Business Tax Returns Now Being Accepted

Many Businesses Can Begin Filing Tax Returns Today

The IRS announced that at 9:00 a.m. EST today, they will begin accepting and processing 2012 tax returns, both electronic and paper filings, for businesses who file the following forms:

  • Form 1120 filed by corporations,
  • Form 1120S filed by S corporations,
  • Form 1065 filed by partnerships, 
  • Form 990 filed by exempt organizations, and
  • Form 720 Quarterly Excise Tax Return [for most users].

Some Businesses Must Still Wait For The IRS’ Nod

Businesses who are using Forms 720 or 8849 and filing electronically are affected by the delay of this year’s tax season opening. Businesses filing Form 720 Quarterly Federal Excise Return cannot file electronically [yet] if Lines 13 and 14 (relating to aviation fuel) are filled out. Businesses using Form 8849 Claim for Refund of Excise Taxes cannot file electronically [yet] if filling out Schedule 3 (relating to certain fuel mixtures and the Alternative Fuel Credit).

The IRS’ opening for business tax returns covers only non-1040 series business returns; therefore those who are self-employed (or are independent contractors), filing their business tax return in the form of a Schedule C on Form 1040, must still wait for the IRS’ nod to file. 

According to the IRS, taxpayers who file forms affected by the American Taxpayer Relief Act should be able to begin filing in late February or early March. If any of the following Forms affects you, you must wait until the date – which the IRS should soon announce – to file your 2012 tax return:

  • Form 3800 General Business Credit,
  • Form 4136 Credit for Federal Tax Paid on Fuels,
  • Form 4562 Depreciation and Amortization (Including Information on Listed Property),
  • Form 5074 Allocation of Individual Income Tax to Guam or the Commonwealth of the Northern Mariana Islands,
  • Form 5471 Information Return of U.S. Persons With Respect to Certain Foreign Corporations,
  • Form 5695 Residential Energy Credits,
  • Form 5735 American Samoa Economic Development Credit,
  • Form 5884 Work Opportunity Credit,
  • Form 6478 Credit for Alcohol Used as Fuel,
  • Form 6765 Credit for Increasing Research Activities,
  • Form 8396 Mortgage Interest Credit,
  • Form 8582 Passive Activity Loss Limitations,
  • Form 8820 Orphan Drug Credit,
  • Form 8834 Qualified Plug-in Electric and Electric Vehicle Credit,
  • Form 8839 Qualified Adoption Expenses, 
  • Form 8844 Empowerment Zone and Renewal Community Employment Credit,
  • Form 8845 Indian Employment Credit,
  • Form 8859 District of Columbia First-Time Homebuyer Credit,
  • Form 8864 Biodiesel and Renewable Diesel Fuels Credit,
  • Form 8874 New Markets Credits,
  • Form 8900 Qualified Railroad Track Maintenance Credit,
  • Form 8903 Domestic Production Activities Deduction,
  • Form 8908 Energy Efficient Home Credit,
  • Form 8909 Energy Efficient Appliance Credit,
  • Form 8910 Alternative Motor Vehicle Credit,
  • Form 8911 Alternative Fuel Vehicle Refueling Property Credit,
  • Form 8912 Credit to Holders of Tax Credit Bonds,
  • Form 8923 Mine Rescue Team Training Credit,
  • Form 8932 Credit for Employer Differential Wage Payments, and
  • Form 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit.
By Misty Priest

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