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Form 1120 Online AR: What You Should Know

Can an individual file a “corporate” income tax return electronically? 8. No. 8.1. An individual filing a corporate return is, by law, required to file an electronic return. 8.2. An individual filing the return electronically is subject to a payment processing fee, as in all filings. 8.3. An individual may not file a return electronically without first obtaining a tax preparer's number (TR-04, TR-15) which requires an application and a proof of eligibility to prepare income tax returns. 8.4. To receive a TR of an Individual with a business address in Arkansas, you must file electronically by February 14, 2022. 8.4. Can an individual file a “corporation” income tax return electronically? 8. No. 8.2. An individual filing a corporate return is, by law, required to file an electronic return. 8.3. An individual filing the return electronically is subject to a payment processing fee, as in all filings. 8.4. Can a sole proprietor or a business that is taxed as a partnership file a corporate return electronically? 8. No. An individual or a business that is taxed on a partnership basis may not file a return by e-filing using the electronic filing feature. The electronic filing feature is only available for returns containing itemized deductions. When an electronic return is filed on paper, the return is filed as a separate schedule of payments. 8.5. A non-corporate entity may file an Individual income tax return electronically, subject to certain requirements. These entities are required to file an individual return electronically even when the entities are taxed under Part 3 of the Internal Revenue Code. When filing to show they are not a qualified entity by section 761(b), an entity that is in the business of buying or selling property may have to meet additional requirements.  A “Partner” entity is an entity that has an ownership interest in another entity; such entities must report their income to the Internal Revenue Service on Form 8886. An “Investment Sponsor” is an entity that sells or buys certain property and generates income from such sales through an investment in property. However, the purchase by the sponsor of shares of stock in a non-corporate entity is not a sale or exchange.

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