What is Schedule G (Form 1120)?
Schedule G (Form 1120) is a crucial document for corporations, used to report details about individuals or entities owning significant portions of voting stock. Specifically, it focuses on shareholders who hold 20% or more, either directly or indirectly, of the total voting power. This form is vital for the IRS as it clarifies who controls the corporation, promoting transparency in ownership. By providing detailed information on shareholders and their indirect ownership, Schedule G helps ensure compliance with tax laws and prevents potential abuses within corporate structures.
What is Schedule G (Form 1120) used for?
Schedule G (Form 1120) is essential for reporting ownership details in a corporation. It is used to disclose:
- Entities, individuals, and estates owning 20% or more of the corporation's voting stock directly.
- Entities or individuals holding 50% or more of the total voting power of all classes of stock, either directly or indirectly.
This form is necessary if a corporation answers "Yes" to specific questions on Form 1120, Schedule K.
How to fill out Schedule G (Form 1120)?
- 1
Identify entities and individuals with significant ownership stakes in the corporation.
- 2
Consult Form 1120, Schedule K for relevant questions.
- 3
Fill out Part I for entities and Part II for individuals.
- 4
Provide accurate identifiers like EIN and citizenship.
- 5
Double-check all entries for completeness and accuracy.
Who is required to fill out Schedule G (Form 1120)?
Corporations must complete Schedule G (Form 1120) if they have shareholders owning 20% or more of the corporation's voting stock directly, or 50% or more of total voting power directly or indirectly.
Afterward, this form is used to report essential shareholder information for tax purposes, ensuring compliance with IRS regulations.
When is Schedule G (Form 1120) not required?
Schedule G (Form 1120) is not required if the corporation has no shareholders owning 20% or more or 50% or more of the total voting power. Additionally, if the corporation answers "No" to Schedule K, Questions 4a or 4b, it can skip filing Schedule G.
When is Schedule G (Form 1120) due?
The deadline for Schedule G (Form 1120) is the same as the corporation's Form 1120 U.S. Corporation Income Tax Return. For most C corporations, this is April 15th of the following year. If the corporation files as an S corporation or partnership, the due date changes to March 15th. Missing these deadlines can lead to penalties.
How to get a blank Schedule G (Form 1120)?
To get a blank Schedule G (Form 1120), Information on Certain Persons Owning the Corporation’s Voting Stock, simply visit our website. The IRS issues this form, and we have it ready for you to fill out. Remember, our platform helps you fill and download forms but does not support filing them.
Do you need to sign Schedule G (Form 1120)?
No, you do not need to sign Schedule G (Form 1120). This form is a reporting tool that shares details about individuals or entities with significant voting stock in a corporation. Corporations must file it if they respond "Yes" to certain questions on Form 1120, Schedule K. For the latest updates, it's wise to check the IRS website. Use PDF Guru to fill out the form, download it, and handle any other necessary steps outside of submission.
Where to file Schedule G (Form 1120)?
To submit Schedule G (Form 1120), include it with your completed Form 1120 as part of your corporate tax return.
Mail the forms to the appropriate IRS address for corporations. Always check the IRS guidelines for the latest submission details.
