E duty for new incoporation for federal inland revenew

A very specific and technical question!

For a new corporation that is subject to federal income tax, the duty is to file Form 1120, U.S. Corporation Income Tax Return, with the Internal Revenue Service (IRS). This form is used to report the corporation's income, deductions, and credits for the tax year.

Here are the key steps to file Form 1120:

  1. Obtain an Employer Identification Number (EIN): The corporation must obtain an EIN from the IRS by filing Form SS-4, Application for Employer Identification Number. This is a unique number assigned to the corporation for tax purposes.
  2. Keep accurate records: The corporation must keep accurate and detailed records of its income, expenses, assets, and liabilities. This includes records of business transactions, such as invoices, receipts, and bank statements.
  3. Prepare Form 1120: The corporation must prepare Form 1120, which includes the following:
    • Part I: Income Statement - reports the corporation's income, deductions, and credits.
    • Part II: Balance Sheet - reports the corporation's assets, liabilities, and equity.
    • Part III: Tax Computation - calculates the corporation's tax liability.
  4. Attach supporting schedules and forms: The corporation may need to attach additional schedules and forms to Form 1120, such as:
    • Schedule M-1, Reconciliation of Income (Form 1120)
    • Schedule M-3, Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or Less (Form 1120)
    • Form 4562, Depreciation and Amortization
  5. Sign and date the return: The corporation's authorized representative must sign and date the return.
  6. File the return: The corporation must file the return with the IRS by the due date, which is typically March 15th for calendar-year corporations.
  7. Pay any tax due: The corporation must pay any tax due with the return or make arrangements to pay the tax in installments.

It's recommended that the corporation consult with a tax professional or accountant to ensure compliance with all applicable tax laws and regulations.