C Corp Operations: E&P, Distributions, Dividends, Penalties

Free IRS Enrolled Agent SEE Part 2 (Businesses) lesson in Business Entities and Considerations. 19 min read, ~2,854 words.

Form 1120 due 15th day of the 4th month after year-end (April 15 for calendar year); flat 21% rate. Form 7004 grants an automatic 6-month extension. Failure-to-file penalty 5% per month (max 25%; 2025 minimum \$510 or 100% of tax due, whichever is less). §301 waterfall: current E&P first, then...