{"id":12475,"date":"2018-04-27T08:00:35","date_gmt":"2018-04-27T13:00:35","guid":{"rendered":"http:\/\/taxprocenter.proconnect.intuit.com\/?p=12475"},"modified":"2018-04-27T08:17:56","modified_gmt":"2018-04-27T13:17:56","slug":"changes-now-in-effect-for-blended-corporate-federal-income-tax","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/changes-now-in-effect-for-blended-corporate-federal-income-tax\/","title":{"rendered":"Changes Now in Effect for Blended Corporate Federal Income Tax"},"content":{"rendered":"<p>Due to a provision in the <a href=\"https:\/\/proconnect.intuit.com\/tax-reform\/\" target=\"_blank\" rel=\"noopener\" data-wa-link=\"body_taxreform\">Tax Cuts and Jobs Act<\/a>, a corporation with a fiscal year that includes Jan. 1, 2018, will pay federal income tax using a blended tax rate and not the flat 21 percent tax rate under the Act that would generally apply to taxable years beginning after Dec. 31, 2017.\u00a0Many U.S. corporations elect to use a fiscal year end and not a calendar year end for federal income tax reporting purposes.<\/p>\n<p>Corporations determine their federal income tax for fiscal years that include Jan. 1, 2018, by first calculating their tax for the entire taxable year using the tax rates in effect prior to the Act and then calculating their tax using the new 21 percent rate, subsequently proportioning each tax amount based on the number of days in the taxable year when the different rates were in effect. The sum of these two amounts is the corporation\u2019s federal income tax for the fiscal year.<\/p>\n<p>The blended rate applies to all fiscal year corporations whose fiscal year includes Jan. 1, 2018. Fiscal year corporations that have already filed their federal income tax returns that do not reflect the blended rate may want to consider filing an amended return.<\/p>\n<p>The\u00a0<a href=\"https:\/\/www.irs.gov\/node\/10051\"title=\"Effect of Sequestration on the Alternative Minimum Tax Credit for Corporations\"  target=\"_blank\" rel=\"noopener\" data-wa-link=\"body_irs-node10051\" target=\"_blank\">federal sequester law<\/a>\u00a0remains in effect for the 2018 federal fiscal year. Corporations need to be aware of how this may affect their tax credits and refunds.\u00a0<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1120\"title=\"About Form 1120, U.S. Corporation Income Tax Return\"  target=\"_blank\" rel=\"noopener\" data-wa-link=\"body_irs-aboutform1120\" target=\"_blank\">Revised forms and instructions<\/a>\u00a0can be found on IRS.gov.<\/p>\n<p>Visit the Intuit\u00ae ProConnect\u2122 <a href=\"https:\/\/proconnect.intuit.com\/tax-reform\/\" target=\"_blank\" rel=\"noopener\" data-wa-link=\"body_taxreform\">Tax Reform Resource Center<\/a> for\u00a0continuous updates and review our <a href=\"http:\/\/taxprocenter.proconnect.intuit.com\/tag\/tax-reform\/\" target=\"_blank\" rel=\"noopener\" data-wa-link=\"body_tpc-taxreform-cat\">articles<\/a> on tax reform on the Tax Pro Center.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learn about an important change to the way U.S. corporations will pay their corporate federal income tax due to the Tax Cuts and Jobs Act.<\/p>\n","protected":false},"author":104275893,"featured_media":10654,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[509474089],"tags":[582953261],"intuit_collection":[],"intuit_series":[],"coauthors":[509474241],"class_list":["post-12475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-law-and-news","tag-tax-reform"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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