Table of Contents
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For tax years ending on or after December 31, 2007, corporations (and entities eligible to elect to be treated as corporations) may be able to make an election to be an S corporation by filing Form 2553, Election by a Small Business Corporation, with Form 1120S. For details, see the Instructions for Form 2553.
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A corporation that voluntarily files Schedule M-3 (Form 1120S) will now file with the Ogden Service Center. See Where To File on page 3.
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For returns required to be filed after December 20, 2007, a new late filing penalty may apply. See Late filing of return on page 5.
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A corporation that is a policyholder on certain life insurance contracts issued after August 17, 2006, must file Form 8925, Report of Employer-Owned Life Insurance Contracts.
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The extraterritorial income exclusion generally does not apply to transactions after 2006. However, income from certain transactions may still be eligible for the exclusion. See the Instructions for Form 8873 for details.
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For tax years beginning after May 25, 2007, gains from sales or exchanges of stock or securities will not be treated as an item of passive investment income when figuring the excess net passive income tax on Form 1120S, line 22a.
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The telephone excise tax credit was available only on the 2006 Form 1120S. If you filed but did not request it on the 2006 Form 1120S, file an amended return.
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The increased deduction for reforestation expenses for small timber producers does not apply to expenses paid or incurred after December 31, 2007.
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The election to deduct GO Zone clean-up costs does not apply to costs paid or incurred after December 31, 2007.
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The foreign tax credit categories have changed. See page 29.
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Changes have been made to the list of principal business activity codes. See the list beginning on page 38.
The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 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 child.
If the corporation has attempted to deal with an IRS problem unsuccessfully, it should contact the Taxpayer Advocate. The Taxpayer Advocate independently represents the corporation's interests and concerns within the IRS by protecting its rights and resolving problems that have not been fixed through normal channels.
While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that the corporation's case is given a complete and impartial review.
The corporation's assigned personal advocate will listen to its point of view and will work with the corporation to address its concerns. The corporation can expect the advocate to provide:
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An impartial and independent look at your problem,
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Timely acknowledgment,
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The name and phone number of the individual assigned to its case,
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Updates on progress,
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Time frames for action,
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Speedy resolution, and
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Courteous service.
When contacting the Taxpayer Advocate, the corporation should be prepared to provide the following information.
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The corporation's name, address, and employer identification number.
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The name and telephone number of an authorized contact person and the hours he or she can be reached.
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The type of tax return and year(s) involved.
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A detailed description of the problem.
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Previous attempts to solve the problem and the office that was contacted.
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A description of the hardship the corporation is facing and supporting documentation (if applicable).
The corporation can contact a Taxpayer Advocate as follows.
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Call the Taxpayer Advocate's toll-free number: 1-877-777-4778.
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Call, write, or fax the Taxpayer Advocate office in its area (see Pub. 1546 for addresses and phone numbers).
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TTY/TDD help is available by calling 1-800-829-4059.
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Visit the website at www.irs.gov/advocate.
To request a direct deposit of the corporation's income tax refund into an account at a U.S. bank or other financial institution, attach Form 8050, Direct Deposit of Corporate Tax Refund. See the instructions for line 27 on page 18.
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Download forms, instructions, and publications;
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Order IRS products online;
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Research your tax questions online;
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Search publications online by topic or keyword; and
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Sign up to receive local and national tax news by email.
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Current year forms, instructions, and publications;
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Prior year forms, instructions, and publications;
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Bonus: Historical Tax Products DVD — Ships with the final release;
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Tax Map: an electronic research tool and finding aid;
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Tax law frequently asked questions;
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Tax Topics from the IRS telephone response system;
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Fill-in, print, and save features for most tax forms;
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Internal Revenue Bulletins; and
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Toll-free and email technical support.
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