What is IRS Form 1120?
Form 1120 is called the U.S. Corporation Income Tax Return. This document must be submitted by all domestic corporations. Additionally, the corporations in bankruptcy also have to file this form if they have a certain taxable income. The entities that have elected to be taxed, Limited Liability Companies, organizations dealing with farming need to complete this form.
What is IRS Form 1120 for?
This form may be used if you need to report your losses, credits, deductions, gains or income. You may also file it for determining your income tax liability.
When is IRS Form 1120 Due?
This form must be submitted by the fifteenth day of the fourth month when the tax year is over. When filing a short-period return, the company must submit this form by the fifteenth day of the fourth month when the short period is over. You may claim the time extension for this form and prepare the documents when you need it.
Is IRS Form 1120 Accompanied by Other Forms?
If an applicant needs more time for filling out the document, it is required to complete and attach Form 7004.
What Information do I Include in IRS Form 1120?
The form is divided in several sections. In the section called Income you must indicate your returns and allowances, gross receipts and sales, gross profit, rents and royalties, net gain, interest, dividends, etc. In the second section you provide such details as compensations, taxes and licenses, bad debts, advertising, depletion, pension, benefit programs and other deductions. You indicate the total taxable income in the last section of your 1120.
Where do I Send IRS Form 1120?
You must send your 1120 to the Internal Revenue Service.
