Overview of Filing Corporate Tax Forms
To certify as a qualified opportunity fund (QOF), the corporation must file Form 1120 and attach Form 8996. If the corporation held a qualified investment in a QOF at any time during the year, the corporation must file its return with Form 8997 attached.
Penalties and Instructions for Form 1120
S corporations fail to file Form 1120S by the due date; the IRS will impose a minimum penalty of $205 for each month or part of the month the return is late multiplied by the number of shareholders.
Filing and Information Requirements
Corporations holding less than $10 million in assets are permitted to file online or by mail. Whether you choose to file online or by mail, there are pieces of information you’ll need to fill out your return.
IRS Form 1120 Guidelines
Estimated taxes for corporations are reported using Form 1120-W. It’s an IRS document that allows companies to report their gains, losses, credits, deductions, and income.
Exemptions and Deadlines
Corporations exempt under section 501 do not need to file tax Form 1120. The due date for Form 1120 is the 15th day of the 4th month following the conclusion of the corporation’s tax year.
Important Filing Details
When Do You Need to File Your Corporate Tax Return? Form 1120 is due three months after the end of your chosen corporate tax year on the 15th day of that particular month.
Common Questions
If errors are made during the completion of Form 1120, you need to rectify the mistake by amending the form using Form 1120X.
No Activity Filing
To file a corporate tax return with no activity, you’ll need to use IRS Form 1120 and enter zeroes on all lines to show no transactions took place.
Tax Return Specifics
Individuals use Form 1040 for personal income taxes, while corporations use Form 1120 for corporate tax returns.