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Beaumont Texas Form 4626: What You Should Know
A corporation must file Form 966 if: the corporation has any assets other than those specified in Form 8721; or The corporation declares itself to be a “Covered Person” on Schedule K-1 because the corporation has any earnings, profits, or gains and has retained taxable compensation in excess of 2,500,000, unless the exemption applies. You must file Form 966 if you are a shareholder at: the corporation's last reported year, and The corporation has more than one class of stock. Who Should File a Form 966? The Form 966 form must also be filed for “controlled foreign corporations.” These corporations include U.S. corporations, S corporations, and foreign corporations that are “controlled foreign corporations.” If you are not a foreign corporation, you are not required to file an official document with the IRS. See the official IRS guidance on this issue. Are you a shareholder when Form 966 is filed? Do you pay corporate taxes? If you paid any income or other tax on that income, you need to file Form 966. You may ask the IRS if you need to file a Form 961 (or a similar document). You can do a quick & dirty Form 966 calculation just by printing the form. It will take less than five minutes and only takes you a few minutes to type the information. If your corporation has an annual report form where you can track your corporation's income & expenses, that makes things a little easier. Is my business taxable? If you are a shareholder of a class that pays corporate taxes on its income, and the corporation is registered to do business in your state, the Form 966 form is likely to be used. Note: if your business is not registered in your state, then you need to file a separate Form 965 with a state that taxes your business. You can use Form 965 (see information on Form 965 below). What do you do if you sell, merge or convert your property? You can use Form 965 or the Form 966 form to pay taxes if you will be a change to your property. For example, if you buy back your common stock, the new stock will be issued for the same dividends but a lot less than the original stock.
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