How to Assemble a Corporate Tax Return

Assemble the corporate tax return correctly to avoid processing delays.

All corporations are required to prepare and file an annual tax return using IRS Form 1120. Most corporations hire certified public accountants to prepare and file their tax returns. Additionally, many corporations are electronically filing tax returns, thus reducing the need for volumes of paper to be assembled and mailed to the IRS. However, business owners should be knowledgeable about the correct assembly of the corporate tax return to verify the proper paper or electronic files are included with their corporate tax return.

Instructions

1. Compile all the tax forms in one area. Sort them according to form letter or number.

2. Place Form 1120 on the top. Form 1120 should always be the first form seen by the IRS. Form 1120 must be signed on the bottom of page 1 before sending to the IRS. If the tax return is being sent electronically, the tax preparer will ask the business owner for a personal identification number (PIN) that will act as the owner's signature.

3. Attach Schedule N - Foreign Operations of U.S. Corporations, Schedule O - Consent Plan and Apportionment Schedule for a Controlled Group, Form 4626 - Alternative Minimum Tax, Form 8050 - Direct Deposit of Corporate Tax Refund, Form 4136 - Federal Credit for Tax Paid on Fuels, and Form 851 - Corporate Affiliations behind page 5 of Form 1120. If any of these schedules or forms are not applicable to your corporation's tax return do not include. The IRS does not want blank forms included with tax filings.

4. Attach all other schedules first in alphabetical order and then in numerical order. For example, if the corporation held real estate and sold it during the year, this sale would be reported on Schedule D. Schedule D would be attached to the tax forms after Form 851.

5. Verify that all schedules are attached before mailing the complete tax filing to the IRS. If the tax return was prepared electronically, verify that all required schedules are selected as being part of the tax filing and will be sent to the IRS with Form 1120.

References

• Internal Revenue Service: Form 1120 Instructions