Understanding Form 1120: A Simple Guide for Corporations

 When it comes to corporate taxes, Form 1120 plays a central role. This form is the official tax return document that corporations in the United States use to report their income, gains, losses, deductions, and credits to the Internal Revenue Service (IRS). Whether you are new to filing or want to understand the basics, this guide will help you navigate the essentials of Form 1120. What Is Form 1120? Form 1120 is the U.S. Corporation Income Tax Return. It is used by C corporations and some other types of corporations to report their taxable income and calculate the tax they owe. Who Needs to File Form 1120? C corporations (the standard corporation type) Certain associations, joint-stock companies, and insurance companies Domestic corporations must file annually, even if there is no taxable income When Is Form 1120 Due? Form 1120 must typically be filed by the 15th day of the fourth month after the end of the corporation’s tax year. For most corporations with a c...