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

Free IRS Enrolled Agent SEE Part 2 (Businesses) lesson in Business Entities and Considerations. 18 min read, ~2,715 words.

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