QUESTION

What tax form a for profit organization files?

Asked on Jan 08th, 2015 on Taxation - Georgia
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1 ANSWER

Wills Attorney serving Alpharetta, GA
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It depends on what type of organization it is. For a corporation, the federal income tax return is usually IRS Form 1120 (or 1120-S for S corporations). For a partnership or a limited liability company treated as a partnership, then the federal income tax return filed is usually IRS Form 1065. If the organization is a single-member limited liability company treated as a sole proprietorship, then it will usually report its income and expenses on the owner's personal income tax return (i.e., the IRS Form 1040, for an individual owner, or the appropriate entity's return if the single owner is another company). State return numbers vary. I would strongly recommend that anyone with a business hire professional tax counsel to help you prepare any returns, however: a good tax CPA, for example.
Answered on Jan 09th, 2015 at 12:08 PM

This answer is being provided as general information and not as legal advice. No attorney-client relationship is created by this answer.

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