Form 1120-S (Schedule M-3) North Carolina 2019-2025

Form 1120-S (Schedule M-3) North Carolina: What You Should Know

Paycheck Protection Program (PPP) loans. An S corporation should  Schedule M-3 (Form 1120-S) (Rev. December 2019) — IRS Instructions for Schedule M-3 (Form 1120-S) — ACTOR: For additional information, see section 118. Paying Your Credit Tax Instructions for Section 135 Payment of Credit Tax. The S corporation is allowed some special tax deductions in the year it pays the corporation tax. A special deduction allows the corporation to add a portion of any tax paid in a previous year to the amount of tax due for the current tax year.  For Example: An S corporation paid tax of 50,000 in 2010, 50,000 in 2025 and 50,000 in 2012.  For any subsequent tax year the corporation is allowed the following deduction: 0. Section 135 Special Deductions for S Corporations (Section 115) S Corporation Return Instructions For this reason, the tax payment of: Payment of tax due for the year paid in accordance with Section 115 does not affect the amount of the federal taxable income for the tax Year to be filed. (Section 115(b)(2)). The deduction allowed is 0 or any portion of the corporation's tax that may result from the corporation's taxes paid in the year paid (if any) in accordance with Section 115(b)(2). The 0 or any portion of the corporation's tax paid in the year, as the case may be, in accordance with Section 115(b)(2), shall be applied to reduce the corporation's tax liability for the tax year of the payment to the amount of the corporation's tax paid in the year of payment. If any part of the Section 115 deduction allowed by this paragraph does not meet the requirements of section 115(b)(2) for a deduction of 0 or any portion of the corporation's tax that is an overpayment of tax, no deduction is allowed. (Section 115(b)(2) also allows any interest, penalties or additions paid in relation to the previous year's tax.

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