What Is A Form 1120 And Why Should I Be Bothered?

Form 1120, U.S. Corporation Income Tax Return is used to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation. Unless exempt under section 501, all domestic corporations must file an income tax return whether or not they have taxable income. Domestic corporations must file Form 1120, unless they are required, or elect to file a special return.

Generally, only a corporation files an 1120 form however, an LLC can file this form if it has filed Form 8832 to elect to be treated as an association taxable as a corporation.Corporations can generally electronically file Form 1120, related forms, schedules, and attachments. If there is a balance due, the corporation can authorize an electronic funds withdrawal while e-filing. The option to e-file does not, however, apply to certain returns.