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Old 01-31-2013, 09:27 AM
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Smile Foreign C Corp Help with Taxes

Hi,

I am the single owner of a Delaware C Corp since Jan, 2012 and its almost time to submit taxes. I am not a US resident. My Inc. has not started trading yet, only incurred expenses such as registration fees, mail forwarding, agent fees and telephone forwarding, basic fees.

Any advice as to how I go about either completing the necessary forms or getting help from someone that will not charge me too much to do this?

Thanks!



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Old 02-01-2013, 07:18 AM
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“Any advice as to how I go about either completing the necessary forms or”===> Every domestic or foreign corporation doing business in DE, not specifically exempt, under DE Code, is required to file a corporate income tax return , Form 1100 or Form 1100EZ regardless of the amount, if any, of its gross income or its taxable income. The taxable status of a corporation in DE follows the federal treatment of the corporation. and pay a tax of 8.7% on its federal taxable income allocated and apportioned to DE. DE permits businesses who have a net operating loss(exp>income) in one year to carry back no more than $30K for each of the prior 2 years in order to offset any profit. The carryforward period is 20 years. The amount of the net operating loss recognized for DE corporate income tax purposes is only to the extent of the amount recognized for Federal purposes. DE law does not require the payment of a minimum corporate income tax. DE requires every corporation filing a DE corporate income tax return to attach a completed copy of a pro forma federal tax return, including all schedules and attachments. A copy of a corporation’s federal income tax return , Form 1120F, required to be attached to the Delaware corporate return.UNLESS your C corp has taxable income, it doesn’t need to pay estimated taxes. A penalty of 1½% per month is imposed on the failure to pay, timely pay or underpay any estimated tax installments. Late Returns are subject to a penalty of 5% per month, up to a maximum of 50% of the tax due plus interest of 1% per month from the original due date until the tax is paid. In addition, an additional penalty of 1/2% per month, not to exceed 25%, is imposed for failure to pay (in whole or in part) the tax liability due on a timely filed return. A foreign corporation must file Form 1120-F if, during the tax year, the corporation was engaged in a trade or business in the US, whether or not it had U.S. source income from that trade or business, and whether or not income from such trade or business is exempt from US tax under a tax treat OR had income, gains, or losses treated as if they were effectively connected with the conduct of a U.S. trade or business. A foreign corporation making a claim for the refund of an overpayment of tax for the tax year also needs to file Form 1120F with the IRS

“ getting help from someone that will not charge me too much to do this?”===>I guess you can visit the ebpages here fro more info or you can contact the IRS Free Tax Return Preparation for You by Volunteers
Find a Location for Free Tax Help



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Old 02-03-2013, 03:13 PM
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Join Date: Jan 2013
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Thanks

Wnhough,

Thanks for the reply. Letter from IRS states that I must complete form 1120 by mid March. The whole estimated tax procedure is a vague concept at this stage but I will follow procedure. It's then better to have a taxable income.

Thanks again for the advice.

Be Blessed!



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