Form 1122: Authorization and Consent of Subsidiary Corporation to be Included in a Consolidated Income Tax Return
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Form 1122: Authorization and Consent of Subsidiary Corporation to be Included in a Consolidated Income Tax Return

Form 1122 is used to authorize a third party, such as a bank, accountant, or other financial institution, to receive tax information from the Internal Revenue Service (IRS). The form must be completed and signed by an authorized representative of an organization, and must include the name and address of the organization, the name and address of the third party, and the type of tax information to be released. Instructions for both the subsidiary and parent corporations are outlined on the form.

What is Form 1122?

Form 1122 is used by organizations to authorize the Internal Revenue Service (IRS) to provide tax information to a third party. The form must be filled out and signed by an authorized official of the organization, and include the name and address of the organization, the third party, and the type of tax information to be released. This form must be submitted to the IRS along with any other required documents. Instructions for the subsidiary and parent corporations are included on the form to ensure accurate filing.

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H2-2 IRS Form 1122 – Who Needs to Fill It Out?

Form 1122 should be completed and signed by an authorized representative of an organization if they want to authorize the IRS to provide tax information to a third party such as a bank, accountant, or other financial institution. The form must include the name and address of the organization, the name and address of the third party, the type of tax information to be released, the signature of the authorized representative, and the date of the signature. It must be submitted to the IRS along with any other required documents. Subsidiary corporations must submit a signed Form 1122 to the common parent corporation of the consolidated group, while the parent corporation must attach an original, signed Form 1122 (or an unsigned version containing the same information) to the group’s consolidated income tax return. The parent corporation must retain the original, signed form in its records.

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Step-by-Step: Form 1122 Instructions For Filling Out the Document

Filing Form 1122 requires several steps to be taken. An authorized representative from the organization must complete the form with the correct information, including the name and address of the organization, the name and address of the third party, the type of tax information to be released, the signature of the authorized representative, and the date of signature. Once completed, the form must be submitted alongside any other required documents to the IRS. Additionally, the parent corporation filing the consolidated return must attach Form 1122 to the consolidated income tax return for each subsidiary for the first tax year that they consent to be included. An original, signed form as well as an unsigned version of the document containing the same information must be submitted. The parent corporation must then retain the original, signed form in their records.

Below, we present a table that will help you understand how to fill out Form 1122.

Information Required for Form 1122 Details
Third-Party Information Release Authorizing the release of tax information to a third party
Consolidated Return Attachment Attaching Form 1122 to consolidated income tax returns

Do You Need to File Form 1122 Each Year?

FORM 1122 must be completed and signed by an authorized representative of the organization to authorise it to receive tax information from the IRS. The form should include the name and address of the organization and the third party, any type of tax information to be released, as well as the signature and date of the authorized representative. It must then be submitted to the IRS, either with the signed form or an unsigned form containing the same information which must be retained in the company’s records. For the subsidiary corporation, an original signed form must be submitted to the parent corporation for the first tax year. For the parent corporation filing the consolidated return, it is also necessary to attach the same form to the group’s consolidated income tax return for the first tax year each subsidiary consents to be included.

Download the official IRS Form 1122 PDF

On the official IRS website, you will find a link to download Form 1122. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 1122

Sources:

https://www.irs.gov/forms-pubs/about-form-1122

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