Hello,
Attached is a draft of the Tax Year 2025 U.S. Corporation Income Tax Return for SNC. Prior to filing the return, Cowrie – Administrator Services provides a copy of the draft return to allow the community to comment and to answer any questions.
We plan on filing this return prior to the deadline and to make payments of any tax outstanding by Wednesday, April 15, 2026. While the IRS allow for an extension – the extension is simply a filing extension and does not impact the timing of any payments. As the information is complete and the return is ready to be filed, there is no need to extend the filing period.
A few other important items:
• SNC has elected to be taxed as a corporation, so the proper tax return filing is Form 1120, U.S. Corporation Income Tax Return.
• This return was prepared for SNC by Cowrie - Administrator Services and will be signed by David Kerr as a member of the DUNA.
• The return should be reviewed in conjunction with the Q4 and Year End 2025 Financial Statements and Tax Update, which contains the financial statements and important information about revenue and expense recognition, among other items.
• Any payments you received from SNC during 2025, regardless of the form (i.e., tokens or USD), should be reported as income on your personal tax return. Apart from reporting those payments, the corporate tax return does not impact your personal tax return, nor does it create any personal tax obligations for you.
Thank you.