Tax FAQ
 

Do I Have To File A Corporate Tax Return?

Question by bizness_guy | Posted in Canada

Hi. I incorporated a new calling in Ontario early November of this year. I'd like to know whether I have to file a corporate profits tax return for this year? The fiscal year ends Dec 31. Thanks for your help.

Answer: Yes, you constraint to file the corporate tax return within 6 months after your chosen first fiscal year end of december 31. Find below are the references:


http://www.cra-arc.gc.ca/tx/bsnss/tpcs/c rprtns/rtrn/whn/menu-eng.html


http://www.gov.on.ca/GOPSP/en/graphics/2 51006.htm
 
 

Do I Need To File US Corporate Tax Return For Each State?

Question by DM | Posted in United States

I have registered canadian corporation through which I hardly ever go to USA to do work.Last year I worked in three states.I am wondering do I need to file my corporate tax returns for three states alone or only one return will be enough e.g, Form 1120-F.

Answer: Depends, you essential to file the 1120F for Federal - but depending on the type of work done, level of coupling, facilities in the US, etc. determines if you're taxable at the federal level or protected from tax under the Canada-US Covenant. Then each state is looked at, the state return isn't combined with the federal return as it is in Canada where the provinces are filed with the Federal return so that you only exigency one return, depending on the type and level of work done in each state and

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Corporate Tax Return ... How Much Does It Cost & How Long Will It Take?

Question by Dee | Posted in United States

Tax return had been set in the past by my father who was involved with the business (ins agency, 2 employees) .He is no longer working here, and in figuring out subsequent cots, I am curious as to the cost to have our corporate tax return prepared each year and how long does it take to have it done. Thanks.

Answer: This absurd is impossible to answer with any degree of accuracy. There are just too many variable. Unless your old man is an accountant, I would guess that the return is not extremely complex, but the cost would vary depending on where you're located, whether you apply a CPA or just a tax preparer, how accurately your records/books are kept. In the Midsouth, a central corporate return would run anywhere from $500 - $2000, depending on complexity & accuracy of books.

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Do Payroll Taxes Affect Form 1120 On A Corporate Tax Return?

Question by Girl S | Posted in United States

I am working on my first corporate tax return and recorded payroll taxes paid for the year while doing their bookkeeping. From preparing the tax return, it appears that payroll taxes do not go on the frame 1120. Is this true? And if so or not, please explain. No estimated taxes were recorded for that year only payroll taxes. Please aid????

Answer: Payroll taxes are paid both by the governor and the employee. The portion paid by the employee is basically deducted as salary - These are your FICA and Medicare taxes on your paystub.

But, the section paid by the employer is deducted on the 1120.

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Calculating "Creditors:amounts Falling Due Within One Year" For Small Business Corporate Tax Return?

Question by karen | Posted in United Kingdom

I run a slight feel embarrassed business and was wondering if someone could advise me on how to work out the figure for 'Creditors:amounts falling due within one year' in a close business corporate tax return?

Thanks in advance!

Answer: That report isn't required on a CT600.

Take the total creditors and deduct any items which aren't due for payment within the next twelve months.

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