2021 Instructions for Form 1120-C - IRS tax forms

1 Userid: CPMS chema: instrxLeadpct: 100%Pt. size: 10 Draft Ok to PrintAH XSL/XMLF ileid: .. ons/I1120C/2019/A/XML/Cycle06/source(Ini t. & Date) _____Page 1 of 30 14:17 - 3-Feb-2020 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before for form Income Tax Return for Cooperative AssociationsDepartment of the TreasuryInternal Revenue ServiceSection references are to the Internal Revenue Code unless otherwise Developments ..1 What s of Missing Taxpayer Advocate To Make a Contribution To Reduce Debt Held by the To Get forms and of Must To To Must the Tax and Off To Whole forms and Statements That May Be and A.

2 Identifying B. Employer Identification Number (EIN)..6 Item C. Type of D. Initial Return, Final Return, Name Change, Address Change, or Amended , Refundable Credits, and C. Dividends, Inclusions, and Special G. Allocation of Patronage and Nonpatronage Income and H. Deductions and Adjustments Under Section J. Tax K. Other L. Balance Sheets per M-1. Reconciliation of Income (Loss) per Books With Income per DevelopmentsFor the latest information about developments related to form 1120-C and its Instructions , such as legislation enacted after they were published, go to s NewIncrease in penalty for failure to file.

3 For returns due after 2019, the minimum penalty for failure to file a return that is more than 60 days late has increased to the smaller of the tax due or $435. See Late filing of return, 199A(g) deduction. Certain agricultural or horticultural cooperatives may qualify for a deduction under section 199A(g). See the Instructions for line relief for charitable contributions. The 10% limit on the deduction for charitable contributions does not apply to contributions made after December 31, 2017, and before February 19, 2020, to certain charitable organizations for relief in qualified disaster areas.

4 See Temporary suspension of 10% limitation for certain disaster-related contributions, retention credit. Eligible employers in certain disaster areas can use form 5884-A to report the employee retention credit. See form 5884-A and its opportunity investment. Use form 8997 to identify qualified investments held in a qualified opportunity fund (QOF) at any time during the year . Also, if the cooperative deferred a capital gain into a QOF, it must file its return with Schedule D, form 8949 and form 8997 attached.

5 See the Instructions for form of Missing ChildrenThe Internal Revenue Service is a proud partner with the National Center for Missing & Exploited Children (NCMEC). Photographs of missing children selected by the Center may appear in Instructions on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a Taxpayer Advocate ServiceThe Taxpayer Advocate Service (TAS) is an independent organization within the IRS that helps taxpayers and protects taxpayer rights.

6 TAS's job is to ensure that every taxpayer is treated fairly and knows and understands their rights under the Taxpayer Bill of a taxpayer, the cooperative has rights that the IRS must abide by in its dealings with the cooperative. TAS can help the cooperative if: Problems are causing financial difficulty for the business; The business is facing an immediate threat of adverse action; or The cooperative has tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date has offices in every state, the District of Columbia, and Puerto Rico.

7 The cooperative's local advocate's number is in its local directory and at The cooperative can also call TAS at also works to resolve large-scale or systemic problems that affect many taxpayers. If the cooperative knows of one of these broad issues, please report it to TAS through the Systemic Advocacy Management System at more information, go to 03, 2020 Cat. No. 17211 XPage 2 of 30 Fileid: .. ons/I1120C/2019/A/XML/Cycle06/source14:1 7 - 3-Feb-2020 The type and rule above prints on all proofs including departmental reproduction proofs.

8 MUST be removed before To Make a Contribution To Reduce Debt Held by the PublicTo help reduce debt held by the public, make a check payable to Bureau of the Public Debt. Send it to:Bureau of the Public DebtDepartment Box 2188 Parkersburg, WV 26106-2188Or the cooperative can enclose a check with its income tax return. Do not add the contributions to any tax the cooperative may owe. Contributions to reduce debt held by the public are deductible subject to the rules and limitations for charitable To Get Formsand PublicationsInternet.

9 You can access the IRS website 24 hours a day, 7 days a week, at to: Download forms , Instructions , and publications; Order IRS products online; Research your tax questions online; Search publications online by topic or keyword; Use the online Internal Revenue Code, regulations, or other official guidance; View Internal Revenue Bulletins (IRBs) published in the last few years; and Sign up to receive local and national tax news by forms and publications. The cooperative can download or print all of the forms and publications it may need on Otherwise, the cooperative can go to to place an order and have forms mailed to cooperative should receive its order within 10 business InstructionsPurpose of FormUse form 1120-C , Income Tax Return for Cooperative Associations, to report income, gains, losses, deductions, credits.

10 And to figure the income tax liability of the Must FileAny corporation operating on a cooperative basis under section 1381 and allocating amounts to patrons on the basis of business done with or for such patrons should file form 1120-C (including farmers' cooperatives under section 521 whether or not it has taxable income).Exceptions. This does not apply to organizations which are: Exempt from income tax under chapter 1 (other than exempt farmers' cooperatives under section 521); Subject to Part II (section 591 and following), subchapter H, chapter 1 (relating to mutual savings banks); Subject to subchapter L (section 801 and following), chapter 1 (relating to insurance companies).