2017-2024 Form

Who Pays the Corporate Income Tax Return?

Every corporation registered in the United States pays income tax by completing the corporate income tax return that is included in IRS Form 1120. The list of organizations, obliged to prepare this template, includes all domestic corporations, even those that have bankruptcy, no matter they have taxable revenue or not. They may not complete this sample if they file special kind of return. It may happen when an organization selects to be formed as a limited liability company.

Other companies that wish to be taxed as a corporation need to submit this form to the IRS. Keep in mind that the overall fee rate for corporations has recently decreased. Generally, the rate will be at a flat twenty-one percent for the minimum. The 1120 form is designed to show all income, gains, deductions, credits and the corporation’s tax liability.

All required documents need to be sent and received by the IRS no later than the fifteenth of March. To file your samples faster, use online solutions and send your document by e-mail.

How to Complete The 1120 Form Online?

The form 1120 contains five pages and includes the following details:

1. The exact name of the return;
2. The general postal information of the corporation;
3. Total assets, date of filing and employee identification number;
4. The type of return such as income, deductions, refundable credits, payments etc;
5. Dividends and special deductions as well as payments and refundable credits;
6. Any/all tax computations;
7. Your business activity code number and product or service - together with liability and shareholders equity;
8. Reconciliation of income or losses and analysis of unappropriated and retained earnings.

You also have to certify your document to prove that you have provided the correct information to the best of your ability.