Form 1120 Instructions

Do you need Form 1120 instructions? This tax form is used to report the income, gains, and losses of a corporation in order to determine the corporation's tax liability. If you have a corporation, including a limited liability corporation, or if you are an individual filing taxes as a corporation, you will need to fill out Form 1120. Read on for Form 1120 instructions.

You will need:

  • Form 1120
  • Computer
  1. Corporations can usually file Form 1120 electronically, using the IRS's e-file system. Some corporations, such as those who have not paid their tax liability in a timely fashion, are unable to file Form 1120 electronically. Companies with total assets of $10 million or more or that file at least 250 returns a year must use the e-file system.
  2. Corporations must file Form 1120 by the 15th day of the 3rd month after the end of their tax year, or on the next business day if this date falls on a Saturday, Sunday or holiday. Use of a private delivery service such as FedEx is encouraged in order to obtain proof that the form was sent by the filing deadline.
  3. Form 1120 must be signed by a corporate officer who is authorized to sign. This can include the president, vice president, treasurer, assistant treasurer, or chief accounting officer.If the company pays someone to prepare Form 1120, the paid preparer must also sign.
  4. Make sure that Form 1120 is filled out completely, with no blank entry boxes. Failure to provide all pertinent information can result in errors in your tax liability.
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