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Business taxes: Income tax for corporations
 All
domestic corporations, even those in bankruptcy, must file an income
tax return regardless of whether they have taxable income. Use Form
1120 to report your tax liability.
The exception to this is if gross receipts, total
income and total assets are each less than $500,000. In this case,
you can file Form 1120-A. For more information, see the instructions
for Forms 1120 and 1120-A.
A corporation has to file a return by the 15th day
of the third month after the close of its tax year. To request
a six-month extension, file Form 7004. The extension is for filing
a return only; you still have to pay the tax.
In keeping with the "pay-as-you-go" policy of the
IRS, a corporation should make estimated tax payments as it receives
income. Use Form 1120-W to figure each required installment.
Payments of estimated tax are due April 15, June 15,
Sept. 15 and Dec. 15 if using a calendar year; and on the 15th day
of the fourth, sixth, ninth and 12th months of the corporation's
tax year.
You may also have to pay state income tax. The Federation
of Tax Administrators maintains a listing of state
corporate income tax rates.
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