West Palm Beach Florida Form 1120-C 2024-2025

West Palm Beach Florida Form 1120-C: What You Should Know

U.S. Income Tax Return for Limited Liability Companies with a taxable income of under 1,000,000 for each taxable year; or Form 2063S, U.S. Income Tax Return for Cooperative Associations for the calendar year; or Form 2065S, U.S. Income Tax Return for Limited Liability Companies that have not been granted penalty relief. The IRS notice offers the opportunity for all taxpayers to claim expanded penalties from the beginning of the taxpayer's return period.  The Notice explains this expanded relief will be available during taxable years, beginning April 2022, by using Form 2063S to apply the expanded penalties during the taxable year that ends after the calendar year in which the Form 2063S was filed.  The Notice also explains that extended penalties, which are not reflected on Form 1120-C, will not be available. The Form 1120 will continue to report the year-end balance. Who Is Eligible to Claim Extended Penalty Relief? The IRS Notice states: “The extended penalty provisions will be a permanent part of the IRS Form 1120-C return and no longer need to be filed each tax year. All taxpayers who have formed an S-corporation can claim any amount that would be deducted from their gross income under section 280C (tax on loss of undistributed net capital gain), section 1391, and section 1392.” (Notice 2022-36)  The Notice goes on to state : “Individual taxpayers under age 65 may claim an extended penalty from the beginning of the taxpayer's return period. If a taxpayer under age 65 did not elect to apply the expanded penalty relief provisions, he/she will be able to do so for the taxable year of such election. “When claiming an extended penalty, taxpayers can claim the extension of time for any tax year in a calendar year. The taxpayer does not need to file an amended return or a corrected Form 1120. Who Can Claim Extended Penalty Relief? Individuals and married filing jointly who were subject to the estate tax by the time of their death may claim an extended penalty on their return. In the case of a person who died in 2025 or a tax year beginning after December 23, 2017, the individual's estate will be allowed to exclude up to 10,000,000 in estate tax relief.

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