Instructions for Form CIT-120 West Virginia Corporation Net Income Tax Return - West Virginia

Form CIT-120 Schedule 1 Separate Entity Filer West Virginia Corporations Wholly in West Virginia - West Virginia

This document contains official instructions for Form CIT-120 , West Virginia Corporation Net Income Tax Return - a form released and collected by the West Virginia State Tax Department. An up-to-date fillable Form CIT-120 Schedule 1 is available for download through this link.

FAQ

Q: What is Form CIT-120?
A: Form CIT-120 is the West Virginia Corporation Net Income Tax Return.

Q: Who is required to file Form CIT-120?
A: All corporations doing business in West Virginia, including domestic and foreign corporations, are required to file Form CIT-120.

Q: What is the purpose of Form CIT-120?
A: The purpose of Form CIT-120 is to report the net income of corporations subject to West Virginia's corporation net income tax.

Q: Are there any exceptions to filing Form CIT-120?
A: Certain corporations, such as tax-exempt organizations and passive investment companies, may be exempt from filing Form CIT-120. It is recommended to review the instructions for further details.

Q: When is Form CIT-120 due?
A: Form CIT-120 is due on or before the 15th day of the fourth month following the close of the corporation's taxable year.

Q: Are there any penalties for late filing of Form CIT-120?
A: Yes, late filing of Form CIT-120 may result in penalties and interest being assessed by the West Virginia State Tax Department.

Q: What supporting documents need to be attached to Form CIT-120?
A: Certain schedules and supporting documents may need to be attached to Form CIT-120, such as Schedule A-5, Schedule F, and federal tax returns. Consult the instructions for a complete list of required attachments.