IRS request for comments concerning Form 1120-C 

May 17:  A notice published this week in the Federal Register includes a request for comments concerning Form 1120-C, U.S. Income Tax Return for Cooperative Associations.

The IRS notice [PDF 172 KB] explains that previously, farmers’ cooperatives filed Form 990-C, and other cooperatives filed Form 1120. Form 1120-C replaced this system, which is now filed by all cooperatives.

Beginning with tax year 2011, Schedule A has been deleted, and replaced with a stand-alone Form 1125-A; and Schedule E has been deleted, and replaced with a stand-alone Form 1125-E. Also, certain lines (25a, 25b, 25c, 26a, 26b, 26c, and 26d) have been reformatted into new lines, based on comments received from a farmer cooperative association.

Comments are due on or before July 15, 2013.

For more information, contact KPMG’s National Director of Cooperative Tax Services:

David Antoni, in Philadelphia

(267) 256-1627

Or Associate National Director of KPMG’s Cooperative Tax Services

Brett Huston, in Sacramento

(916) 554-1654

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