Companies in the same state must file corporate tax returns. Corporations that form on June 1 will use the fiscal year ending on June 30. Those corporations that form on May 1 will file a joint return but not consolidated returns. Generally, a corporation should file its corporate tax returns on Aug. 15 each year. The process is a bit more complicated than a single-member business. However, it can still be done with a little bit of help.
To prepare the corporate tax return, the financial officer must gather all information about taxable income and expenses. Then, they must make a detailed comparison of the taxable income to the financial statements to determine which is higher or lower. If the corporation has more than $10 million in assets, it must also complete a 3-page reconciliation on Schedule M-3. This form must also include an explanation of any temporary or permanent differences between taxable and nontaxable income.