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Connect to LiveFlowIRS Tax Form 1120 is a tax form used by corporations in the United States to report their income, expenses, and tax liabilities to the Internal Revenue Service (IRS). The form is also known as the "U.S. Corporation Income Tax Return" and is required to be filed by corporations, including S corporations, that are subject to federal income tax.
The form requires corporations to provide information about their income, deductions, credits, and other tax-related information for the tax year. Corporations are also required to provide information about their shareholders, including the number of shares outstanding and the identity of the shareholders who own them.
The IRS uses the information provided on Form 1120 to determine the corporation's tax liability for the year. The tax liability is calculated by subtracting allowable deductions and credits from the corporation's taxable income, which is generally the corporation's gross income less any allowable expenses.
The deadline for filing Form 1120 is the 15th day of the 3rd month following the end of the corporation's tax year. However, corporations can request an extension of time to file the return by filing Form 7004, which grants an additional 6 months to file the return.
