Form 1120 for U.S. Corporations
Form 1120 is used by corporations in the United States to report their income and calculate their taxes. It is also used to report gains, losses, deductions, and credits that apply. If your business is incorporated, you will likely need to use Form 1120 to file taxes for the year.
Different Forms for Different Corporations
- S-Corps should use Form 1120-S.
- Smaller companies can use the simplified Form 1120-A.
- Most foreign corporations should file Form 1120-F.
Filing Requirements for C-Corps and S-Corps
If you are taxed as a C-Corp, you must file Form 1120. You have the option to file online or by mail. It is recommended to file online for efficiency.
S corporations do not file Form 1120. Instead, they pass income and losses through to shareholders for personal tax reporting. S corporations must use Form 2553.
Penalties and Filing Requirements
- S Corps face steep penalties for late filing.
- C corporations must file Form 1120 annually.
- S Corp owners must file Form 1120-S irrespective of income.
Reporting for S Corporations
Form 1120-S is used by S corporations to report income, losses, and deductions. Total income or loss is included on personal Form 1040.