MindMap Gallery U.S. corporate income tax

U.S. corporate income tax

A brief introduction to the U.S. corporate income tax. The U.S. corporate income tax is a tax levied on the income of companies in the United States and the income of foreign companies derived from the United States. Taxpayers for corporate income tax include U.S. corporations and foreign corporations.

Edited at 2024-11-27 13:43:12

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U.S. corporate income tax

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Outline

U.S. corporate income tax

tax benefits

General Business Credit: Businesses that accomplish specific economic goals

Tax Credit for R&D Expenditures: 20% of the excess of qualified R&D expenditures over the “base amount”

Other tax credits: preferential policies related to some industries

Taxable income:

Dividend income from resident enterprises: 20%~70%; 20%-80%~80%; 80%-100%~ exempt

One-time transition tax: on untaxed overseas income; 15.5% in cash and 8% in other forms.

Capital gains: Net capital losses can be deducted for 5 years

Almost all forms of income from worldwide sources, minus allowable pre-tax deductions

deduct

Depreciation: Enterprises can choose the straight-line method

3, 5, 7, 10 double declining balance

15. Declining balance of 20.5 times; 27.5 years for residential properties and 31.5 years for non-residential real estate properties.

Section 179 of the U.S. Tax Code: An enterprise may elect to treat the cost of certain newly put-in-service assets used in active trade or business activities as an expense before tax. deduct. The cap is $1 million.

Depletion: The loss of natural resource assets

Amortization: Intangible assets, start-up expenses are generally amortized over 15 years

Bad debts: The year that is determined to be irrecoverable

Interest expenses: commercial interest, 30% ATI, extension financing interest charges; can be carried forward indefinitely

Charitable donations: cannot exceed 10% of taxable income before deducting certain deductions, and can be carried forward for 5 years

Employee Benefits: Providing retirement benefits to employees, including employee benefits, profit sharing benefits, or equity bonuses Plans etc.

Taxes Paid: State and local taxes paid

Contingent liabilities: Provisions for liabilities are only made when the relevant liability is actually determined

R&D expenditure: no less than 60 months of amortization deduction

Fees paid to foreign countries: royalties, management service fees and interest that comply with market fairness principles are deducted before tax.

Net operating loss: capped at 80% of taxable income in future years, can be carried forward indefinitely

Alternative Minimum Tax: The 2017 U.S. tax reform repealed the AMT provisions for businesses

No deduction allowed

Fines and penalties, bribes, kickbacks and other disbursements

Business entertainment expenses: 50% of the amount incurred before 2017

local corporate income tax

Basis for tax calculation: Federal taxable income is calculated by multiplying the tax adjustment stipulated by the state's laws by a certain apportionment ratio.

Apportionment basis: Federal taxable income is calculated by multiplying the tax adjustment stipulated by the state's laws by a certain apportionment ratio.

Branch income tax: Amount of dividends distributed back to foreign company, 30%

Non-resident corporate income tax:

General capital gains exemption; 15% on disposal of U.S. real property interests

Enterprises established under foreign laws and registered with foreign governments; income from the United States is subject to a general national tax rate of 30%, and China’s 10% U.S. withholding tax.

declare

Form No. 3115

Determine accrual basis or cash payment basis (accrual basis is required for income above 5 million)

Submit the expected return and the actual tax return for the previous year before April 15 each year, and pay the tax in installments in April, June, September and mid-December respectively.

Form No. 1120; Form No. 1120F

U.S. Resident Corporation; Foreign Resident Corporation Tax Return

Form No. 7004

Delay declaration for 6 months

Form 1042S

Non-resident enterprises before March 15 of the following year

Can be extended using Form 8809

Form 1042

Submit annually

Can be extended using Form 7004

pay

Taxable amounts above $500 must be paid quarterly and calculated annually.

If you have an office space: 1. You need to deposit taxes in advance; 2. Pay the previous year’s taxes before April 15th.

If there is no office space: Pay the previous year’s taxes in full before June 15

Amount of prepaid tax: The tax prepaid by the taxpayer should be at least 25% of the smaller of the tax payable reported this year or the tax paid in the previous tax year.

Consolidated taxation: The U.S. parent company and its U.S. subsidiaries that directly or indirectly hold more than 80% of the equity can form a U.S. consolidated tax group. Except for Mexico and Canada, overseas subsidiaries are not allowed.

Tax rate: 21% federal, 0-9% state and local

Scope of collection

Worldwide income of U.S. resident corporations and U.S. nonresident corporations Income derived from business within the United States; federal, state, local