IRS 1120S Form Minnesota 2018-2025

IRS 1120S 2025 Form Minnesota: What You Should Know

Form 1120-S, contact the Minnesota Department of Revenue at to determine who must file the extension documents. If you have already filed Form 1120-S, submit new forms with Form M8, S Corporation Return, with an additional one-year extension. If you fail to file Form M8, Form 1120-S, and supporting schedules for the extended period of time, you will receive a notice of deficiency for failure to file. S Corporation Franchise Tax Credit Return Facts about Minnesota's S Corporation Franchise Tax Credit (TC). The TC credit is for expenses incurred in acquiring and operating a private holding company that operates only for profit under Section 881 of the Internal Revenue Code. The Minnesota tax credit is equal to 30 percent of the qualified tax expenses of an S corporation that were incurred before February 26, 1990. The qualifying period for a qualified tax expense is 6 years, as long as the taxpayer owned the company for at least 3 of those years. The tax credit amounts are not paid to you. To claim the tax credit, file Form 972 and attach a Schedule K-1 (with Form 948 attachment) to your return and pay any tax due.  Form 972 (Minnesota Franchise Tax Credit Return) All corporations are granted an automatic 12-month extension to file Form 973 to establish the credit or claim a credit to a prior year's return. To obtain a 12-month extension contact the Minnesota Department of Revenue, Ext. 973. Form 2509-S (Minnesota Business and Profession: Qualifying Business Entities) The Minnesota Department of Revenue issues Form 2509-S to businesses whose net business income would qualify as qualified business income for the tax year if the taxpayer had reported it on its tax return. If an S corporation is qualified for credit it must own and operate only for profit under Section 881 of the Internal Revenue Code. The qualifying period for a qualified tax expense is 12 years. The business must be a Qualifying Business Entity.

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