Completing the Federal Tax Questionnaire

Overview

The Federal Tax Questionnaire collects the information needed to prepare your company's federal tax return (Form 1120 for corporations). The questionnaire is presented as a modal and covers general business information, owner details, foreign ownership status, and any additional notes. Completing it accurately and on time ensures your tax filing proceeds without delays.

Before You Begin

Step-by-Step Instructions

1. Open the Federal Tax Questionnaire.

   What to do: On the Federal Tax tab, look for a prompt or button to complete the questionnaire for the current tax year. Click it.

   What you will see

   A modal opens with the title "Federal Tax Information ({year})" where {year} is the tax year being filed.

2. Complete the General Information section.

   What to do: Fill in all required fields in the General Information section. This typically includes your company's business activity, revenue details, and other general tax-related information.

   What you will see

   Form fields for your company's basic financial and operational details.

3. Complete the Owner Information section.

   What to do: Enter details for each owner or shareholder, including their name, tax identification number (SSN or ITIN), and ownership percentage.

   What you will see

   Fields for each owner's information. You may be able to add multiple owners if your company has more than one.

4. Complete the Foreign Ownership section.

   What to do: Indicate whether any owners are foreign nationals or non-US persons. If yes, provide the required details.

   What you will see

   A question about foreign ownership with fields that expand if you answer yes.

5. Add Additional Notes (optional).

   What to do: In the Additional Notes section, enter any extra context or information your tax preparer should know (up to 1000 characters).

   What you will see

   A text area with a character counter.

6. Submit the questionnaire.

   What to do: Review all sections for accuracy, then click the Submit button at the bottom of the modal.

   What you will see

   The modal closes and your federal tax timeline updates to reflect that the questionnaire has been completed.

7. Save progress and return later (optional).

   What to do: If you need more time, click Complete Later to save your progress without submitting.

   What you will see

   The modal closes. Your partially completed answers are saved, and you can return to finish the questionnaire at any time.

8. Cancel without saving (optional).

   What to do: Click Cancel to close the modal without saving any changes.

   What you will see

   The modal closes. No data is saved.

What Happens Next

• After you submit the questionnaire, your tax preparation team reviews the information and uses it alongside your bookkeeping data to prepare your federal tax return.
• The status on your Federal Tax timeline will update as the filing progresses.
• If any information needs clarification, the status badge will change to "Needs Attention" and you will be notified.