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Issue Number:    2021 - 07

Inside This Issue

1. Foreign-Controlled Domestic Corporations, Tax  Year 2018
2. 2018 Corporation Income Tax Returns Line Item Estimates (Publication 5108)
3. 2018 Corporation Income Tax Returns Complete Report (Publication 16)
4. ​Coronavirus Response and Relief Supplemental Appropriations Act Third Round Economic Impact Payments
5. Exempt Organization Financial Data, Calendar Year 2020

Tables for the Tax Year 2018 Foreign-Controlled Domestic Corporation study are now available on SOI's Tax Stats Web page. The tables, based on data from the Form 1120 series, include balance sheet, income statement, and tax-related data for domestic corporations with 50-percent-or-more stock ownership by a single foreign "person." The data are classified by industry group, country, and age of the corporations. For Tax Year 2018, there were 130,000 tax returns for Foreign Controlled Domestic Corporations. These returns reported $15.0 trillion of assets and $6.4 trillion of receipts.  Manufacturers reported $2.9 trillion of receipts and domestic companies with Japanese owners had $1.0 trillion of receipts. Of the total, 53,000 returns had a net income for the year amounting to $370 billion. FCDCs reported $247 billion of taxable income, $38 billion of total income tax after credits, and accounted for 2 percent of all corporation returns. These corporations reported 14 percent of the assets and 18 percent of the receipts.

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The 2018 Corporation Income Tax Returns Line Item Estimates (Publication 2018) is now available on SOI's Tax Stats Web page. The publication presents estimates of frequencies of taxpayer entries recorded on the applicable lines of the forms and schedules filed with corporation tax returns as shown in the 2018 Statistics of Income (SOI) Corporation Income Tax Return Complete Report (Publication 16). Publication 5108 also contains corresponding population estimates of dollar amounts recorded on those lines (as applicable). Tax Year 2008 is the first year of availability for these data.

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The 2018 Corporation Income Tax Returns Complete Report (Publication 16) is now available on SOI's Tax Stats Web page. The report presents statistics from U.S. Corporation Income Tax Returns (Forms 1120) and provides comprehensive data on corporation income tax returns with accounting periods ending July 2018 through June 2019. Statistics are presented by industry, asset size, business receipts size, tax form type, and other selected classifiers. Separate tabulations of data reported on U.S. Income Tax Return for an S Corporation (Form 1120S) are also included.

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The American Rescue Plan Act, enacted in March 2021, created a third round of advance cash payments to individuals, which was administered through the Coronavirus Response and Relief Supplemental Appropriations Act. Tabulations presenting data through early June 2021 detailing how many people in each State received the third round of Economic Impact Payments are now available on SOI's Tax Stats Web page. These data are classified by State, income category, filing status, and other features. The statistics released today provide details on more than 163 million payments worth approximately $390 billion.

Three new extracts of tax-exempt organization financial data for Calendar Year (CY) 2020 are now available on IRS's Tax Statistics Web page. These annual extracts contain selected financial data from Forms 990 (Return of Organization Exempt from Income Tax), Forms 990-EZ (Short Form Return of Organization Exempt from Income Tax), and Forms 990-PF (Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation) processed for program administrative purposes during Calendar Year 2020. The data are in Microsoft Excel. Supporting documentation is also available.

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