Form 1120 Overview
Form 1120 is the standard corporate income tax form used by C-Corps and other corporations to report income, gains, losses, deductions, and credits to the IRS. Corporations with assets over $10 million may need to file Schedule M-3.
Filing Requirements
- Most domestic corporations need to file Form 1120 annually, with the deadline falling on the 15th day of the 4th month after the fiscal year ends.
- Extensions for filing Form 1120 can be requested using Form 7004. Failure to file for an extension can result in penalties.
- Estimated taxes for corporations are reported using Form 1120-W.
Who Needs to File Form 1120
- All domestic corporations, regardless of income, must file Form 1120 to determine their income tax liability.
- Entities electing to be taxed as corporations, such as LLCs, need to file Form 1120 and Form 8832.
- Single-member LLCs report income on the owner’s personal federal tax return.
- Foreign-owned disregarded entities may elect to file Form 1120.
- Qualified opportunity funds may need to file Form 1120.
Form 1120-F Filing
- Form 1120-F is filed by foreign corporations doing business in the US to report income, gains, losses, deductions, and credits.
- The deadline for filing Form 1120-F is March 15 (or June 15 without US premises) with the option to request a six-month extension.
- Corporations can file Form 1120-F electronically and must comply with the procedures for signing and timely filing the form.