IRS releases draft instructions, Form 1120-C for 2017 | KPMG | GLOBAL

IRS releases draft instructions, Form 1120-C for 2017

IRS releases draft instructions, Form 1120-C for 2017

The IRS has posted a draft version of instructions for Form 1120-C, U.S. Income Tax Return for Cooperative Associations, proposed as guidance for filing the form for 2017.

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The draft instructions for Form 1120-C [PDF 560 KB] reflect a date of September 19, 2017, and include cautionary language that these instructions are not to be relied upon for filing purposes, and are subject to change and to OMB approval before being officially released.

The draft instructions reveal that new items concern: 

  • An increase in the penalty for failure to file
  • No alternative tax for cooperatives having both a net capital gain and a qualified timber gain
  • Updated and revised “principal business activity” codes to reflect updates to the North American Industry Classification System

 

For more information, contact KPMG’s National Director of Cooperative Tax Services:

David Antoni | +1 (267) 256-1627 | dantoni@kpmg.com

 

Or Associate National Director of KPMG’s Cooperative Tax Services:

Brett Huston | +1 (916) 554-1654 | bhuston@kpmg.com

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