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Form 1125-E for Portland Oregon: What You Should Know
How does this compensation get reported? Compensation paid to officers must be reported on the corporate Federal Form 1120S, which is used by the corporation to report the income from its business activities. If the Corporation exceeds 500,000 in sales (or business receipts), officers' compensation also is required to be reported on Form 1125-E. What if I don't? The Corporation will be allowed a deduction for this compensation at the 25% marginal rate if the corporation's total receipts from business for the fiscal year(s) exceeds 750,000. If no receipts are reported during an entire fiscal year, the Corporation's tax return(s) will show a zero amount for the period of the failure. The Corporation may not take any other federal tax deduction. Is there a deadline to file my form 1125-E? Answer. No, no form 1125-E is due for the first fiscal year the corporation's receipts exceed 500,000. What is the maximum amount reported on my form 1125-E? Answer. The maximum amount reported on a report is set at 5,000 per officer year, and 10,000 per officer for each of the three subsequent years the corporation's receipts exceed 500,000. Are there any other documents I must submit at the time of filing the form? Answer. You must submit the following documents at the time of filing Form 1125-E: Form 1125-E — Form 1120 — Business or Sales Report. What is the deadline for filing these forms on the Corporation's corporate federal tax return? Answer. The deadline to file Form 1125-E is April 15th, 2020. You cannot file Form 1125-E for that year with a delay in filing your return until April 15th. The deadline dates for the three subsequent years is June 30th, 2021, July 15th, 2022, and July 31st, 2023. You must file these forms using current due dates, even if the corporation has failed to file its return for any reason before filing Form 1125-E. Is there another deadline I must be concerned about if I file for the first time? Answer. If you fail to file your Form 1125-E for the first time before May 1st, 2017, you can claim a refund of any amounts that you owe on Form 1040. Do I really need to be concerned about not having a year-end return? Answer.
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