Form 1120, also known as the corporate tax form, is used by corporations to calculate their tax liabilities and report their income. This guide will explain who must file Form 1120, how to download it and the steps required to correctly file it. This form is crucial for business owners to comply with IRS regulations.
Table of Contents
What is Form 1120
U.S. Corporation Income Tax Return
The U.S. Corporation Income Tax Return, or Form 1120 as it is also called, is used by corporations to report their income, losses and gains. The Corporation Income Tax return is the form used by corporations to declare their income, losses and gains. This form helps the IRS to determine how much corporate tax is owed. The IRS updates this form annually to reflect any changes in tax law.
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Different types of Form 1120
There are different versions of Form 1120 for different types corporations:
- Form 1120F for Foreign Corporations
- Form 1120H for Homeowners’ Associations
- Form 1120L: For Life Insurance Companies
The instructions that come with each form are designed to help guide companies on how to complete them and when they should be submitted.
How to download Form 1120
How to download
Follow these steps to download the Form 1120:
- Visit the IRS Website
- Click on “Forms & Instructions.”
- Find “Form 1120” by searching.
- Download the form
Downloading the 1120-S form for S Corporations
S corporations must use Form 1120 S to file their tax returns. The IRS website also allows you to download this form using the same steps.
Who should file Form 1120
Filing Requirements
All domestic corporations are required to file Form 1120 unless exempted under Section 501. All entities who choose to be taxed in the same way as corporations are included. These entities are also required to file Form 8832, and attach it with Form 1120. This form is also required by corporations that are engaged in agriculture to report their earnings.
When to file Form 1120
Filing Deadlines
The deadline for filing a corporation’s income tax return is the 15th of the fourth month following the end of its tax year. The same deadline applies to new corporations that file short-period tax returns. The deadline for filing short-period returns is June 30 if the fiscal year ended on that date.
Extensions
If an organization cannot meet the deadline they can request a automatic extension by using Form 7004. To get the extension approved, it’s crucial to submit your application before the deadline.
How to file Form 1120
Filling out the Form
For corporations to file Form 1120:
- Fill out the form accurately.
- Report your income, deductions and losses.
- The form must be signed and dated by a person authorized (e.g. president, treasurer).
Methods of filing
Corporations may file Form 1120 electronically or on paper. To ensure efficient processing, make sure all schedules applicable are in the correct sequence.
The Key Sections on Form 1120
- First page: Includes tax, income, deductions and payments. Also includes refundable credit.
- Second page contains Schedule C.
- Third page contains Schedule J.
- Fourth and fifth pages: Contains Schedule K.
- Sixth page: contains Schedules M-1 and M-2.
Please read all instructions carefully before completing the form.
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It is important for corporations to file Form 1120 in order to comply with IRS regulations. This form is used to calculate and report tax liabilities. This guide will help corporations to ensure that they file their tax return correctly and on-time, avoiding penalties or issues.