What is Tax Form 1120?

When an individual or group of individuals decide to incorporate their domestic business, it is then a requirement to annually file IRS Form 1120, the U.S. Corporate Income Tax Return. There are two basic types of corporations, C corporations  and S corporations, the difference between the two are the way that they are taxed. For example, C corporations are subject to double taxation, whereas S corporations do not pay federal corporate income taxes. Any corporation that  is filed under tax form “C” uses Form 1120 to file their income taxes and report their income, gains, losses, deductions, credits, and to figure their income tax liability. Any “S” corporation  files under Form 1120-S, and must also report the corporation’s shareholders income or losses.

What Do I Need to File Form 1120?

While filing Form 1120, the corporation must provide the following, including but not limited to, the Employer Identification Number “EIN,” the date of incorporation, capital gains, total assets held by the corporation, and the total income. These corporate income taxes can be filed by mail, or your tax preparer may e-file the return.

What Other Tax Forms Must Corporations File?

In addition to Form 1120, corporations must file 1120-W, which is a form used to assist the corporation in determining its tax liability and required installment payments. For corporations that are expecting a net operating loss for the current year, they must also file Form 1138 to request an extension of time for payment of tax for the immediately preceding tax year.

EPGD Business Law is located in beautiful Coral Gables. Call us at (786) 837-6787, or contact us through the website to schedule a consultation.

*Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns. Contacting us through our website does not establish an attorney-client relationship.*

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Eric Gros-Dubois

Founding partner Eric Gros-Dubois established EPGD Business Law in 2013. With over a decade of experience expanding the firm and leading it to its current success, Eric now primarily manages the corporate division of EPGD. Given Eric’s educational background, holding both a JD and MBA, combined with his own unique experience of starting a business from scratch and growing it to a multi-million dollar firm, he brings a specialized and invaluable perspective to those seeking legal assistance for themselves and their businesses. Having now instilled his same values in our team of skilled corporate associates, Eric leads a firm that is always ready, willing, and equipped to handle any and every legal matter that a business owner may have.


*The following comments are not intended to be treated as legal advice. The answer to your question is limited to the basic facts presented. Additional details may heavily alter our assessment and change the answer provided. For a more thorough review of your question please contact our office for a consultation.

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