Taxes – Federal
&
State Taxes
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Federal Income Taxes
>> Federal Tax of – upto 21% Taxable Income calculated as per GAAP applicable IRS Tax norms. .
>> Fiscal need to be 52 week and not necessarily calendar year.
>> To be filed by 15th day of the 4th month from the end of the financial year.
>> 6 Months extension available.
>> Payments are due on the 15th day of the 4th, 6th, 9th, and 12th months of the corporation’s tax year.
>> Form 1120 to be filed
State Income Taxes
>> Certain states do charge State Income Tax ranging from 2% to 10% approximately.
>> States charge on the income apportioned to the state based on the nexus rules.
>> Common apportionment methods:
- Single Sales Formula
- Three Factor Formula – Equal Weight
- Three Factor Formula – Enhanced Sales Factor
Factor: (Sales + Payroll+ Property Factor)
>> Need to analyze NEXUS based upon:
- Physical Presence Standard
- Economic Presence Standard
- Factor based nexus standard
