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Information provided on this site is for general guidance only and
is often simplified. Actual IRS procedures are complex, and taxpayers
should obtain professional assistance or use IRS sources for complete
information.
Foreign
Corporations The corporate
forms businesses may use to operate outside the
US and their tax characteristics.
Controlled
Foreign Corporation A
US person who is a shareholder of a CFC is potentially
liable for US tax and required to keep records.
DISC
A corporation must elect IC-DISC
status by filing Form 4876-A.
Foreign
Controlled Corporations
Each
FCC, unless specifically exempt or dissolved,
must file a tax return. This is true even if it
had no taxable income for the year and regardless
of the amount of gross income for the year. The
income tax returns for FCCs are:
Form 1120, US Corporation Income Tax Return;
Form 1120-REIT, U.S. Income Tax Return for Real
Estate Investment Trusts;
Form 1120-PC, US Property and Casualty Insurance
Company Income Tax Return;
Form 1120-RIC, US Income Tax Return for Regulated
Investment Companies.
If an FCC's income tax return is made on a calendar
year basis, it must be filed by March 15 following
the close of the tax year. If an FCC uses a fiscal
year, its return must be filed by the 15th day
of the 3rd month following the close of its fiscal
year. A corporation can receive an automatic 6-month
extension of time for filing its return by filing
Form 7004.
An
FCC files its income tax return with the Internal
Revenue Service Center serving the area where
the principal office for keeping its books and
records is located.
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Our 16 constantly
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banking secrecy, the EU's savings tax directive, offshore
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advice before committing themselves to involvement in offshore jurisdictions,
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The Lowtax Network 1999 - 2007. Contact
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