Tax Information For Corporations
IRS Draft 2007 Form
1120-F and New
The Internal Revenue Service has released for public comment draft versions of the revised Form 1120-F, U.S. Income Tax Return of a Foreign Corporation, for tax year 2007, and related schedules, including Schedule M-3, new for tax years ending on or after December 31, 2007.
More Exciting Career Opportunities in the Large and Mid-Size Business Division (LMSB) of IRS
As of March 19th, hundreds of GS-12 and GS-13 vacancies for professional positions in the IRS are being advertised nationwide.
Industry Issue Focus
The Large and Mid-Size Business Division (LMSB) of the IRS is implementing an Industry Issue Focus (IIF) approach to compliance as part of its overall issue management strategy. Under this approach, issues are identified and prioritized based on industry impact and level of compliance risk.
Backdated Stock Option Resolution Program for Corporate Employees
Corporations may elect to provide relief from additional "409A" taxes to their rank-and-file employees who exercised mispriced stock options in 2006. The program is available to help employees who may have been unaware that they held backdated options, and is not available for backdated options exercised by most corporate executives or other insiders.
Expedited Resolution of Uncertain Tax Positions - LMSB Initiative to Address Certain Implications of FIN 48
The IRS Large and Mid-Size Business Division will assist taxpayers in resolving uncertain tax positions prior to taxpayer adoption of the new FASB Interpretation 48. Existing issue resolution processes will result in expedited resolution of qualifying issues where the taxpayer provides complete disclosure and transparency.
e-file for Large and Mid-Size Corporations
Certain large and mid-size corporations are required to electronically file their Forms 1120 and 1120S. Other corporations may do so voluntarily. This site provides e-file information for corporations that prepare and transmit their own electronic corporate income tax returns and those that use the services of third party tax professionals.
Schedule M-3 for Large and Mid-Size Businesses
Schedule M-3 is used by certain corporations and partnerships to reconcile financial accounting net income and taxable income. Affected corporations and partnerships are those with assets of $10 million or more that file Form 1120, 1120-PC, 1120-L, 1120S, or 1065. Certain other partnerships filing Form 1065 are also required to use the Schedule M-3. Schedule M-3 for Form 1120-F is being develop...
Abusive Tax Shelters and Transactions
The Internal Revenue Service has a comprehensive strategy in place to combat abusive tax shelters and transactions. This strategy includes guidance on abusive transactions, regulations governing tax shelters, a hotline for taxpayers to use to report abusive technical transactions, and enforcement activity against abusive tax shelter promoters and investors.
Industry Issue Resolution Program
The Industry Issue Resolution (IIR) Program resolves frequently disputed or burdensome tax issues. IRS solicits suggestions for issues for the program from taxpayers, representatives and associations.
Fast Track Settlement
The LMSB / Appeals Fast Track Settlement program is a joint effort between the Large and Mid-Size Business (LMSB) Division and Appeals to use the mediation skills and delegated settlement authority of Appeals to resolve issues while still under LMSB jurisdiction.
Pre-Filing Agreement Program
The Pre-Filing Agreement Program is expected to reduce taxpayer burden and make more effective use of IRS resources by resolving or eliminating tax controversy earlier in the examination process.
Limited Issue Focused Examination (LIFE)
The IRS Large and Mid-Size Business (LMSB) Division is implementing a new streamlined examination process.
Corporate Executive Compliance
The Internal Revenue Service is taking steps to improve tax compliance by corporations and their executive employees. One area of emphasis is executive compensation, for which audit technique guides have been developed for use by agents in examining tax returns filed by corporations and executives.
LMSB Technical Resources and Guidance
Coordinated issue papers, Industry Director guidance, audit technique guides and other documents provide technical information and guidance on complex tax law and administrative issues affecting the LMSB division and LMSB taxpayers.
An eligible domestic corporation can avoid double taxation (once to the shareholders and again to the corporation) by electing to be treated as an S corporation.
Provides links to information on a variety of International topics including Tax Treaties, Know-Your-Customer (KYC) Rules, Transfer Pricing and Qualified Intermediaries (QI).
Small Business/Self-Employed (SB/SE) Division
This division serves businesses with less than $10 million in assets.
The Appeals Office resolves tax controversies, without litigation, on a basis that is fair and impartial to both the Government and the taxpayer.