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Screen WIGen — Wisconsin Franchise or Income Tax Return (1120)

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General Information

Insurance company (C Corp)
Enter
X
 if the corporation is an insurance company and is not a member of a combined return. The application marks the checkbox on Form 4 or 6.
Corporation is not subject to economic development surcharge
Enter
X
 if the corporation is not subject to the economic development surcharge on Form 4, 5S, or 6. A corporation is subject to the economic development surcharge if it has gross receipts from all activities of $4 million or more during the taxable year. Gross receipts from all activities means gross receipts, gross sales, gross dividends, gross interest income, gross rents, gross royalties, the gross sales price from the disposition of capital assets and business assets, gross receipts passed through from other entities, and all other receipts that are included in gross income for Wisconsin franchise or income tax purposes. However, the economic development surcharge doesn’t apply to Domestic corporations that don’t have any business activities in Wisconsin, Foreign corporations that don’t have nexus with Wisconsin, or Nuclear decommissioning trust funds.
Type of tax return (S Corp)
Use the dropdown list or enter a code. If this field is blank or a
1
 is entered, the application uses the Wisconsin corporation franchise tax rules. The corporation franchise tax is imposed on all domestic corporations (those organized under Wisconsin law) and foreign corporations (those not organized under Wisconsin law) doing business in Wisconsin, except where taxation is exempted by statute or barred by federal law.
Enter
2
 to complete the return using the Wisconsin corporation income tax rules. The corporation income tax applies only to foreign corporations that are not subject to the franchise tax and that own property in Wisconsin or whose business in Wisconsin is exclusively in foreign or interstate commerce.
note
Franchise tax filers are taxed on U.S. and certain state and municipal obligation interest income. For more information, go to
Interest income
 on the
WIAdjs screen
.  Income tax filers are not taxed on interest income.

Additional Information

Location of books and records: City, state
Enter the city and state where the corporation’s books and records are located. If these fields are blank, the application defaults to the city and state used in the client’s mailing address.
LLCs of which corporation is sole owner
List any limited liability companies of which the client is a sole owner in the statement. The application uses this information to complete Schedule DE. If the return is a QSSS, the member data displays on Schedule DE.
Designee’s information: Name / Telephone number / Personal identification number
Enter information in the fields provided to report a third-party designee other than the designee entered in on the
Preparers
 tab. To view the
Preparers
 tab, go to
Setup
, then
Office Configuration
. Third-party designee information will print in the return’s signature block area if
1
 (Yes) has been entered in
IRS may discuss return with preparer
 on the federal
1120 screen
.
note
Data entered here overrides any data entered in the
Preparers
 tab. Use the
Preparers
 tab to report the preparer as the third-party designee for all of the preparer’s clients.

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