The IRS has released a draft version of the 2016 instructions for Form 1120-C, U.S. Income Tax Return for Cooperative Associations.
The draft instructions [PDF 578 KB] reflect changes for 2016 include a revised due date for filing Form 1120-C, an increased penalty for a failure to file, and an alternative tax for cooperatives with qualified timber gains.
The draft instructions are dated December 14, 2016, and are subject to OMB approval before they can be finalized and officially released.
For more information, contact KPMG’s National Director of Cooperative Tax Services:
David Antoni | +1 (267) 256-1627 | email@example.com
Or Associate National Director of KPMG’s Cooperative Tax Services:
Brett Huston | +1 (916) 554-1654 | firstname.lastname@example.org
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