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Form W-2C online Gresham Oregon: What You Should Know
What about dividends on corporate stock that are paid to shareholders in a non-cash payment? In general, dividends paid to shareholders by a corporation are not considered non-cash for federal income tax purposes. You can find out more about “non-cash distributions” and the tax treatment of them by visiting IRS.gov. Can a corporation deduct interest for its investors? For tax years beginning January 1, 2008, or later, yes. The corporation is allowed to deduct interest on its income taxes. I have a “foreign corporation” that pays income tax in another state, but has no employees of its own. I can only determine the location of the foreign corporation by its address on its Form W-2 and the address on the foreign return, such as the address on a paycheck or check, that received by my company. In fact, it's unclear whether the foreign corporation itself has to pay any tax, unless it files an amendment to its return. I was told the Foreign Account Tax Compliance Act (FATWA) should apply to corporations that move to another country, but I haven't seen it yet. If my corporation filed with the Internal Revenue Service (IRS) prior to January 1, 2008, could it still file under this law? No. To file under FATWA, a corporation must have been established in the United States or be organized and existing solely for a foreign purpose. Can a corporation set up a foreign subsidiary for tax-deductible purposes? No. The purpose of a corporation's “subsidiary” is to engage solely in a profit-making activity. If you are considering using a subsidiary, talk to a tax or accounting professional to determine the tax implications. Where does a corporation send its financial statement and other documents? The Statement and Annual Report are sent to the State tax agency of your state of incorporation. The state should have all the necessary financial information, including detailed reports for a particular year. Is the corporation required to file a Schedule C and pay any taxes at the end of each tax year? You will need to file tax reports quarterly and file a state tax return each year. When your corporate income, business assets, or other deductions are being examined, you may be asked to provide information regarding your business and assets at various times of the year.
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