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Initial return (2) Final return (3) Name change (4) Address change Name OMB No

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The document is the U.S. Corporation Income Tax Return Form 1120 for the tax year 2003, issued by the Department of the Treasury's Internal Revenue Service. It includes sections for reporting income, deductions, and tax computations for corporations, along with various schedules for specific financial details such as cost of goods sold, dividends, and compensation of officers. The form requires information about the corporation's identification, financial performance, and tax obligations.

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What is a Form 2 in Ontario for a corporation?

This is called the Initial Notice (Form 2). Once filed, you will receive an Ontario Corporation Number that establishes the corporations presence within Ontario for the Provincial Government.

What does final return mean?

A final return for decedent refers to a tax return filed for an individual in the year of that persons death. Typically, the surviving spouse or person appointed by the courts to administer affairs relating to the deceased persons estate is responsible for signing tax forms.

What is the penalty for filing C Corp taxes late?

Late Filing Penalty A corporation that does not file its tax return by the due date, including extensions, may be penalized 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax.

What does initial return mean?

An initial return is precisely what it sounds like. This type of return is required when a company is initially created. Each jurisdiction sets its own requirements regarding the filing of initial returns. Some jurisdictions do not require initial returns to be filed at all.

How do I file an Ontario annual information return?

To file your corporations annual return, go to the corporations registry profile and select the Make Changes drop-down list. On that drop-down list, you will find the option to file an annual return.

What happens if you dont file 1120s?

Form 1120-S carries the same late penalty if no tax is due. However, if tax is due, the penalty is even greater. In addition to the $220 per month per shareholder, the S-corp will also be charged 5% of the unpaid tax for each month the form is late, up to a maximum of 25% of the unpaid tax.

Do I need to file a tax return for an S Corp with no activity?

A corporation, including one that is taxed as an S corporation, must always file its initial tax return with the Internal Revenue Service, even if it had no business activity to report.

What is an initial return Ontario?

Ontario corporations must file an Initial Return under the Corporations Information Act (CIA) setting out the prescribed information within 60 days after the date of incorporation, amalgamation or continuation of the corporation (section 2 of the CIA).

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