Form 1120-POL for Eugene Oregon 2024-2025

Form 1120-POL for Eugene Oregon: What You Should Know

Taxes for LLC and S corporation — Oregon Revised Statutes § 58.859 The following are required to be filed if one or more members of a Limited Liability Company (or an S corporation) holds more than 50% (50%) interest in the LLC or corporation. Taxable income: The gross income of the partnership, limited liability company, or trust of which the LLC or corporation is a member is subject to tax on a net income basis. Net income refers to the amount received after expenses and deductions, including amounts that are allocated to taxable shares or units as provided in these provisions. Interest income from the partnership, limited liability company, or trust, net of certain deductions, is also subject to tax as a net income of an LLC of which anyone member is the owner. Corporate Income Tax Return — Form 1120-S-CO The 1120S-CO (Corporate Income Tax Return) must be filed by any partnership, limited liability company, or trust formed after October 1, 2017. An LLC formed after that date does not need to file 1120-S-CO as its operating documents are in compliance with Oregon law, and thus does not have to file the report.  The returns are due on April 15 of the following year. The due date on 1120S-CO are: If the LLC or corporation was formed before January 1, 2016, the due date is April 15 of the following tax year. Failure to timely file the 1120-S-CO will result in penalties of 25% of the total amount that was overdue, or 2,500 if an outstanding balance is 500 or more. See this blog post for more information. Form 1120-S (Revised) is a quarterly return for a partnership to determine if any partnership items are due. Items that are required to be reported quarterly are: • Payment of all interest, principal, and interest on debts held by the partnership. • Distributions by the partnership, if any. 1120-S is available for download from the Oregon Secretary of State. S Corporation Income Tax Return — Oregon Revised Statutes § 1.6055 The 1120S-CO (Corporate Income Tax Return) must be filed by an LLC formed on or after January 1st, 2018.

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