US TAX – IRS FORMS
The United States Internal Revenue Service (IRS) uses forms for taxpayers and tax-exempt organizations to report financial information, such as reporting income, calculating taxes to be paid to the federal government, and disclosing other information as required by the Internal Revenue Code (IRC). There are over 800 various forms and schedules. Other tax forms in the United States are filed with state and local governments.
IRS
The Internal Revenue Service (IRS) provides various tax forms that American corporations use to report their credits, deductions, losses, gains, and income. These forms help corporations determine how much income tax they need to pay, according to the IRS.
Types of Forms
1. Form 1120
- All domestic corporations must file tax Form 1120, even if they do not have taxable income.
- Corporations exempt under section 501 do not need to file Form 1120.
- Corporations in bankruptcy must also file Form 1120.
2. Form 1065
- A partnership does not pay tax on its income but “passes through” any profit or losses to its partners.
- Partners must include partnership items on their tax or information returns.
W-2 Wages and Tax Statement
Every employer engaged in a trade or business who pays remuneration, including noncash payments of $600 or more for the year for services performed by an employee, must file a Form W-2 for each employee from whom:
- Income, Social Security, or Medicare tax was withheld.
- Income tax would have been withheld if the employee had claimed no more than one withholding allowance or had not claimed exemption from withholding on Form W-4 (Employee’s Withholding Allowance Certificate).
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