They are filed both for simplicity and to allow the parent organization to receive tax benefits that may otherwise be forfeited.
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Consolidated corporate returns have been allowed since 1918, in recognition of the fact that although many businesses achieve some of their objectives with multiple legal entities, the tax code recognizes that the business entity is singular.
There are several advantages to filing a consolidated tax return, such as being able to centralize the planning, reporting, and paying of the tax, but once the choice is made to file consolidated returns, then the group must continue to do so thereafter.
Consolidation is usually an all-or-nothing event: once the decision to consolidate has been made, companies are irrevocably bound.
Only by having less than a 100% interest in a subsidiary can that subsidiary be left out of the consolidation.
Countries which have adopted a tax consolidation regime include the United States, France, Australia and New Zealand.
Countries which do not permit tax consolidation often have rules which provide some of the benefits.
CAUTION: We cannot respond to tax-related questions submitted using this page.
IRC §1501 allows, but does not require, an affiliated group of corporations to file a consolidated income tax return for the group.
Tax consolidation, or combined reporting, is a regime adopted in the tax or revenue legislation of a number of countries which treats a group of wholly owned or majority-owned companies and other entities (such as trusts and partnerships) as a single entity for tax purposes.