Determining the need to use Form 1138
Determining the need to use form 1138 is very important. You have to determine carefully that whether or not you will face net operating loss for the specific year. There are many tools which are now available in the market which will certainly guide you through all the small details about a specific company’s net operating losses. The tools which will try to determine the net operating losses will see outstanding tax liabilities for a specific year as it will certainly inform you in detail that whether or not you qualify to use the tax form 1138.
Obtaining the form from IRS
After determining as whether you will face net operating loss for a specific year, now you can obtain the form 1138 from Internal Revenue Service. Go to their state office and get one or you can go their website and download form 1138. Make sure that you download the right form. You also need to make sure that form 1138 is title with the name "Extension of Time for Payment of Taxes by a Corporation Expecting a Net Operating Loss Carryback." It should be relatively easy to download this form as once you click on the link you will be given the option to save this form on your computer.
Providing basic identification information
Fill out the form with basic identification information. It will help the department to reach you in order to solve ambiguity regarding extension of time of payment of taxes. Write your company’s name and proper address. You should also write your employer identification number as it will help the IRS to track down all your past business records.
Write tax year ending date
It is also very important that you need to write tax year for which you are submitting the form 1138. It will clarify that you are requesting the government to grant you slight leniency in anticipation for the tax submission. After submitting you will have to be patient for a response from the IRS on how to proceed further with your request.