FORM 1120 AND FORM 1120S

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1.What is Form 1120 and 1120 S?

Form 1120 is  tax form C corporations (and LLC filing as corporations) use to file their income taxes whereas Form 1120-S is filed by S Corps for federal taxes.

2.Who Files 1120 ?

All domestic corporation must file Form 1120, even if they don’t have taxable income. Corporations exempted under section 501  are not required to file  Form 1120. Corporations under bankruptcy must also file Form 1120.

3.Who Files 1120 S ?

A corporation must file Form 1120-S if it is elected to be an S corporation by filing the Form 2553, and the Internal Revenue Service (IRS) accepted the election

4.When it is filed ?

Corporations must file their income tax return, including Form 1120, by the 15th day of the 4th month after the end of their tax year.

5. Can Date of Filing be extended?

Yes, in that case you need to fill out tax extension form 7004    

6. Which Organization are Exempt from Filing?

  • Charitable organizations
  • Social welfare organizations
  • Social clubs
  • Trade associations
  • Labor organizations
  • Veterans’ organizations
  • Political organizations
The PDF Versions of both forms are attached below
Form 1120
https://www.irs.gov/pub/irs-pdf/f1120.pdf

Form 1120 S
https://www.irs.gov/pub/irs-pdf/f1120s.pdf

Compiled By:
CA. Harsimran Kaur

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