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FAQ

What are the good ways to fill out 1120 form if my business is inactive?
While you might not have been “active” throughout the year, by filing a “no activity” return you may be throwing away potential deductions!  Most businesses (even unprofitable ones) will have some form of expenses ‡ think tax prep fees, taxes, filing fees, home office, phone, etc.  Don’t miss out on your chance to preserve these valuable deductions.  You can carry these forward to more profitable years by using the Net Operating Loss Carry-forward rules.  But you must report them to take advantage of this break. If you honestly did not have any expenses or income during the tax year, simply file form 1120 by the due date (no later than 2 and one half months after the close of the business tax year ‡ March 15 for calendar year businesses).  Complete sections A-E on the front page of the return and make sure you sign the bottom ‡ that’s it!
What is the difference between race, ethnicity, and nationality for the purposes of filling out forms that ask demographic questions?
I’m sure someone already wrote the answer, but here it goes:Nationality = the country from where you are from regardless of race/ethnicity.Ethnicity = usually inherited, people from the same ancestry sharing the same culture, traditions, language, rituals, etc…Race = a social construct that states humans that share the same physical qualities (these qualities may differ)Example One: Both Celia Cruz and Desi Arnaz were Cuban entertainers. They shared the same nationality (both were from Cuba) yet were different races as Celia was a black woman and Desi a mestizo? (mixed Spaniard with indigenous ancestry?). It is possible that Celia had Spanish ancestry although her physical appearance had dark skin and it is possible that Desi had a tiny bit of African ancestry (only he knows and DNA tests weren’t available then).Example Two: Two Hypothetical Nigerians.Two men are both Nigerians (same nationality), but are from different ethnic groups (one is Yoruba, the other is Ibo), they are both of the black race (not using an example of a mixed-race Nigerian).Example Two Hypothetical African-AmericansA man and a woman are born in the USA and they are the fifth generation. They are both American (nationality), they are both black (race), and they are of varying ethnic groups (took DNA tests) of all the Africans who were transported during the Atlantic Slave Trade including the European slave holders who produced children with their slaves.
What company is the best on helping and preparing for the Form 1120 US Corporation Income Tax Return?
If you are looking towards the Big 3, I would favor H&R Block. They have the most educated preparers and will match you with either a Senior Tax Analyst or an EA to work on your return. Your Corp ought to be using the services of a qualified accountant, who should also be qualified to prepare your return.
What happens to all of the paper forms you fill out for immigration and customs?
Years ago I worked at document management company.  There is cool software that can automate aspects of hand-written forms.  We had an airport as a customer - they scanned plenty and (as I said before) this was several years ago...On your airport customs forms, the "boxes" that you 'need' to write on - are basically invisible to the scanner - but are used because then us humans will tend to write neater and clearer which make sit easier to recognize with a computer.  Any characters with less than X% accuracy based on a recognition engine are flagged and shown as an image zoomed into the particular character so a human operator can then say "that is an "A".   This way, you can rapidly go through most forms and output it to say - an SQL database, complete with link to original image of the form you filled in.If you see "black boxes" at three corners of the document - it is likely set up for scanning (they help to identify and orient the page digitally).  If there is a unique barcode on the document somewhere I would theorize there is an even higher likelihood of it being scanned - the document is of enough value to be printed individually which costs more, which means it is likely going to be used on the capture side.   (I've noticed in the past in Bahamas and some other Caribbean islands they use these sorts of capture mechanisms, but they have far fewer people entering than the US does everyday)The real answer is: it depends.  Depending on each country and its policies and procedures.  Generally I would be surprised if they scanned and held onto the paper.   In the US, they proably file those for a set period of time then destroy them, perhaps mining them for some data about travellers. In the end,  I suspect the "paper-to-data capture" likelihood of customs forms ranges somewhere on a spectrum like this:Third world Customs Guy has paper to show he did his job, paper gets thrown out at end of shift. ------  We keep all the papers! everything is scanned as you pass by customs and unique barcodes identify which flight/gate/area the form was handed out at, so we co-ordinate with cameras in the airport and have captured your image.  We also know exactly how much vodka you brought into the country. :)