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The IRS uses the information entered on the form to establish the entity's filing and reporting requirements for federal tax purposes. [3] Certain domestic and foreign entities that were in existence before January 1, 1997, and have an established federal tax classification generally do not need to make an election to continue that classification.
State corporate tax return due dates vary, but most are due either on the same date or one month after the federal due date. Extensions of time to file are routinely granted. [85] Penalties may be imposed at the federal and state levels for late filing or non-filing of corporate income tax returns. [86]
These are only a few of the federal forms.States have many equivalent forms and reporting requirements. Taken together, these tax information reporting forms touch hundreds of millions of individuals and businesses, and require a large time commitment on the part of businesses, nonprofit organizations, and educational institutions to administer, prepare and file.
The law was created "to combat illicit activity including tax fraud, money laundering and financing for terrorism by capturing more ownership information for specific U.S. businesses operating in ...
In Illinois, filing an error-free state tax return and requesting that the refund amount be deposited directly into a checking or savings account is the surest way of receiving the amount quickly ...
A series LLC is a special form of a limited liability company that allows a single LLC to segregate its assets into separate series. For example, a series LLC that purchases separate pieces of real estate may put each in a separate series so if the lender forecloses on one piece of property, the others are not affected.
Returns are also required by partnerships doing business in the state. Many states require that a copy of the federal income tax return be attached to their state income tax returns. The deadline for filing returns varies by state and type of return, but for individuals in many states is the same as the federal deadline, typically April 15.
In addition to meeting IRS Treasury Regs.Sec.53.4944-3(a), many states require the label "L3C" or "low-profit limited liability company" to appear in the name of the organization. Each state may have state-specific requirements that govern L3C formation. [citation needed]
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