Corporate Tax Return Questionnaire

  • Corporate Tax Return Questionnaire

  • 📑 Information Collection for Form 1120 Preparation

    We collect this information to prepare your Form 1120 and all related schedules accurately and on time.

    Why we collect this information

    • To reflect your true financial position
    • To ensure compliance with IRS requirements

    What we review and verify

    • Income, expenses, assets, and liabilities
    • IRC-required corporate documents
    • Ownership records
    • Other information necessary for accurate tax preparation

    ⚠️ How to Save and Share Draft

    At the end of this form, click “Save”. You will receive a draft link via email. Please forward that link to tax@finops.company for a preliminary compliance review before signing.

    Compliance Review — Required before you sign

    1. Email your completed draft of the form to tax@finops.company and wait for FinOps confirmation.
    2. Sign the form only after receiving confirmation that all information is complete.

    🔒 Security of information

    All collected information is stored securely and is accessible only by your assigned tax preparer.

    ⏱ Preparation timeline

    We will begin preparing your return within 10 business days of receiving the completed and signed form, or according to the timeline in your signed quote.

    ✉️ Communication & follow-up

    • If any information is incomplete, we will contact you for clarification or additional documentation.
    • Please monitor all emails from @finops.company and check your spam folder regularly.

    💡 Need help?

    For any issues, email tax@finops.company.

  • 🏢 General Company Information

    We collect general information about your company to ensure the accuracy and completeness of your current-year tax return.

    1

    Corporate structure

    2

    Ownership

    3

    Contact details

    4

    Business activities

    This step helps us comply with IRS requirements and maintain accurate records for your tax filings.

  • Was there a change in name or other similar changes during the tax year? If yes, please upload all related documents.*
  • Was your Delaware Annual Report already filed with the state? Usually, it should be filed before/on March 1st of the following year, after the reportable year. For example, for 2025, you must file on/before March 1, 2026.
  • Do you want Finops to file your Delaware Annual Report?

  • 📄 Delaware Annual Report Filing

    For proper filing of your Delaware report, please complete the following form.

    Complete Delaware Report Form

    This step ensures your company remains in good standing with the State of Delaware.

  • 📂 Formation Documents Upload

    Please upload your state-stamped formation documents. If you amended your documents during the reportable year, upload those as well.

    1

    📝 Upload the original formation documents stamped by the state.

    2

    🔄 If amended during the year, upload the amended documents.

    3

    🌎 If registered in multiple states, upload formation documents for each state.

    ✅ Why we ask: We request these documents annually as part of our basic due diligence process to ensure compliance and accurate reporting.

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  • Format: (000) 000-0000.

  • ✍️ Authorized Signer for Form 1120

    For IRS purposes, the corporate tax return (Form 1120) must be signed by an authorized officer of the company. This means someone who holds a formal leadership role, such as:

    👤

    President or Vice President

    💼

    Treasurer

    📊

    Chief Accounting Officer

    🏢

    Another corporate officer (e.g., CEO or CFO) authorized to act on behalf of the corporation

    ⚠️ Important: Your accountant or tax preparer cannot sign the return on your behalf unless they are also a company officer.

    🔐 Next Step: When the return is ready, we will send it for signature via PandaDoc to the designated officer listed in your submission.

  • Are you a an authorized officer /owner of the business?*
  • Authorized officer title*
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  • What is the product or service that the corporation sells?
    Please provide a brief description

    If you know the NAICS code, add it too.

    You can find your NAICS code here

  • 📅 Tax Deadlines for C Corporations: Explanation and Recommendations

    C corporations must file their federal income tax return using Form 1120. The standard due date is the 15th day of the 4th month after the end of the corporation’s tax year. For calendar-year corporations, this means April 15.

    Our General Recommendations

    🏢

    For Corporations with Taxable Income: File on time and make quarterly estimated tax payments to avoid penalties, interest, and cash flow issues. Estimated tax due dates: April 15, June 15, September 15, December 15.

    📄

    For Corporations Without Taxable Income: File a 6-month extension (Form 7004), extending the deadline to October 15 (for calendar-year filers). Extensions help avoid unnecessary pressure and reduce rush fees while keeping the company compliant.

    Preferred Filing Date and Information Deadline

    To ensure timely filing, we ask all clients to select a preferred IRS e-filing date. According to our engagement letter, all required tax documentation must be submitted at least 20 calendar days before the tax filing due date.

    ⚠️ If information is provided later, a rush fee may apply to accommodate expedited processing.

  • Please select your preferred IRS e-filing date for your C-Corp tax return.*
     / /

  • 📋 Corporate Tax Return – Key Information

    In this section, we collect the key information needed to begin preparing your corporate tax return, including:

    🔢

    Your company’s Employer Identification Number (EIN)

    📅

    The tax year being reported

    👥

    Ownership details

    🏢

    Whether the company had any business activity during the year

    ✅ Why this matters: Even if you provided similar information previously, confirming or updating these details is critical to ensure accurate reporting and full IRS compliance.

  • What is the last day of the requested tax year?*
     - -

  • 📋 Accounting Method Used for Tax Reporting

    Please specify the accounting method your company uses for tax reporting purposes (cash or accrual).

    Why we ask: This information is required for completing your corporate tax return (Form 1120). Even if your company had no income or expenses during the year, the IRS still requires disclosure of the accounting method.

    What this means:

    💵

    Cash method: Income is reported when received and expenses are deducted when paid.

    📊

    Accrual method: Income is reported when earned and expenses are deducted when incurred, regardless of cash movement.

    📌 Example:

    You invoice a customer in December 2024 but get paid in January 2025:
    Cash method: Income goes on the 2025 return.
    Accrual method: Income goes on the 2024 return.

    ✅ Why this matters: Providing this information ensures your tax return is accurate and IRS-compliant.

  • What accounting method does your business use for tax returns?*
  • Does your business want to change the accounting method for the reportable year?*
  • Was the change in ownership during the tax year?*
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  • 📑 Schedule G – Shareholders with 20% or More

    Please list all shareholders who directly or indirectly own 20% or more of the company’s stock.

    👤

    If shareholders are individuals, please provide their full personal information.

    🏢

    If shareholders are legal entities, provide the full legal name and their country or state of incorporation.

    ✅ This information is required to ensure IRS compliance under Schedule G and must be complete for accurate filing.

  • Did the company have any business activity, income, expenses, assets, or liabilities during the tax year (including bank accounts, contracts, or loans)?*

  • 🚫 Zero-Activity Confirmation

    By selecting “No”, you confirm that the company had no financial or operational activity of any kind during the tax year.

    ⚠️ You understand that if this answer is inaccurate or incomplete, and no further details are provided, we will prepare a zero-activity Form 1120 based solely on your statement. We cannot ensure a fully compliant return without complete and accurate disclosures.

  • ⚠️

    Your answers will not be saved automatically.

    To make sure all your information is recorded, always
    click the Save button
    before moving to the next section.

    • Company Assets Information  

    • 📋 Company Assets Disclosure

      We ask about your company’s assets to identify any ownership, control, or transactions that may trigger IRS reporting requirements.

      🏦

      Bank accounts

      💹

      Investments

      💳

      Receivables

      🖥️

      Equipment

      💡

      Intellectual property

      🌍

      Foreign holdings

      We use your answers to assess whether additional filings are required, such as:

      • 📑 Form 5471 – for foreign corporations
      • 📑 Form 5472 – for transactions with related parties
      • 📑 Other disclosures related to controlled assets

      ✅ Why this matters: Accurate answers help ensure your tax return is complete and compliant with U.S. tax law.

    • Please select all assets that your business had during the reportable year*

    • 🧪 Section 174 – Capitalization of Research and Development Costs (Updated 2025)

      Recent federal tax legislation repealed the requirement for U.S. taxpayers to capitalize and amortize domestic research and software development expenses under Internal Revenue Code § 174.

      Beginning with the 2023 tax year, U.S.-based research and experimental (R&E) costs are once again fully deductible in the year incurred, restoring the long-standing treatment that existed prior to 2022.

      📘 Current Treatment of R&E Expenses

      🇺🇸

      U.S. activities: research and software development costs are deductible in the current tax year.

      🌍

      Foreign activities: remain subject to capitalization and 15-year amortization.

      This update simplifies compliance for U.S. companies engaged in software and product development while preserving capitalization requirements for foreign research expenditures.

      💡 Examples of Capitalizable Foreign R&E Expenses

      • 👩‍💻 Employee compensation and benefits for non-U.S. software engineers and technical staff
      • 🤝 Payments to foreign software development contractors or R&D vendors
      • ☁️ Overseas cloud computing and testing environments used in development
      • 🔍 Research and technical feasibility work performed outside the U.S.
      • 🧪 Prototype design and beta testing conducted by foreign teams

      ⚠️ Note: U.S. development costs are now deductible in the year incurred, but companies must maintain accurate records to differentiate domestic and foreign activities. Improper classification can result in IRS adjustments or penalties.

    • Has the company capitalized any R&D costs on its books?*

    • 💻 Research & Development Costs – Section 174 Review

      You answered “No” to our question on development costs. However, if your company incurred any of the following, you must provide a completed spreadsheet using our template.

      ✅ Click the button to open the template.
      📥 Download the spreadsheet, complete it, and upload it to this questionnaire.

      Open Spreadsheet Template

      📑 Examples of Section 174 Development Costs

      👩‍💻

      Salaries & Wages: In-house engineers, QA, DevOps, and their managers

      🤝

      Independent Contractors / Vendors: Third-party developers, freelancers, engineering firms

      💼

      Employee Benefits: Payroll taxes, health insurance, retirement contributions, bonuses

      ☁️

      Cloud Computing Costs: AWS, Azure, GCP charges for dev/test, CI/CD pipelines

      🖥️

      Equipment & Supplies: Servers, hardware, licenses (GitHub, Jira, IDEs)

      🏢

      Rent & Overhead Allocations: Pro-rata share of rent, utilities, and internet for R&D staff

      🧪

      Prototypes & Testing: Costs of MVPs, staging environments, prototype software

      📑

      Technical Feasibility Studies: Time/cost to assess the feasibility of new products/features

      🛠️

      Design, Architecture & Coding: UI/UX engineering, backend/frontend, databases

      🐞

      Quality Assurance (QA) & Debugging: Automated/manual testing, bug fixes pre-release

      ⚙️

      DevOps / Deployment Engineering: Configuration, automation, containerization tools

      ⚠️ Important Notes:
      🛠️ Maintenance, customer support, and post-release bug fixes are not Section 174 costs and may be expensed normally.
      📣 Marketing, sales, and general administrative activities do not qualify.

      📥 Download the spreadsheet, complete it, and include it in this questionnaire.

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    • Fixed Assets | Are fixed assets listed on the Balance Sheet with cost and accumulated depreciation separated by asset class or type?*
    • Fixed Assets | Were any fixed assets financed or leased (e.g., capital lease or loan agreement)?*
    • Fixed Assets | If financed, is the loan or lease liability separately shown on the Balance Sheet with terms (principal vs. interest)?*
    • Fixed Assets | Did the company sell, dispose of, or distribute any fixed assets to shareholders or related parties during the year?*
    • Fixed Assets | If yes, are the distributed or sold assets and any resulting gain/loss properly reflected on the Balance Sheet and income statement?*

    • 💻 Crypto Tax Reporting Guidance

      If your company engaged in any cryptocurrency transactions during the tax year — including purchases, sales, staking, mining, DeFi activity, or crypto-to-crypto exchanges — we strongly recommend preparing a complete transaction history using a tracking platform such as CoinTracker.

      📈

      Accurately calculate capital gains, losses, and income

      🧾

      Track cost basis and holding periods

      ✅

      Ensure IRS-compliant reporting on Form 1120

      📂

      Meet documentation standards for a potential audit

      ⚠️ Important Requirement: We cannot proceed with crypto-related tax reporting without a complete and reconciled report generated by CoinTracker or equivalent software.

    • Which platforms did the company use during the tax year to store, trade, or manage cryptocurrency?*
    • Did the company receive any cryptocurrency as payment for goods or services, or through mining, staking, or airdrops?*
    • Did the company sell, exchange, or transfer any cryptocurrency during the tax year?*
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    • 📋 Review of Intellectual Property and Intangible Assets

      We will review your Profit & Loss Statement and Balance Sheet to determine whether there are intangible assets. Please answer the following questions to help us assess whether additional IRS reporting is required as part of your Form 1120.

      ✅ Action Required:

      Provide details on any intellectual property or intangible assets not fully reflected in your financial statements so we can assess the proper reporting requirements.

    • IP and IA | Does the Balance Sheet include any intangible assets such as intellectual property, goodwill, trademarks, or software?*
    • IP and IA | If yes, were these assets:*
    • IP and IA | Did the company sell, transfer, or license any intangible assets during the tax year?*
    • IP and IA | Do your P&L and the Balance Sheet have all records for all transactions with IP and IA?*
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    • 📋 Dividend Distributions to Shareholders – P&L and Balance Sheet Review

      Please answer the following to help us identify whether dividend distributions require tax reporting beyond what is shown in your Profit & Loss Statement and Balance Sheet.

      ✅ Action Required:

      Confirm whether any dividend distributions have occurred that may not be fully reflected in your submitted financial statements, so we can ensure accurate and compliant tax reporting.

    • Dividends | Were any cash or non-cash distributions made to shareholders during the tax year? (This includes dividends, return of capital, or other payments not classified as salary or expense.)*
    • Dividends | If yes, are these distributions recorded as a reduction in retained earnings on the Balance Sheet?*
    • Dividends | Were the distributions paid in cash, property, or both?*
    • Dividends | Were these distributions classified as regular dividends or liquidating distributions?*
    • Dividends | Were Forms 1099-DIV issued to all shareholders who received distributions of $10 or more?*
    • Dividends | Were Forms 1042 and 1042-S filed to report dividend payments to foreign shareholders?*

    • 📋 Capital Contributions

      Please answer the following questions to confirm the treatment of capital contributions reflected (or omitted) in your Balance Sheet and Profit & Loss Statement.

      ✅ Action Required:

      Ensure that all capital contributions are properly identified and reported in your financial statements before we proceed with tax return preparation.

    • Capital Contributions | Did the corporation receive any capital contributions from shareholders during the tax year?(Includes cash, assets, or services contributed in exchange for stock or without receiving anything in return)*
    • Capital Contributions | What type of capital contribution was made?*
    • Capital Contributions | Are the contributions clearly reflected on the Balance Sheet under paid-in capital, additional paid-in capital (APIC), or common stock?*
    • Capital Contributions | Did any foreign shareholder make a capital contribution during the year?*
    • Capital Contributions | Were any shares issued in exchange for the contributions?*

    • 📋 Assets Not Recorded on the Balance Sheet

      To ensure complete and accurate tax reporting, please disclose whether the company owns or controls any assets that are not recorded on the Balance Sheet.

      Examples of unrecorded assets include:

      📦

      Assets acquired but not yet capitalized

      🎁

      Assets contributed to the company but were not recorded.

      ⚙️

      Assets used in operations but not depreciated or reported

      ✅ Please describe the asset, acquisition/contribution date, estimated value, and current use so we can determine proper reporting.

    • Does the company use or control any physical assets that are not recorded on the Balance Sheet?(e.g., equipment, computers, furniture, tools, leasehold improvements)*
    • Has the company acquired or developed any intangible assets (e.g., software, IP, trademarks) that are not capitalized or amortized on the Balance Sheet?*
    • Are there any assets contributed by shareholders or related parties (cash or non-cash) that were used in the business but not recorded in the accounting system?*
    • Are there any company-owned assets temporarily held under personal or third-party accounts or titles (e.g., domain names, licenses, equipment)?*
    • Were any significant purchases made near year-end that were not recorded in the books but were delivered or placed into service during the tax year?*

    • ⚠️ Important Notice

      If you answered “Yes” to any of the questions above, your Profit & Loss Statement and Balance Sheet must be updated to reflect the disclosed assets before we can proceed with tax return preparation.

      ℹ️
      Key Point: We do not modify or adjust your financial statements. Your accountant or bookkeeper should record any necessary entries so the statements accurately reflect all reportable activity.

      ⚠️ Risk of Noncompliance: Failure to update the financials may result in an incomplete or noncompliant tax filing.

    • 📋 Inventory Disclosure

      The IRS does not require small corporations to account for cost of goods sold (COGS) or maintain inventory under Section 471(c) (i.e., average gross receipts under $31M for the 2024&2025 tax years) if they qualify and consistently treat inventory as non-incidental materials and supplies.

      Why this matters:

      📊

      To determine whether additional reporting is required on your Form 1120, you must review your Balance Sheet and Profit & Loss Statement.

      📑

      If inventory appears on your Balance Sheet, the IRS requires beginning and ending inventory and COGS reporting on Form 1125-A (Schedule A).

      ⚖️

      If you wish to treat inventory under Section 471(c), confirm your prior-year election or update your Balance Sheet accordingly.

      ⚠️ Important Note: We do not adjust or modify your financial statements. Please ensure that your Balance Sheet reflects the proper treatment of inventory.

    • Inventory | Did the company purchase or hold any physical goods during the year that could be considered inventory (e.g., hardware, components, resale products)?*
    • Inventory | Did the company record any inventory as an asset on the Balance Sheet?*
    • Inventory | Were any items purchased for resale, bundling, customer delivery, or internal development use (e.g., onboarding kits, devices, or tech infrastructure)?*
    • Inventory | Were any items consumed immediately or within 12 months of purchase?*
    • Inventory | id you apply or elect the small business inventory exemption under IRC 471(c) in prior years?*

    • 🏢 Why We Ask About Ownership of U.S. LLCs or Other Legal Entities

      To ensure accurate tax reporting and compliance with U.S. federal and state regulations, we need to know whether you (or your company) own or have an interest in any U.S. Limited Liability Company (LLC) or other U.S.-registered legal entities.

      This information is critical because:

      📄

      Disclosure Requirements: The IRS requires disclosure of ownership in U.S. entities, especially if the owner is a foreign individual or company. Forms such as 5472, 1120, or 1065 may apply.

      🧾

      Filing Obligations: Ownership may create tax filing or reporting obligations, including income, partnership, or corporate tax returns.

      ⚖️

      Entity Classification & Compliance: Proper classification and reporting depend on ownership structure. For example, a single-member LLC with a foreign owner is a disregarded entity and must meet specific filing rules.

      🏛️

      State-Level Compliance: Some states have registration, annual filing, and tax requirements triggered by ownership, even without U.S.-source income.

      ✅ Why We Ask: Providing this information allows us to assess your situation accurately, avoid penalties, and ensure full compliance with applicable U.S. tax laws.

    • [114, 8938, 5471] Did your company own any following assets outside the US during the reportable tax year?
    • [114, 8938] What was the highest total value (in USD) of all foreign financial accounts combined at any time during the calendar year, even if only for a single day?*

    • Form 5471

      Foreign Corporation Reporting Requirement

      U.S. persons with ownership or control of a foreign corporation may be required to file Form 5471 under the Internal Revenue Code.

      1
      Legal Requirement
      Form 5471 is required under IRC §§ 6038 and 6046 for U.S. individuals and legal entities, who are officers, directors, or shareholders of certain foreign corporations.
      2
      Scope of Reporting
      The form reports ownership, financial results, balance sheet data, and transactions between the foreign corporation and related U.S. parties.
      3
      When It Applies
      Filing may be required based on ownership percentage, control, or role in the entity, even if the corporation had no activity during the year.
      !
      Penalties
      Failure to file Form 5471 may result in a $10,000 penalty per form, per year under IRC §6038. Additional penalties of $10,000 per month may apply after IRS notice (up to $50,000), and foreign tax credits may be reduced.
      5
      Next Step
      Please complete the Form 5471 questionnaire.
      If you need more time and cannot complete now, we will also send the same questionnaire to your email.
      Open Form 5471 Questionnaire

      Accurate reporting is required to maintain compliance with U.S. international tax regulations.

    • Foreign Entity Ownership – Additional Information

      You indicated that your company owns 100% of a non-U.S. entity that is not classified as a corporation under local law. For U.S. tax purposes, this entity must still be classified and reported correctly.

      1
      Default Treatment
      A foreign entity with one owner is generally treated as a disregarded entity for U.S. tax purposes unless an election is made.
      2
      Form 8832 and Reporting Outcome
      You may elect how the entity is treated for U.S. tax purposes by filing Form 8832:

      • If no election is made → the entity remains disregarded and must be reported on Form 8858
      • If an election is made to treat it as a corporation → the entity must be reported on Form 5471

      Proper classification determines the required IRS forms and avoids significant penalties for incorrect reporting.

    • How do you want to treat your non-US brunch:*
    • Date of organization*
       - -
    • Is the entity owned directly by the U.S. filer?*
    • Annual accounting period start date*
       - -
    • Annual accounting period end date*
       - -
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    • What Are “Related Parties”?

      For tax reporting purposes, “related parties” are individuals or entities that are connected through ownership or control.

      1
      Your Company
      The U.S. company that owns the foreign entity.
      2
      Owners and Shareholders
      Any individual or entity that owns, directly or indirectly, a significant interest in your company.
      3
      Other Companies Under Common Control
      Any company that shares the same ownership or is controlled by the same person or group.
      4
      Management and Key Individuals
      Directors, officers, or individuals who have control over business decisions.

       

    • Liabilities & Debt 

    • 🏦 Company Liabilities Information

      To ensure accurate preparation of your corporate tax return and compliance with IRS requirements, we ask you to complete the following questions related to your company’s liabilities.

      These questions help us properly assess:

      💵

      Interest deductions

      🤝

      Related-party loans

      📑

      Debt classifications

      📊

      Accrued liabilities

      ⚖️

      Potential limitations under the Internal Revenue Code (such as §163(j))

      🔒 Confidentiality Notice: All information provided will be treated as strictly confidential and used solely for tax compliance and advisory purposes.

    • Did the company have any debts, loans, accrued expenses, unpaid obligations, leases, or financial liabilities of any kind during the tax year (whether to shareholders, banks, vendors, or third parties)?
    • Debt & Liabilities | Did the company borrow funds from any shareholders, officers, or related parties?*

    • Related-Party Loan Interest Rate

      The IRS requires that loans between related parties, such as owners and their companies or affiliated entities, carry an interest rate that reflects market conditions.

      This rate is measured against the Applicable Federal Rate (AFR), which is published monthly by the IRS.

      If a loan uses an interest rate below the AFR, the IRS may treat it as a below-market loan and impute interest under IRC Section 7872.

      This means the IRS may calculate and tax interest as if it had been charged, even if no interest or a lower rate was actually applied.

      Applying the correct interest rate is important because non-compliance can result in additional taxable income, reclassification of transactions, such as disguised distributions or contributions, and potential penalties. Using AFR helps ensure that the loan is respected as a legitimate financial transaction for tax purposes.

      Check IRS AFR Rates
    • Debt & Liabilities | Did the company make any interest payments on related-party loans during the tax year?*
    • Debt & Liabilities | What is the stated interest rate on the related-party loan, and was this rate compliant with IRS Applicable Federal Rates (AFR) and IRC §7872 requirements?
    • Debt & Liabilities | Were any related-party loans converted to equity or forgiven during the tax year?*
    • Debt & Liabilities | Did the company have any outstanding loans, lines of credit, or bonds with financial institutions during the tax year?*
    • Debt & Liabilities | Did the company accrue year-end liabilities such as bonuses, vacation, or payroll taxes?*
    • Debt & Liabilities | Were these accrued amounts paid within 2.5 months after year-end?*
    • Debt & Liabilities | Is the company involved in pending litigation, legal claims, or potential settlements?*
    • Debt & Liabilities | Has the company recorded or estimated any legal reserves or contingent liabilities?*
    • Debt & Liabilities | Does the company have any unpaid payroll, sales, income, or franchise taxes from prior periods?*
    • Debt & Liabilities | Have any tax-related penalties or interest accrued during the year?*
    • Debt & Liabilities | Was any debt (e.g., SBA, PPP, or related-party) forgiven during the tax year?*
    • Debt & Liabilities | If forgiven, was the forgiveness properly documented and excluded from taxable income where allowed?*
    • Debt & Liabilities | Has the company guaranteed any debt on behalf of third parties or entered into any material obligations not reflected on the Balance Sheet?*
    • Revenue and Expenses  

    • 📋 Revenue and Expenses – Tax Compliance Questionnaire

      Please answer the following questions to confirm that all reportable income and deductible expenses are properly reflected in the Profit & Loss Statement and Balance Sheet submitted for your tax return preparation.

      ✅ Action Required:

      Review your financial statements carefully and answer each question to ensure that your income and expenses are fully captured for accurate tax reporting.

    • Did your company receive 1099 Form(s) for the reportable year? *
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    • Does the Profit & Loss Statement reflect the company’s total gross receipts for the year before any fees, discounts, refunds, or chargebacks?(e.g., Stripe, PayPal, Shopify, crypto, affiliate platforms)*
    • Were any merchant or platform fees (e.g., Stripe, PayPal, Shopify, card processors) deducted from revenue instead of shown as expenses?*
    • Does your revenue include all worldwide sales?*
    • Were any proceeds received from grants, forgiven loans, insurance reimbursements, or other non-operating income?*
    • Were any sales refunds, credits, or reversals recorded during the year?*
    • Does the Profit & Loss Statement reflect all business expenses paid or accrued during the year (including rent, payroll, software, travel, subscriptions, etc.)?*
    • Did your company pay any US contractor who is an individual, LLC, or Partnership, or for legal services of any type of entity, including corporations, totaling $600 and over in the reportable year?*
    • Did your company submit Form 1099-NEC for each US contractor received over $600 in total for the reportable year?*
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    • Are any personal or non-deductible expenses included in the P&L (e.g., owner meals, personal travel, gifts, home use)?*
    • Do you elect the IRS $2,500 de minimis safe‐harbor to immediately deduct (rather than capitalize) purchases of furniture, computers, and similar tangible items during the tax year?*
    • Were any major expenses over $2,500 (e.g., hardware, software, furniture, or equipment) incorrectly recorded as an expense instead of capitalized as an asset?*

    • 🏛️ Officers’ U.S. Wages – Form 1120 Reporting

      C corporations must report compensation of officers on Form 1120 (page 1, “Compensation of officers”). If total receipts are $500,000+, attach Form 1125-E (Compensation of Officers).

      • Why report? Supports a valid tax deduction, payroll/W-2 compliance, and IRS reasonableness tests (especially for closely held corporations).
      • What wages? U.S. wages paid to corporate officers for services performed, subject to payroll tax and reported on Forms W-2/W-3.

      Who are “officers”?

      • Positions designated in bylaws/state filings (e.g., President/CEO, Vice President, Treasurer/CFO, Secretary).
      • Any individual acting as a corporate officer with authority over company policy/finances—even if also a shareholder.

      ✅ Keep officer titles in corporate records and ensure W-2s match Form 1120/1125-E totals to avoid adjustments.

    • Your company had revenue over $500K and paid wages to US officers?*
    • Does the Balance Sheet reflect any deferred revenue or unearned income?*

    • ⚠️ Form 5472 Compliance – Foreign Ownership Reporting

      The IRS requires U.S. corporations that are at least 25% foreign-owned to file Form 5472 if they had any reportable transactions with foreign-related parties during the tax year.

      Examples of reportable transactions include:

      💵

      Payments

      💳

      Loans

      🛒

      Purchases

      🛠️

      Services

      📈

      Interest

      🏦

      Capital contributions

      Who counts as a “foreign-related party”?

      • Any non-U.S. person or entity owning 25%+ directly or indirectly
      • Parent companies or subsidiaries outside the U.S owned by 25% non-U.S. shareholders.
      • The non-U.S. owner’s relatives, even if they are U.S. tax residents
      ⚠️

      Filing accurately is critical: IRS penalties for non-compliance start at $25,000 per year. Even routine business with foreign owners or affiliates can trigger this requirement.

      ✅ Action Required:

      Please complete all required information. If you have more related parties than the fields provided, prepare a separate document and upload it at the end of this section.

    • [5472] Did the corporation have any reportable transactions with a 25% foreign-shareholder and/or foreign-related party during the tax year (including payments, loans, purchases, sales, rents, service fees, interest, or capital contributions)?*

    • 🌐 25% Foreign Shareholders & Related Parties — Information Required

      Please complete the requested information for each foreign shareholder who owns 25% or more of the U.S. corporation and for each of their related parties.

      1

      Provide details for every foreign shareholder with ≥25% ownership (direct or indirect).

      2

      Also include each related party of those shareholders (entities or individuals).

      3

      If there were any transactions between the U.S. corporation and a 25% foreign shareholder, that shareholder is a related party. In this case, provide the required information twice — once under the 25% foreign shareholder section and again under the related party section.

      ✅ Be thorough and accurate: This information is essential for tax compliance and reporting under IRS requirements.

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    • Taxes and Tax Credits 

    • 💰 Why We Ask About Tax Payments, Estimated Taxes, and Credits

      We collect information about your corporation’s tax payments—including any estimated tax payments—and potential tax credits to ensure full compliance with federal and state tax laws. This helps us accurately calculate your tax liability, avoid penalties, and identify any refundable or applicable credits (e.g., the R&D Tax Credit or state-specific incentives).

      Why estimated taxes matter:

      📅

      Required if your corporation is expected to owe at least $500 in federal income tax

      💵

      Timely payments help avoid IRS underpayment penalties

      📊

      Maintain predictable cash flow for your business

      🚀

      Especially important for growing or profitable companies, or those with pass-through income or large contracts

      By providing this information, we can:

      • ✅ Confirm compliance with quarterly payment requirements
      • ✅ Reduce exposure to interest and penalties
      • ✅ Maximize available credits and refunds

      ⚠️ Important: Even if your company had minimal activity, reporting this data ensures your filing remains accurate and penalty-free.

    • Please choose all that are related to your company:

    • 🧾 Estimated Tax Payments Questionnaire

      To ensure accurate tax reporting and avoid underpayment penalties, we must collect complete details of all estimated tax payments your company made during the reportable year.

      Details to include for each payment:

      📅

      Date the payment was made

      💵

      Amount paid (specify federal or state)

      💳

      Payment method (e.g., EFTPS, check, state e-pay, card)

      ✅ Action Required:

      Provide dates, amounts, and payment methods for each estimated tax payment so your return reflects all federal and state payments accurately.

    • Please provide the following details:

      Federal Payment 1
      Payment Date:   Pick a Date*   
      Amount Paid ($):   *   

      Federal Payment 2 (if any)
      Payment Date:   Pick a Date   
      Amount Paid ($):      

      Federal Payment 3 (if any)
      Payment Date:   Pick a Date   
      Amount Paid ($):      

      Federal Payment 4 (if any)
      Payment Date:   Pick a Date   
      Amount Paid ($):      

      State total payments (if any):
      Amount Paid ($):      

    • 🔬 R&D Tax Credit Questionnaire

      To evaluate and prepare your federal (Form 6765) and applicable state R&D tax credit claims, we need detailed information about your company’s qualified research activities (QRAs), related expenses, and participants during the tax year.

      What to include:

      🧪

      Project descriptions for qualified research activities (goals, uncertainties, experiments)

      👥

      Employee roles and percent of time on QRAs (engineers, QA, PMs directly supporting R&D)

      💵

      Wages for eligible employees (salary, payroll taxes, bonuses allocated to QRAs)

      🤝

      Contractor costs (third-party developers, engineering firms; identify vendor & scope)

      📦

      Supply expenses used in development and testing

      ☁️

      Cloud & software costs related to qualified research (compute, environments, tools)

      ✅ Action Required:

      Provide project descriptions, employee roles, wages, contractor costs, supply expenses, and any cloud/software costs related to qualified research. This ensures we can calculate and document your maximum allowable credit.

    • [6765] Describe the qualified research activities (QRAs) conducted:

      1. What products, processes, software, or technologies were you designing, improving, or testing?   *   
      2. What technical uncertainties or challenges were you trying to resolve?   *      
    • [6765] Was any portion of your R&D funded by a third party, client, or government grant?*

    • [6765] Third-party funding or contracts
      Who funded it?   *   
      Was payment contingent on results or deliverables?      *      
      Did your company retain intellectual property rights?      *            

    • [6765] Estimate your total annual Qualified Research Expenses (QREs):

      Wages: only U.S. employee wages are directly related to R&D   *   
      Contract Research: U.S.-based contractor invoices for technical work   *   
      Supplies: Non-depreciable materials used in development or prototyping   *   
      Cloud/Hosting: Qualified cloud computing for software development   *   
      Other:            

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    • 📈 Upload Your Company’s Profit & Loss (P&L) Statement

      Please upload your company’s Profit & Loss (P&L) statement for the reportable year.

      If your company is registered or operates in multiple U.S. states, provide a P&L statement broken down by state.

      • Include total revenue and expenses for the full fiscal year
      • If applicable, show state-specific income and expense allocations

      ✅ Providing a detailed P&L by state supports accurate tax apportionment and multi-jurisdiction compliance.

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    • 📊 Upload Your Company’s Balance Sheet

      Please upload your company’s Balance Sheet for the reportable year.

      Your Balance Sheet must include both:

      • Beginning balances — the account values on the first day of the fiscal year
      • Ending balances — the account values on the last day of the fiscal year

      ✅ Including both opening and closing balances ensures accurate year-end reconciliation and compliance with reporting standards.

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    • What are the corporation's bank account credentials for a tax payment?

      Bank Name:   *   
      Bank account type:      *      
      Routing | ABA Number for :   *   
      Account Number:   *   

    • ⚠️ Important Draft Review Requirement

      Before signing your corporate tax return, please save the draft and share the draft link with FinOps via tax@finops.company for a preliminary compliance review.

      ✅ Next Step:

      Proceed with signature only if:

      • ✔️ You are certain that all information is complete and compliant, or
      • ✔️ You have received FinOps confirmation that the draft is ready for signing

  • ✅ Certification Statement

    By submitting this questionnaire and the requested documentation, I certify that all information provided is complete, accurate, and reflects all relevant facts necessary for the proper preparation of the corporate tax return.

    ⚠️ Acknowledgment of Responsibility:

    I understand that any omissions, inaccuracies, or failure to disclose required information may result in delays, IRS penalties, audits, or other consequences, and I accept full responsibility for such outcomes.

  • Date of submission*
     - -
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  • Thank You for Choosing FinOps.Company

    By submitting this questionnaire, you initiate our corporate tax preparation process.

    📋 Review & Validation

    • Ensure all fields are fully complete and accurate, and corrections suggested in the questionnaire are incorporated.
    • Confirm your Profit & Loss and Balance Sheet uploads include all required data and attachments.

    ⏳ Preparation Timeline

    We will begin drafting your Form 1120 and related schedules within 10 business days of receiving this form and all requested attachments. If any information is missing or unclear, we will contact you for clarification.

    📨 Finalization & Delivery

    Once your return is finalized, it will be sent via PandaDoc to the designated signing officer, with a copy forwarded to the form submitter (if different). Please note that incomplete or delayed information may postpone your tax return preparation.

    📧 Questions?

    If you have questions or encounter issues while completing this form, please contact us at tax@finops.company.

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