proc. 2008-52, 2008-36 I.R.B.
part of a month the tax is not paid, up
corporation is subject to the penalty if
587, as modified by Announcement
to a maximum of 25% of the unpaid
its tax liability is $500 or more and it
2008-84, 2008-38 I.R.B. 748.
tax. The penalty will not be imposed if
did not timely pay the smaller of:
• Its tax liability for 2008 or the corporation can show that the
Accounting Period
• Its prior year’s tax. failure to pay on time was due to
reasonable cause.
See section 6655 for details and An insurance company must figure its
exceptions, including special rules for taxable income on the basis of a tax
Trust fund recovery penalty. This
large corporations. year. A tax year is the annual
penalty may apply if certain excise,
accounting period an insurance
Use Form 2220, Underpayment of income, social security, and Medicare
company uses to keep its records
Estimated Tax by Corporations, to taxes that must be collected or
and report its income and expenses.
see if the corporation owes a penalty withheld are not collected or withheld,
and to figure the amount of the or these taxes are not paid. These As a general rule under section
penalty. Generally, the corporation taxes are generally reported on: 843, the tax year for every insurance
• Form 720, Quarterly Federal
does not have to file this form company is the calendar year.
because the IRS can figure the Excise Tax Return; However, if an insurance company
-5-
Instructions for Form 1120-L
6. joins in the filing of a consolidated 3. Certain transactions for which in section 355 (or so much of section
return, it may adopt the tax year of the corporation has contractual 356 as it relates to section 355), must
the common parent corporation even protection against disallowance of the attach the statement required by
if that year is not a calendar year. tax benefits. Regulations section 1.355-5 to its
4. Certain transactions resulting in return for the year of the distribution.
a loss of at least $10 million in any
Rounding Off To Whole If the distributing corporation is a
single year or $20 million in any controlled foreign corporation, each
Dollars combination of years. U.S. shareholder (within the meaning
5. Any transaction identified by the
The corporation can round off cents of section 951(b)), must include the
IRS in published guidance as a
to whole dollars on its return and statement on or with its return.
“transaction of interest” (a transaction
schedules. If the corporation does
Dual consolidated losses. If a
that the IRS believes has a potential
round to whole dollars, it must round
domestic corporation incurs a dual
for tax avoidance or evasion, but has
all amounts. To round, drop amounts
consolidated loss (as defined in
not yet been identified as a listed
under 50 cents and increase amounts
transaction). Regulations section 1.1503-2(c)(5)),
from 50 to 99 cents to the next dollar.
the corporation (or consolidated
For example, $1.39 becomes $1 and
For more information, see group) may need to attach an elective
$2.50 becomes $3.
Regulations section 1.6011-4 and the relief agreement and/or an annual
If two or more amounts must be Instructions for Form 8886. certification as provided in
added to figure the amount to enter Regulations section 1.1503-2(g)(2).
Penalties. The corporation may
on a line, include cents when adding have to pay a penalty if it is required
the amounts and round off only the Election to reduce basis under
to disclose a reportable transaction
total. section 362(e)(2)(C). The transferor
under section 6011 and fails to
and transferee in certain section 351
properly complete and file Form
Recordkeeping transactions can make a joint election
8886. Penalties also apply under
under section 362(e)(2)(C) to limit the
section 6707A if the corporation fails
Keep the corporation’s records for as
transferor’s basis in the stock
to file Form 8886 with its corporate
long as they may be needed for the
received instead of the transferee’s
return, fails to provide a copy of Form
administration of any provision of the
basis in the transferred property. The
8886 to the Office of Tax Shelter
Internal Revenue Code. Usually,
transferor and transferee may make
Analysis (OTSA), or files a form that
records that support an item of
the election by attaching the
fails to include all the information
income, deduction, or credit on the
statement as provided in Notice
required (or includes incorrect
return must be kept for 3 years from
2005-70, 2005-41 I.R.B. 694, to their
information). Other penalties, such as
the date the return is due or filed,
tax returns filed by the due date
an accuracy-related penalty under
whichever is later. Keep records that
(including extensions) for the tax year
section 6662A, may also apply. See
verify the corporation’s basis in
the Instructions for Form 8886 for in which the transaction occurred. If
property for as long as they are
details on these and other penalties. the transferor is a controlled foreign
needed to figure the basis of the
corporation, its controlling U.S.
original or replacement property. Reportable transactions by
shareholder(s) can make the election.
material advisors. Material
The corporation should keep The common parent of a consolidated
advisors to any reportable transaction
copies of all filed returns. They help in group can make the election for the
must disclose certain information
preparing future and amended group.
about the reportable transaction by
returns.
filing Form 8918, Material Advisor
Once made, the election is
Disclosure Statement, with the IRS.
Other Forms and irrevocable. See section 362(e)(2)(C)
Transfers to a corporation and Notice 2005-70.
Statements That May Be controlled by the transferor. Every
significant transferor (as defined in Other forms and statements. See
Required Regulations section 1.351-3(d)) that Pub. 542, Corporations, for a list of
receives stock of a corporation in
Reportable transaction disclosure other forms and statements a
exchange for property in a
statement. Disclose information for corporation may need to file in
nonrecognition event must attach the
each reportable transaction in which addition to the forms and statements
statement required by Regulations
the corporation participated. Form discussed throughout these
section 1.351-3(a) to its return for the
8886, Reportable Transaction instructions.
tax year of the exchange. The
Disclosure Statement, must be filed
transferee corporation must include
for each tax year that the federal
the statement required by
income tax liability of the corporation
Specific Instructions
Regulations section 1.351-3(b) for the
is affected by its participation in the
tax year of the exchange, unless all
transaction. The following are
the required information is included in
reportable transactions.
Period Covered
any statement(s) provided by a
1. Any listed transaction, which is
significant transferor that is attached Section 843 requires all insurance
a transaction that is the same as or
to the same return for the same companies to file on a calendar year
substantially similar to tax avoidance
section 351 exchange. basis, unless they join in the filing of
transactions identified by the IRS.
a consolidated return. If a
2. Any transaction offered under Distributions under section 355.
consolidated return is filed, indicate
conditions of confidentiality for which Every corporation that makes a
the period covered on the parent
the corporation paid an advisor a fee distribution of stock or securities of a
of at least $250,000. controlled corporation, as described corporation’s return.
-6- Instructions for Form 1120-L
7. other supporting statements to the group) of $10 million or more on the
Name and Address return. Also, for the first year a last day of the tax year must
Enter the corporation’s true name (as subsidiary corporation is being complete Schedule M-3 (Form
set forth in the charter or other legal included in a consolidated return, 1120-L), Net Income (Loss)
document creating it), address, and attach Form 1122, Authorization and Reconciliation for U.S. Life Insurance
EIN on the appropriate lines. Enter Consent of Subsidiary Corporation To Companies With Total Assets of $10
the address of the corporation’s Be Included in a Consolidated Million or More. A corporation filing
principal office or place of business. Income Tax Return, to the parent’s Form 1120-L that is not required to
Include the suite, room, or other unit consolidated return. Attach a file Schedule M-3 may voluntarily file
number after the street address. If the separate Form 1122 for each Schedule M-3.
post office does not deliver mail to the subsidiary being included in the
If you are filing Schedule M-3
street address and the corporation consolidated return.
(Form 1120-L), check box 3 of Item
has a P.O. box, show the box number
File supporting statements for A, “Schedule M-3 (Form 1120-L)
instead.
each corporation included in the attached” at the top of page 1 of
Note. Do not use the address of the consolidated return. Do not use Form Form 1120-L. See the Instructions for
registered agent for the state in which 1120-L as a supporting statement. On Schedule M-3 (Form 1120-L) for
the corporation is incorporated. For the supporting statement, use more details.
example, if a business is incorporated columns to show the following, both Note. If you do not file Schedule M-3
in Delaware or Nevada and the before and after adjustments. (Form 1120-L) with Form 1120-L, see
corporation’s principal place office is
1. Items of gross income and Reconciliation under Statements on
located in Little Rock, AR, the
deductions. page 4.
corporation should enter the Little
2. A computation of taxable
Rock address.
income.
Item B. Employer
If the corporation receives its mail 3. Balance sheets as of the
Identification Number
in care of a third party (such as an beginning and end of the tax year.
accountant or an attorney), enter on 4. A reconciliation of income per
(EIN)
the street address line “C/O” followed books with income per return.
Enter the corporation’s EIN. If the
by the third party’s name and street 5. A reconciliation of retained
corporation does not have an EIN, it
address or P.O. box. earnings.
must apply for one. An EIN can be
Item A. Identifying Enter on Form 1120-L the totals for applied for:
• Online—Click on the EIN link at
each item of income, gain, loss,
Information expense, or deduction, net of www.irs.gov/businesses/small. The
eliminating entries for intercompany EIN is issued immediately once the
Consolidated Return transactions between corporations application information is validated.
• By telephone at 1-800-829-4933 on
within the consolidated group. Attach
If an affiliated group of corporations
consolidated balance sheets and a Monday through Friday from 7:00
includes one or more domestic life
reconciliation of consolidated retained a.m. to 10:00 p.m. in the corporation’s
insurance companies taxed under
earnings. local time zone.
section 801, the common parent may
• By mailing or faxing Form SS-4,
elect to treat those life insurance For more information on
Application for Employer Identification
companies as includible corporations. consolidated returns, see the
Number.
The life insurance companies must regulations under section 1502.
have been members of the group for If the corporation has not received
the 5 tax years immediately Life-Nonlife Consolidated its EIN by the time the return is due,
preceding the tax year for which the Return enter “Applied for” and the date you
election is made. See section applied in the space for the EIN. For
If box A1 is checked and nonlife
1504(c)(2) and Regulations section more details, see the Instructions for
insurance companies are included in
1.1502-47(d)(12). Form SS-4.
the consolidated return, also check
Note. The eligibility requirements box A2. See Regulations section Note. Only corporations located in
(the tacking rule) for a life insurance 1.1502-47T(s) for the filing the United States or U.S.
company to join in the filing of a requirements of a life-nonlife possessions can use the online
consolidated return with nonlife consolidated return. application.
companies are covered in
Note. If a nonlife insurance
Regulations section
Item D. Section 953
company is a member of an affiliated
1.1502-47(d)(12)(v).
group, file Form 1120-PC as an
Elections
Note. If an election under section attachment to the consolidated return
1504(c)(2) is in effect for an affiliated Check the appropriate box if the
in lieu of filing supporting statements.
group for the tax year, all items of corporation is a foreign corporation
Across the top of page 1 of Form
members of the group that are not life and elects under:
1120-PC, write “Supporting
insurance companies must not be Statement to Consolidated Returns.” 1. Section 953(c)(3)(C) to treat its
taken into account in figuring the
related person insurance income as
tentative life insurance company Schedule M-3 (Form 1120-L) effectively connected with the
taxable income (LICTI) of members
A life insurance company with total conduct of a trade or business in the
that are life insurance companies.
assets (non-consolidated or United States or
Corporations filing a consolidated consolidated for all companies 2. Section 953(d) to be treated as
return must attach Form 851 and included within a tax consolidation a domestic corporation.
-7-
Instructions for Form 1120-L
8. Generally, a foreign corporation section 1353) at the highest corporate Note. If a corporation no longer
making either election must file its tax rate (35%). If the election is qualifies as a life insurance company,
return with the Internal Revenue made, the corporation generally may the balance of any adjustments under
Service Center, P.O. Box 409101, not claim any loss, deduction, or section 807(f) must be taken into
Ogden, UT 84409. See Notice 87-50, credit with respect to qualifying account in the last tax year the
1987-2 C.B. 357, and Rev. Proc. shipping activities. A corporation corporation is qualified to file Form
2003-47, 2003-28 I.R.B. 55, for the making this election also may elect to 1120-L. See section 807(f)(2).
procedural rules, election statement defer gain on the disposition of a Line 4. Investment income. Enter
formats, and filing addresses for qualifying vessel. the amount from Schedule B, line 8,
making the respective elections under less 50% of interest income of an
Use Form 8902, Alternative Tax on
section 953(c)(3)(C) or section ESOP loan made prior to August 20,
Qualifying Shipping Activities, to
953(d). 1996. Also, see Act section 1602 of
figure the tax. Include the alternative
Note. Once either election is made, the Small Business Job Protection
tax on Schedule K, line 9.
it will apply to the tax year for which Act of 1996 for binding contracts and
Line 1. Enter gross premiums and
made and all subsequent tax years refinancing rules.
other consideration received on
unless revoked with the consent of Line 5. Net capital gain. Unless
insurance and annuity contracts less
the IRS. Also, any loss of a foreign specifically excluded by section 1221,
return premiums and premiums and
corporation electing to be treated as a each asset held by a corporation
other consideration paid for indemnity
domestic insurance company under (whether or not connected with its
reinsurance.
section 953(d) will be treated as a business) is a ‘‘capital asset.’’
dual-consolidated loss and may not Gross premiums and other
Under section 1221, capital asset
be used to reduce the taxable income consideration includes advance
does not include:
of any other member of the affiliated premiums, deposits, fees,
1. Assets that can be inventoried
group for the tax year or any other tax assessments, consideration received
or property held mainly for sale to
year. for assuming liabilities under
customers.
contracts not issued by the
Note. If a section 953(d) election is 2. Depreciable or real property
corporation, and any amount treated
made, include the additional tax used in the trade or business.
as premiums received under section
required to be paid on line 10, 3. Certain copyrights; or, literary,
808(e) (see the instructions for
Schedule K. On the dotted line to the musical, or artistic compositions.
Schedule F, line 18a, on page 18).
left of line 10, Schedule K, write 4. Accounts or notes receivable
“Section 953(d)” and the amount. Return premiums include amounts acquired in the ordinary course of
Attach a schedule showing the rebated or refunded due to policy trade or business for services
computation. See section 953(d) for cancellations or incorrectly computed rendered or from the sale of property
more details. premiums, but do not include described in 1 above.
amounts returned to policyholders 5. Certain publications of the U.S.
Item E. Final Return, when such amounts are not fixed in Government.
the contract but instead depend on
Name Change, Address the corporation’s experience or the Section 818(b) modifies the above
management’s discretion.
Change, or Amended definition so only property used in
carrying on an insurance business
Line 2. Net decrease in reserves.
Return will be considered as “depreciable or
If there is a decrease in reserves,
real property used in the corporation’s
Indicate a final return, name change, complete line 2 by doing the
trade or business.” For life insurance
address change, or amended return following:
companies, gains or losses from the
by checking the appropriate box. 1. Pencil in the amount from line
sale or exchange of depreciable
Note. If a change of address occurs 8, Schedule F, on line 2, to tentatively
assets of any business other than an
after the return is filed, use Form compute life insurance company
insurance business will be treated as
8822, Change of Address, to notify gross income (LICGI).
gains or losses from the sale or
the IRS of the new address. 2. Enter this tentative LICGI on
exchange of capital assets.
Schedule F, line 12, and complete the
See section 818(c) and the related
remainder of Schedule F.
regulations for how to limit the gain
Life Insurance Company
from the sale or exchange of any
After completing steps 1 and 2
Taxable Income section 818(c) property.
above, erase the numbers penciled in
for step 1 and then enter on line 2 the Line 6. Income from a special loss
Income net decrease in reserves shown on discount account. Enter the total
line 35, Schedule F.
Except as otherwise provided in the from Part II, line 6, of Form 8816,
Internal Revenue Code, gross income Special Loss Discount Account and
Line 3. 10% of certain decreases in
includes all income from whatever Special Estimated Tax Payments for
reserves under section
source derived. Insurance Companies. See section
807(f)(1)(B)(ii). If the amount of any
847(5) and the Instructions for Form
Income from qualifying shipping item referred to in section 807(c)
8816 for more information.
activities. Gross income does not decreases as a result of a change in
include income from qualifying the basis used to determine that item, Line 7. Other income. Enter any
shipping activities if the corporation 10% of the decrease must be other taxable income, includible in
makes an election under section included in LICGI for each of the 10 LICGI, not reported on lines 1 through
1354 to be taxed on its notional succeeding tax years. See section 6. List the type and amount of income
shipping income (as defined in 807(f)(1). on an attached schedule. If the life
-8- Instructions for Form 1120-L
9. insurance company has only one item be effective. The corporation can
Deductions
choose to forego the deduction and
of other income, describe it in
instead elect to capitalize all such
parentheses on line 7. The following Limitations on Deductions
costs. The election to deduct or
are examples of other income to
Section 263A uniform capitalize costs is irrevocable. See
report on line 7.
capitalization rules. The uniform
• All income from noninsurance Temporary Regulations sections
capitalization rules of section 263A 1.195-1T and 1.248-1T.
business (defined in section require corporations to capitalize
806(b)(3)), but list it separately from For business start-up and
certain costs.
all other income. organizational costs paid after
For details on the uniform
• Gains and losses (including October 22, 2004, and before
capitalization rules, see Regulations September 9, 2008, a corporation can
ordinary gains and losses) from sales
sections 1.263A-1 through 1.263A-3. elect to deduct up to $5,000 of such
or exchanges of assets used in a
Transactions between related costs for the year it begins business
trade or business and from
taxpayers. Generally, an accrual (otherwise the corporation must
involuntary conversions reported on
basis taxpayer can only deduct capitalize all such costs). The $5,000
Form 4797, Sales of Business
business expenses and interest owed deduction is reduced by the amount
Property. Section 818(b)(1) provides
to a related party in the year the the total costs exceed $50,000. If the
that, for section 1231(a), “property
payment is included in the income of total costs are $55,000 or more, the
used in a trade or business” includes
the related party. See sections deduction is reduced to zero. Any
only:
163(e)(3), 163(j), and 267 for costs not deducted must be
1. Property used in carrying on an limitations on deductions for unpaid amortized ratably over a 180-month
insurance business that is either real interest and expenses. period, beginning with the month the
or depreciable property held for more
corporation begins business. If the
Corporations use Form 8926,
than 1 year.
election is made, the corporation
Disqualified Corporate Interest
2. Timber, coal, and domestic iron must attach any statement required
Expense Disallowed Under Section
ore to which section 631 applies. by Regulations sections 1.195-1(b)
163(j) and Related Information, to
For paragraph 1 above, property and 1.248-1(c). However, the
figure the amount of any corporate
used in a trade or business does not corporation can apply the provisions
interest expense disallowed by
include property includible in of Temporary Regulations sections
section 163(j).
inventory, property held primarily for 1.195-1T and 1.248-1T to all
Section 291 limitations.
sale to customers, or certain expenses paid or incurred after
Corporations may be required to
copyrights, literary, musical, or artistic October 22, 2004, provided the
adjust certain deductions. See
compositions, letters, memoranda, period of limitations on assessment
section 291 to determine the amount
and similar property. has not expired for the year of the
of the adjustment. Also, see section
• The amount included in income election. Otherwise the provisions
43.
from line 8 of Form 6478, Alcohol and under Regulations sections
Golden parachute payments. A
Cellulosic Biofuel Fuels Credit. 1.195-1(b) and 1.248-1(c) will apply.
portion of the payments made by a
• The amount included in income For business start-up and
corporation to key personnel that
from line 10 of Form 8864, Biodiesel organizational costs paid or incurred
exceeds their usual compensation
and Renewable Diesel Fuels Credit. before October 23, 2004, a
may not be deductible. This occurs
• Any recapture amount under corporation can elect to amortize
when the corporation has an
such costs over a period of 60
section 179A for certain clean-fuel agreement (golden parachute) with
months or more.
vehicle property (or clean-fuel vehicle these key employees to pay them
refueling property) that ceases to these excess amounts if control of the Report the deductible amount of
qualify. See Regulations section corporation changes. See section such costs and any amortization on
1.179A-1. 280G and Regulations section line 18. For amortization that begins
• Ordinary income from trade or 1.280G-1. during the 2008 tax year, complete
business activities of a partnership and attach Form 4562, Depreciation
Business start-up and
(from Schedule K-1 (Form 1065), and Amortization. For more details on
organizational costs. For business
Partner’s Share of Income, business start-up and organizational
start-up and organizational costs paid
Deductions, Credits, etc., or from costs, see Pub. 535, Business
or incurred after September 8, 2008,
Schedule K-1, (Form 1065-B), Expenses.
a corporation can deduct up to
Partner’s Share of Income (Loss) $5,000 of such cost for the year it Reducing certain expenses for
From an Electing Large Partnership). begins business (unless the which credits are allowable. If the
Do not offset ordinary losses against corporation elects to capitalize all corporation claims any of the
ordinary income. Instead, include the such costs). The $5,000 deduction is following credits, it may need to
losses on line 18. Show the reduced by the amount the total costs reduce the otherwise allowable
partnership’s name, address, and EIN exceed $50,000. If the total costs are deductions for expenses used to
on a separate statement attached to $55,000 or more, the deduction is figure the credit.
• Employment credits. See
this return. If the amount entered is reduced to zero. Any cost not
from more than one partnership, deducted must be amortized ratably Employment credits on page 11.
• Research credit.
identify the amount from each over a 180-month period, beginning
• Orphan drug credit.
partnership. with the month the corporation begins
• Part or all of the proceeds received • Disabled access credit.
business. The corporation is not
• Employer credit for social security
from certain corporate-owned life required to attach a statement or
insurance contracts issued after specifically identify the amount and Medicare taxes paid on certain
August 17, 2006. See section 101(j). deducted in order for the election to employee tips.
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Instructions for Form 1120-L