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If your tax return is under audit, you will receive written correspondence in the mail from an LDR tax auditor with detailed information concerning your audit. An auditor may call you first to verify contact information. I have received a letter stating my tax return is under audit.
In general, businesses can deduct various federal, state, local, and foreign taxes related to your business. You cannot deduct federal income taxes. The IRS allows you to deduct certain payroll taxes. You can deduct sales tax on items you purchased as a deductible business expense.
Corporations file Schedule M-3 (Form 1120) to answer questions about their financial statements and reconcile financial statement net income (loss) for the corporation to net and taxable income on Form 1120.
Form 1120-C If the corporation's principal business, office, or agency is located in:Use the following IRS center address:The United StatesDepartment of the Treasury Internal Revenue Service Ogden, UT 84201-0012A foreign country or U.S. possessionInternal Revenue Service PO Box 409101 Ogden, UT 84409
DOMESTIC CORPORATIONS ? Corporations organized under the laws of Louisiana must file an income and franchise tax return (Form CIFT-620) each year unless exempt from both taxes.
If you are taxed as a C-Corp, you need to file a Form 1120, you must file it by the 15th day of the forth month following the close of the tax year, which for most taxpayers is April 15 or the next business day if it falls on a weekend or holiday.
If you are single, you should file Form IT-540, Louisiana Resident Individual Income Tax Return, reporting all of your income to Louisiana. If you are married and both you and your spouse are residents of Louisiana, you should file Form IT-540 reporting all of your income to Louisiana.
If your business grows big enough, you'll be required to report your balance sheet on Schedule L of your C corporation's tax return.