Form 1120-RIC Arizona 2024-2025

Form 1120-RIC Arizona: What You Should Know

States) For U.S. Individual taxpayers who elect to file Form 1120-SF, the Arizona Department of Revenue has a Form 1120 Filer's Guide available here. For U.S. corporations for which the Arizona Corporate Income Tax Return, filed for the calendar year ending December 31, is required, please see the Arizona Corporate Tax Return (Form 1120 D) instructions here or call or to obtain those instructions. The Arizona corporate income tax rate is 12.45 percent, and any state income tax imposed in accordance with the federal tax laws is excluded from the state's tax. All Arizona corporate income tax is to be paid on the business profits (i.e. before any deductions) received from doing business in Arizona. The filing requirement for Form 1120-F is based on the form of business conducted as defined by the Arizona state constitution. The definition also includes a description of the type of business, its principal place of business (if different from where the taxpayer is physically located) and the type of property acquired. For example, a business that is selling lottery tickets would file Form 1120-SF. The gross receipts are to be reported on the first page of Form 1120-SF. The type of business and the gross receipts would appear on the second page of Form 1120-SF. The type of property acquired would be described by using one term in the statement of facts on the third page of Form 1120-SF. The value realized by the business from the sale of lottery tickets would also appear at that time (because the net profits would have the greater percentage of gross receipts). Note : the words “gained” or “acquired” in the description of the net profits are not defined in the Arizona corporate income tax statute and can vary from one year to the next. Therefore, Form 1120-SF should not be used to determine where business income was taxed and which taxes were paid. In this case, see Form 8-K or a separate form and attach to Form 1120-SF a description of the manner in which the net profits were realized as well as a description of property acquired. The term gross receipts” does not include any costs associated with the sale of lottery tickets under the business which is not included in the gross receipts.

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