What is Form 1120?
This is the tax return form for U.S. corporations. It reports the company’s income, gains, losses, deductions and credits to the IRS.
Certain organizations may be required to use a special return. They include:
- Form 1120-S for S Corporations
- Form 1120-C for Cooperative Associations
- Form 1120-L for U.S. Life Insurance Companies
Who must file Form 1120?
Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income.
A domestic disregarded entity (DE) wholly owned by a foreign person or corporation, even though not subject to U.S. taxes, may be required to file a pro forma Form 1120 with Form 5472 attached.
When must Form 1120 be filed?
The due date is the 15th day of the 4th month following the date your tax year ended, or the 4th month after the corporation dissolved.
Exception: A corporation with a fiscal tax year ending June 30 must file by the 15th day of the 3rd month after the end of its tax year.
If your due date happens to be a Saturday, Sunday or legal holiday, file by the next regular business day.
Can I get an extension?
Yes. Use IRS Form 7004 to request an extension of the filing deadline; but it must be submitted by the regular due date of the return. It can be submitted electronically.
Where can I get a Form 1120?
Your tax preparer can take care of all that for you.
Who signs Form 1120?
- The president, vice president, treasurer, assistant treasurer, chief accounting officer; or
- Any other corporate officer (such as tax officer) authorized to sign
How do I file Form 1120?
Certain corporations with total assets of $10 million or more that file at least 250 returns a year are required to e-file Form 1120; all others have the option to mail a paper return.
- Postal mail: Send it to the IRS address listed on the Form 1120 Instructions for your applicable location and total assets.
- Electronic filing: Instructions for filing electronically are available at irs.gov/e-file-providers/form-1120-1120s-1120-f-e-file.
Private delivery service: The IRS authorizes the use of certain services, including DHL, FedEx and UPS, to meet the “timely mailing as timely filing/paying” rule for tax returns. Go to IRS.gov/PDS for the current list of designated services. You must use a IRS mailing address that’s specifically for PDS deliveries, as listed in IRS.gov/PDSStreetAddresses, not the address listed for postal mail. Be sure to get written proof of the mail date from your delivery service.
This brief overview does not cover all the complexities of filing Form 1120. For expert advice, please consult your Xendoo tax advisor.