Get to Know about Corporate Taxes
The government levies some charges on the company’s profit and gains, known as corporate tax. This is the government’s national source of income. Many advantages of filing corporate tax returns include assistance in deducting retirement plans, medical insurances, losses, etc. Filing corporate tax returns requires good knowledge of the State’s corporate tax’s rules and regulations. Hence, it is always recommended to hire a CPA or a professional accountant from a good corporate tax accounting firm . According to the company’s requirements, some businesses hire complete corporate tax accounting firms as well. Let’s learn a little more about filing corporate tax. Filing of Corporate Tax : To file corporate tax returns, all U.S. organizations are required to fill some IRS forms as form 1120 (for C corporations) and IRS form 1120S (for S corporations). Companies that have assets worth $10 million and above, must file corporate tax return online before the due date, which is Marc