US Corporation Income Tax Return; Application for Automatic Extension of Time To File Corporation Income Tax Return
Purpose of Form
Corporations file Form 1120 or Form 1120-A (US Corporation Short Form Income Tax Return) to report income, gains, losses, deductions, credits, and to figure their income tax liability.
File Form 7004 to request an automatic six-month extension for filing Form 1120.
Who Must File
All domestic corporations, including corporations in bankruptcy, must file whether or not they have taxable income unless exempt under Section 501.
If an entity was formed as a limited liability company under state law and is treated as a partnership for federal income tax purposes, it should file Form 1065 (US Partnership Return of Income) in lieu of Form 1120.
A corporation may file Form 1120-A if it meets all of the following requirements:
- gross receipts are less than $500,000,
- total income is less than $500,000,
- total assets are less than $500,000,
- it has no ownership in a foreign corporation,
- it has no foreign shareholders who own, directly or indirectly, 50% or more of its stock,
- it is not a member of a controlled group of corporations,
- it is not a personal holding company,
- it does not file a consolidated corporate return,
- it is not undergoing dissolution or liquidation,
- it is not filing its final return,
- its only dividend income is from domestic corporations and qualifies for the 70% deduction,
- it has no non-refundable tax credits other than the general business credit and the credit for prior year minimum tax,
- it is not subject to environmental tax,
- it has no liability for interest under Section 453(l)(3), 453A©, or 460(b)(2) or instalment payments of tax under Section 1363(d),
- it is not required to file Form 8621 (Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund),
- it has no liability for tax on a nonqualified withdrawal from a capital construction fund,
- it is not making an election to forego the carry back period of an NOL,
- it is not electing to pay tax on the gain from the sale of an intangible, and
- it is not required to file a special tax return.
When to File
A corporation must file its income tax return by the 15th day of the third month after the end of its tax year. A new corporation filing a short period return must file by the 15th day of the third month after the short period ends. A corporation that has dissolved must file by the 15th day of the third month after the date of dissolution.