Corporation tax is a direct tax that is essentially levied on the net income or profit that enterprises generate from their businesses on an annual basis. However, these forms tend to vary depending on the type of organization, but for this case, we will speak about the most common corporate tax form, which is the 1120 tax form and it is generally used by most corporations to report their annual income, deductions, and credits to the IRS.
In this regard, the 1120 form must be filed by all domestic corporations, even if they lack a taxable income or are in bankruptcy. Moreover, when corporations are filing the 1120 form, it must be accompanied by a copy of form 8832. On the other hand, partnership LLCs must make sure that they file a 1065 form, while single LLCs can be filed through the individual’s tax returns.
When it comes to filing, corporations will have to make sure that they have filed their income tax returns with the IRS by the 15th day of the 4th month after the end of a tax year. You should also keep in mind that if the return due dates fall on weekends or legal holidays, they are automatically extended to the following business day. However, if you find yourself needing an extension, then you will need to fill out a 7004 form before your regular due date.