How to file tax extensions?

Which Corporate 1120 Tax Return to File?

• I am consulting a Canadian business who has recently established a US-based company. Their accounting year in Canada is a standard Calendar Year. Their UK subsidiary is on the standard UK financial year (April 1 - March 31). Their US C corporation is newly formed and has adopted a fiscal year of July-June. They incorporated in February 2010 and have yet to file a tax return. So my question is two part: (1) They had no sales from February 2010 through November 2010. Do they need to file a short year tax return for February 2010 to June 2010? If so, what 1120 do they file? Their accountant in Canada wants to use Turbo Tax so we need to purchase the appropriate version. Do they need to do the $0 tax return for 2009 or 2010 (keep in mind the Feb~June 2010 date but FYE June 2010), or do they file a 2010 return? (2) Going forward, from July 2010 to June 2011, they also need to file. They filed an extension for 2011, but have yet filed the tax return. They claim they have losses due to startup costs and non-depreciating assets. So again, which tax year 1120 do they file? Tax Year 2010 or 2011? (3) Is it safe to assume that all subsequent years will follow in that order (June 2012, what will they file?) Thanks!

• Answer:

  7/10 - 6/11 - Form 1120 (2010) 7/11 - 6/12 - Form 1120 (2011) 7/12 - 6/13 - Form 1120 (2012) Good luck.