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Knowledge Center Tax Forms
One of the principal forms of doing business in the United States is the corporation. Many corporations file their Federal income tax returns on Form 1120, “U.S. Corporation Income Tax Return”.
This article discusses some of the key issues to know concerning Form 1120.
Generally, all domestic corporations must file Form 1120. A domestic corporation is a corporation created or organized in the United States or under the law of the United States or of any state in the United States.
In addition, a domestic entity that elects to be classified as an association taxable as a corporation generally must file Form 1120.
Among the key exceptions to the filing of Form 1120 are:
If you have a domestic corporation, please note that your corporation generally is required to file Form 1120, even if you are a US citizen who moves abroad and becomes an expat.
Form 1120 is used to report the income, gains, losses, deductions, and credits of a corporation and then figure the income tax liability of the corporation.
At the top of page 1, the corporation must answer certain factual questions, including concerning:
The corporation also must report on page 1:
Based on this income and these deductions, the corporation then determines on page 1 its taxable income, “total tax” (see below), and “total payments and credits” (see below), whether there is an amount owed or an overpayment, and certain estimated tax issues.
At the bottom of page 1, Form 1120 must be signed and dated (as described below).
On page 2 (which has the heading, “Schedule C Dividends, Inclusions, and Special Deductions”), the corporation must report the “dividends and inclusions” and the “special deductions” that are referenced on page 1.
On page 3 (which has the heading, “Schedule J Tax Computation and Payment”), the corporation determines the “total tax” that is referenced on page 1 by:
The corporation also on page 3 determines the “total payments and credits” that are referenced on page 1.
If the “total payments and credits” are less than the sum of “total tax” plus any applicable estimated tax penalty, the corporation will owe a tax liability. Alternatively, if the “total payments and credits” are more than the sum of “total tax” plus any applicable estimated tax penalty, the corporation can receive a refund of the excess amount or credit it to future estimated tax liability.
On pages 4 and 5 (which have the heading, “Schedule K Other Information”), the corporation must answer 26 additional factual questions, including concerning:
Page 6 consists of three financial Schedules:
If the corporation’s total receipts and total assets are less than $250,000, these Schedules do not need to be completed.
As the corporation is an entity and not a natural person, the Form 1120 must be signed and dated by some person on behalf of the corporation. This person can be the president, vice president, treasurer, assistant treasurer, or chief accounting officer of the corporation, or any other corporate officer authorized to sign the corporation’s Form 1120.
In addition, if a “paid preparer” is used for the Form 1120, the “paid preparer” must include identifying information and sign and date the Form 1120 at the bottom of page 1.
Form 1120 can generally be filed electronically (“e-filing”). If there is a balance due, the corporation can authorize an electronic funds withdrawal while e-filing.
Form 1120 also can be filed by mail. Form 1120 is mailed to an address determined by where the corporation’s principal business, office, or agency is located and the amount of the total assets of the corporation. These addresses are listed in the “Instructions for Form 1120” (see below).
A corporation generally must file its Form 1120 by the 15th day of its fourth month after the end of its tax year. Thus, a corporation with a calendar tax year generally must file its Form 1120 by April 15 of the following calendar year.
A new corporation filing a short-period Form 1120 must generally file by the 15th day of the fourth month after the short period ends. A corporation that has dissolved must generally file its Form 1120 by the 15th day of the fourth month after the date it dissolved.
However, a corporation with a fiscal tax year ending June 30 must file its Form 1120 by the 15th day of the third month after the end of its tax year. A corporation with a short tax year ending anytime in June will be treated as if the short year ended on June 30, and must file its Form 1120 by the 15th day of the third month after the end of its tax year.
If the due date of the Form 1120 falls on a Saturday, Sunday, or legal holiday, the corporation can file its Form 1120 on the next business day.
A critical resource to help persons prepare Form 1120 is “Instructions for Form 1120”. Produced by the Internal Revenue Service, “Instructions for Form 1120” is a 31-page document that provides specific details on how to prepare and file Form 1120.
The “Instructions to Form 1120” describe the various other Schedules and Forms that need to be attached to Form 1120.
At Greenback Expat Tax Services, we specialize in helping expats manage their US tax obligations. Among our many services, we can assist expats with filing Form 1120. We have expansive experience in helping expats with their Form 1120. Form 1120 is a complicated tax return, and you need the services of someone with the experience of Greenback Expat Tax Services to aid you in preparing Form 1120 in a correct manner.