Compiled Financial Statements
A compiled financial statement provides the financial information of your company, including income, expenses, cash flow, assets and liabilities in the form of Profit & Loss and Income Statements. A financial statement features an accrual basis of accounting. In most cases, the Generally Accepted Accounting Principles (GAAP) dictate the method of compiling information. However, the Journal of Accountancy reports that certain situations require the reporting of financial statements under the "other comprehensive basis of accounting," (OCBOA). Both methods provide a comprehensive look at the worth of a company, but the OCBOA method usually takes less time and cost to prepare.
Submit Financial Records with Corporate Tax Returns
Tax returns operate on a calendar year spanning from Jan. 1 to Dec. 31 of the given year. Financial statements use the fiscal year indicated by the company. There are no universal dates establishing when a fiscal year begins and ends. It is at the discretion of the company. The rules regulating the reporting of information for the year are unique to each type of financial report. It is suggested that a certified accountant or accounting firm be hired to accurately report your financial statements.
Click download a:
Resident Corporate Tax Return Form
Non-resident Corporate Tax Return Form
CIT Refunds As Credits
Any overpayment of taxes results in refunds. Upon submitting the corporate tax return, any calculated refunds for a corporate income tax will be treated as a credit carried forward to subsequent years. In addition, the CIT credit for the current year may be increased later by the credits from later years. You subtract this credit directly from your tax.