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Is federal income tax paid to the IRS, taxable for a corporation filing 1120? If not is it taxable for New York State? If not, where do i enter this on the form?

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Level 1

Is federal income tax paid to the IRS, taxable for a corporation filing 1120? If not is it taxable for New York State? If not, where do i enter this on the form?

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Level 15

It is not taxable. How would an expense be taxable?

It is not deductible- for federal or NY.

It gets entered as an M-1 adjustment - expense on books not on tax return.


ex-AllStar

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Level 11
Level 11
are you asking if federal taxes are deductible ? see pub 535
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Level 15

It is not taxable. How would an expense be taxable?

It is not deductible- for federal or NY.

It gets entered as an M-1 adjustment - expense on books not on tax return.


ex-AllStar

View solution in original post