Instructions for IRS Form 1120 - U.S. Corporation Income Tax Return 2017

January 1, 2017 "Instructions For Irs Form 1120 - U.s. Corporation Income Tax Return" contain the latest filing requirements for the IRS-issued Form 1120. Download your copy of the instructions by clicking the link below.

IRS Form 1120 is a tax form issued by the United States Internal Revenue Service.

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2017
Department of the Treasury
Internal Revenue Service
Instructions for Form 1120
U.S. Corporation Income Tax Return
Section references are to the Internal Revenue
enacted after they were published, go to
2016. For more information, see Form
Code unless otherwise noted.
IRS.gov/Form1120.
8975, Schedule A (Form 8975) and the
Instructions for Form 8975 and
Contents
Page
What's New
Schedule A (Form 8975).
Future Developments . . . . . . . . . . . .
1
Deduction for foreign-source portion
What's New . . . . . . . . . . . . . . . . . .
1
Tax rates for fiscal year filers. P.L.
of dividends received by domestic cor-
Photographs of Missing Children . . . .
2
115-97 replaced the graduated corporate
porations from specified 10%-owned
The Taxpayer Advocate Service . . . . .
2
tax structure with a flat 21% corporate tax
foreign corporations. Certain domestic
Direct Deposit of Refund . . . . . . . . . .
2
rate and repealed the corporate
corporations that are U.S. shareholders of
How To Make a Contribution To
alternative minimum tax (AMT), effective
specified 10%-owned foreign corporations
Reduce Debt Held by the
for tax years beginning after December
are allowed a 100% deduction
Public . . . . . . . . . . . . . . . . . . .
2
31, 2017. However, under section 15,
(“participation exemption DRD”) for the
How To Get Forms and
corporations with fiscal tax years
foreign-source portion of dividends
Publications . . . . . . . . . . . . . . .
2
beginning before January 1, 2018, and
received from the foreign corporation. This
General Instructions . . . . . . . . . . . . .
2
ending after December 31, 2017, figure
applies to distributions after December 31,
Purpose of Form . . . . . . . . . . . . . . .
2
and apportion their taxes (including the
2017. See new section 245A.
Who Must File . . . . . . . . . . . . . . . .
2
AMT) by blending the rates in effect
before January 1, 2018, with the rate in
When To File . . . . . . . . . . . . . . . . .
3
Treatment of deferred foreign income
effect after December 31, 2017. See
Where To File . . . . . . . . . . . . . . . . .
4
upon transition to participation ex-
Blended tax rate for fiscal year filers
and
emption system of taxation. U.S.
Who Must Sign . . . . . . . . . . . . . . . .
4
AMT for fiscal year filers
in the instructions
shareholders of specified foreign
Paid Preparer Authorization . . . . . . . .
4
for Schedule J, later.
corporations (as defined under section
Assembling the Return . . . . . . . . . . .
4
965(e), as amended by P.L. 115-97) may
Tax Payments . . . . . . . . . . . . . . . .
5
Address change for filing returns. The
have an inclusion under section 965
Estimated Tax Payments . . . . . . . . .
5
filing address for corporations located in
based on the post-1986 deferred foreign
Georgia, Illinois, Kentucky, Michigan,
Interest and Penalties . . . . . . . . . . . .
5
income of the specified foreign
Tennessee, and Wisconsin has changed.
Accounting Methods . . . . . . . . . . . .
6
corporations determined as of November
See
Where To
File, later.
Accounting Period . . . . . . . . . . . . . .
6
2, 2017 or December 31, 2017. The U.S
Rounding Off to Whole Dollars . . . . . .
6
Increase in penalty for failure to file.
shareholders may elect to pay the liability
Recordkeeping . . . . . . . . . . . . . . . .
6
For tax years beginning in 2017, the
under section 965 on the post-1986
Other Forms and Statements That
minimum penalty for failure to file a return
deferred foreign income in eight
May Be Required . . . . . . . . . . .
6
that is over 60 days late has increased to
installments. See section 965, as
Specific Instructions . . . . . . . . . . . . .
7
the smaller of the tax due or $210. See
amended. Also, for further guidance see
Late filing of
return, later.
Period Covered
. . . . . . . . . . . . . . .
7
Section 965 Frequently asked
Questions.
Name and Address . . . . . . . . . . . . .
7
Reporting requirement for for-
Contributions by Native Corporations
Identifying Information . . . . . . . . . . .
8
eign-owned domestic disregarded en-
to Alaska Native Settlement Trusts.
Employer Identification Number
tities. For tax years beginning in 2017, a
For tax years beginning in 2017, gross
(EIN) . . . . . . . . . . . . . . . . . . .
8
foreign-owned domestic disregarded
income of a Native Corporation does not
Total Assets . . . . . . . . . . . . . . . . . .
8
entity, while not required to file a U.S.
include certain payments that it assigns to
Initial Return, Final Return, Name
income tax return, may be required to file
a Settlement Trust. See new section
Change, or Address Change . . . .
9
a pro forma Form 1120 with Form 5472
139G. In addition, a Native Corporation
Income . . . . . . . . . . . . . . . . . . . . .
9
attached. See
Foreign-owned domestic
can elect annually to deduct contributions
Deductions . . . . . . . . . . . . . . . . .
10
disregarded entities
in the instructions for
made to a Settlement Trust. The Native
Schedule C. Dividends and
Who Must
File, later.
Corporation’s deduction is limited to the
Special Deductions . . . . . . . . .
16
amount of its taxable income for that year,
Form 8975. Certain U.S. persons that are
Schedule J. Tax Computation and
and any unused deduction may be carried
the ultimate parent entity of a U.S.
Payment . . . . . . . . . . . . . . . .
18
forward 15 additional years. For more
multinational enterprise group with annual
Schedule K. Other Information . . . . .
21
information and reporting requirements,
revenue for the preceding reporting period
Schedule L. Balance Sheets per
see new section 247.
of $850 million or more are required to file
Books . . . . . . . . . . . . . . . . . .
22
Form 8975. Form 8975 and Schedule A
Disaster relief. Disaster tax relief
Schedule M-1. Reconciliation of
(Form 8975) must be filed with the income
enacted for those impacted by Hurricane
Income (Loss) per Books With
tax return of the ultimate parent entity of a
Income per Return . . . . . . . . . .
23
Harvey, Irma, or Maria includes a
U.S. multinational enterprise group for the
provision modifying the limit on the
Principal Business Activity Codes . . .
25
tax year in or within which the reporting
deduction for charitable contributions
Index . . . . . . . . . . . . . . . . . . . . .
28
period covered by Form 8975 ends. The
made after August 22, 2017, and before
first required reporting period for an
Future Developments
January 1, 2018 (after October 7, 2017,
ultimate parent entity is the 12-month
and before January 1, 2019, for relief
reporting period that begins on or after the
efforts in the California wildfire disaster
For the latest information about
first day of a tax year of the ultimate parent
area). See
Temporary suspension of 10%
developments related to Form 1120 and
entity that begins on or after June 30,
limitation for certain disaster-related
its instructions, such as legislation
Apr 12, 2018
Cat. No. 11455T
2017
Department of the Treasury
Internal Revenue Service
Instructions for Form 1120
U.S. Corporation Income Tax Return
Section references are to the Internal Revenue
enacted after they were published, go to
2016. For more information, see Form
Code unless otherwise noted.
IRS.gov/Form1120.
8975, Schedule A (Form 8975) and the
Instructions for Form 8975 and
Contents
Page
What's New
Schedule A (Form 8975).
Future Developments . . . . . . . . . . . .
1
Deduction for foreign-source portion
What's New . . . . . . . . . . . . . . . . . .
1
Tax rates for fiscal year filers. P.L.
of dividends received by domestic cor-
Photographs of Missing Children . . . .
2
115-97 replaced the graduated corporate
porations from specified 10%-owned
The Taxpayer Advocate Service . . . . .
2
tax structure with a flat 21% corporate tax
foreign corporations. Certain domestic
Direct Deposit of Refund . . . . . . . . . .
2
rate and repealed the corporate
corporations that are U.S. shareholders of
How To Make a Contribution To
alternative minimum tax (AMT), effective
specified 10%-owned foreign corporations
Reduce Debt Held by the
for tax years beginning after December
are allowed a 100% deduction
Public . . . . . . . . . . . . . . . . . . .
2
31, 2017. However, under section 15,
(“participation exemption DRD”) for the
How To Get Forms and
corporations with fiscal tax years
foreign-source portion of dividends
Publications . . . . . . . . . . . . . . .
2
beginning before January 1, 2018, and
received from the foreign corporation. This
General Instructions . . . . . . . . . . . . .
2
ending after December 31, 2017, figure
applies to distributions after December 31,
Purpose of Form . . . . . . . . . . . . . . .
2
and apportion their taxes (including the
2017. See new section 245A.
Who Must File . . . . . . . . . . . . . . . .
2
AMT) by blending the rates in effect
before January 1, 2018, with the rate in
When To File . . . . . . . . . . . . . . . . .
3
Treatment of deferred foreign income
effect after December 31, 2017. See
Where To File . . . . . . . . . . . . . . . . .
4
upon transition to participation ex-
Blended tax rate for fiscal year filers
and
emption system of taxation. U.S.
Who Must Sign . . . . . . . . . . . . . . . .
4
AMT for fiscal year filers
in the instructions
shareholders of specified foreign
Paid Preparer Authorization . . . . . . . .
4
for Schedule J, later.
corporations (as defined under section
Assembling the Return . . . . . . . . . . .
4
965(e), as amended by P.L. 115-97) may
Tax Payments . . . . . . . . . . . . . . . .
5
Address change for filing returns. The
have an inclusion under section 965
Estimated Tax Payments . . . . . . . . .
5
filing address for corporations located in
based on the post-1986 deferred foreign
Georgia, Illinois, Kentucky, Michigan,
Interest and Penalties . . . . . . . . . . . .
5
income of the specified foreign
Tennessee, and Wisconsin has changed.
Accounting Methods . . . . . . . . . . . .
6
corporations determined as of November
See
Where To
File, later.
Accounting Period . . . . . . . . . . . . . .
6
2, 2017 or December 31, 2017. The U.S
Rounding Off to Whole Dollars . . . . . .
6
Increase in penalty for failure to file.
shareholders may elect to pay the liability
Recordkeeping . . . . . . . . . . . . . . . .
6
For tax years beginning in 2017, the
under section 965 on the post-1986
Other Forms and Statements That
minimum penalty for failure to file a return
deferred foreign income in eight
May Be Required . . . . . . . . . . .
6
that is over 60 days late has increased to
installments. See section 965, as
Specific Instructions . . . . . . . . . . . . .
7
the smaller of the tax due or $210. See
amended. Also, for further guidance see
Late filing of
return, later.
Period Covered
. . . . . . . . . . . . . . .
7
Section 965 Frequently asked
Questions.
Name and Address . . . . . . . . . . . . .
7
Reporting requirement for for-
Contributions by Native Corporations
Identifying Information . . . . . . . . . . .
8
eign-owned domestic disregarded en-
to Alaska Native Settlement Trusts.
Employer Identification Number
tities. For tax years beginning in 2017, a
For tax years beginning in 2017, gross
(EIN) . . . . . . . . . . . . . . . . . . .
8
foreign-owned domestic disregarded
income of a Native Corporation does not
Total Assets . . . . . . . . . . . . . . . . . .
8
entity, while not required to file a U.S.
include certain payments that it assigns to
Initial Return, Final Return, Name
income tax return, may be required to file
a Settlement Trust. See new section
Change, or Address Change . . . .
9
a pro forma Form 1120 with Form 5472
139G. In addition, a Native Corporation
Income . . . . . . . . . . . . . . . . . . . . .
9
attached. See
Foreign-owned domestic
can elect annually to deduct contributions
Deductions . . . . . . . . . . . . . . . . .
10
disregarded entities
in the instructions for
made to a Settlement Trust. The Native
Schedule C. Dividends and
Who Must
File, later.
Corporation’s deduction is limited to the
Special Deductions . . . . . . . . .
16
amount of its taxable income for that year,
Form 8975. Certain U.S. persons that are
Schedule J. Tax Computation and
and any unused deduction may be carried
the ultimate parent entity of a U.S.
Payment . . . . . . . . . . . . . . . .
18
forward 15 additional years. For more
multinational enterprise group with annual
Schedule K. Other Information . . . . .
21
information and reporting requirements,
revenue for the preceding reporting period
Schedule L. Balance Sheets per
see new section 247.
of $850 million or more are required to file
Books . . . . . . . . . . . . . . . . . .
22
Form 8975. Form 8975 and Schedule A
Disaster relief. Disaster tax relief
Schedule M-1. Reconciliation of
(Form 8975) must be filed with the income
enacted for those impacted by Hurricane
Income (Loss) per Books With
tax return of the ultimate parent entity of a
Income per Return . . . . . . . . . .
23
Harvey, Irma, or Maria includes a
U.S. multinational enterprise group for the
provision modifying the limit on the
Principal Business Activity Codes . . .
25
tax year in or within which the reporting
deduction for charitable contributions
Index . . . . . . . . . . . . . . . . . . . . .
28
period covered by Form 8975 ends. The
made after August 22, 2017, and before
first required reporting period for an
Future Developments
January 1, 2018 (after October 7, 2017,
ultimate parent entity is the 12-month
and before January 1, 2019, for relief
reporting period that begins on or after the
efforts in the California wildfire disaster
For the latest information about
first day of a tax year of the ultimate parent
area). See
Temporary suspension of 10%
developments related to Form 1120 and
entity that begins on or after June 30,
limitation for certain disaster-related
its instructions, such as legislation
Apr 12, 2018
Cat. No. 11455T
contributions
in the instructions for line 19,
by the Center may appear in instructions
Do not add the contributions to any tax
later. In addition, an employer who
on pages that would otherwise be blank.
the corporation may owe. Contributions to
continued to pay or incur wages after the
You can help bring these children home
reduce debt held by the public are
employer’s business became inoperable
by looking at the photographs and calling
deductible subject to the rules and
because of damage from Hurricane
1-800-THE-LOST (1-800-843-5678) if you
limitations for charitable contributions.
Harvey, Irma, or Maria, or the California
recognize a child.
How To Get Forms
wildfires, may be eligible for an employee
The Taxpayer Advocate
retention credit. See Form 5884-A, Credits
and Publications
for Affected Disaster Area Employers, and
Service
its instructions.
Internet. You can access the IRS website
The Taxpayer Advocate Service (TAS) is
24 hours a day, 7 days a week, at IRS.gov
For more information on these and
an independent organization within the
to:
other disaster relief provisions, see Pub.
IRS that helps taxpayers and protects
Download forms, instructions, and
976.
taxpayer rights. TAS's job is to ensure that
publications;
every taxpayer is treated fairly and knows
Film, television, and live theatrical pro-
Order IRS products online;
and understands their rights under the
ductions. A corporation can elect to
Research your tax questions online;
Taxpayer Bill of
Rights.
deduct certain costs of qualified film,
Search publications online by topic or
television, and live theatrical productions
keyword;
As a taxpayer, the corporation has
that begin before January 1, 2018.
View Internal Revenue Bulletins (IRBs)
rights that the IRS must abide by in its
However, certain film, television, or live
published in recent years; and
dealings with the corporation. TAS can
theatrical productions acquired and
Sign up to receive local and national tax
help the corporation if:
placed in service after September 27,
news by email.
A problem is causing financial difficulty
2017 (for which a deduction would have
for the business.
Tax forms and publications. The
been allowable under section 181 without
The business is facing an immediate
corporation can download or print all of the
regard to the dollar limitation), are
threat of adverse action.
forms and publications it may need on
qualified property eligible for the special
The corporation has tried repeatedly to
IRS.gov/FormsPubs. Otherwise the
depreciation allowance under section
contact the IRS but no one has
corporation can go to
IRS.gov/
168(k). See the Instructions for Form
responded, or the IRS hasn't responded
OrderForms
to place an order and have
4562.
by the date promised.
forms mailed to it. The corporation should
Entertainment expenses, membership
receive its order within 10 business days.
The TAS tax toolkit at
dues, and facilities. No deduction is
TaxpayerAdvocate.IRS.gov
can help the
allowed for certain entertainment
General Instructions
corporation understand these rights.
expenses, membership dues, and
facilities used in connection with these
TAS has offices in every state, the
Purpose of Form
activities for amounts incurred or paid after
District of Columbia, and Puerto Rico.
December 31, 2017. See
Travel, meals,
Local advocates' numbers are in their
Use Form 1120, U.S. Corporation Income
and
entertainment, later.
local directories and at
Tax Return, to report the income, gains,
TaxpayerAdvocate.IRS.gov. The
losses, deductions, credits, and to figure
Net operating loss. The general 2-year
corporation can also call TAS at
the income tax liability of a corporation.
net operating loss (NOL) carryback rule
1-877-777-4778.
does not apply to NOLs arising in tax
Who Must File
years ending after December 31, 2017.
TAS also works to resolve large-scale
Exceptions apply to certain farming losses
Unless exempt under section 501, all
or systemic problems that affect many
and NOLs of property and casualty
domestic corporations (including
taxpayers. If the corporation knows of one
insurance companies. See
Net operating
corporations in bankruptcy) must file an
of these broad issues, please report it to
loss
(NOL), later.
income tax return whether or not they
TAS through the Systemic Advocacy
have taxable income. Domestic
Management System at IRS.gov/SAMS.
Alternative tax for corporations with
corporations must file Form 1120, unless
qualified timber gains. The alternative
For more information, go to
IRS.gov/
they are required, or elect to file a special
tax for corporations with qualified timber
Advocate.
return. See Special Returns for Certain
gain has been extended. Therefore, for tax
Organizations below.
years beginning in 2017, if a corporation
Direct Deposit of Refund
has both a net capital gain and a qualified
Entities electing to be taxed as corpo-
To request a direct deposit of the
timber gain, a maximum 23.8% alternative
rations. A domestic entity electing to be
corporation's income tax refund into an
tax may apply. See the instructions for
classified as an association taxable as a
account at a U.S. bank or other financial
Schedule J, line 2, later.
corporation must file Form 1120, unless it
institution, attach Form 8050, Direct
is required to or elects to file a special
Principal Business Activity Codes.
Deposit of Corporate Tax Refund. See the
return listed under Special Returns for
The Principal Business Activity Codes,
instructions for line 36.
Certain Organizations below. The entity
located at the end of these instructions,
must also file Form 8832, Entity
How To Make a
have been updated and revised to reflect
Classification Election, and attach a copy
updates to the North American Industry
Contribution To Reduce
of Form 8832 to Form 1120 (or the
Classification System (NAICS).
Debt Held by the Public
applicable return) for the year of the
Photographs of
election. For more information, see Form
To help reduce debt held by the public,
8832 and its instructions.
Missing Children
make a check payable to “Bureau of the
Limited liability companies (LLC). If an
Public Debt.” Send it to: Bureau of the
The Internal Revenue Service is a proud
entity with more than one owner was
Public Debt, Department G, P.O. Box
partner with the
National Center for
formed as an LLC under state law, it
2188, Parkersburg, WV 26106-2188. Or,
Missing & Exploited Children®
(NCMEC).
generally is treated as a partnership for
enclose a check with the income tax
Photographs of missing children selected
federal income tax purposes and files
return.
Instructions for Form 1120
-2-
Form 1065, U.S. Return of Partnership
Special Returns for
Life insurance company
Income. Generally, a single-member LLC
Certain Organizations
1120-L
(section 801)
is disregarded as an entity separate from
its owner and reports its income and
Fund set up to pay for
Instead of filing Form 1120, certain organizations,
deductions on its owner's federal income
nuclear
as shown below, file special returns.
1120-ND
tax return. The LLC can file a Form 1120
decommissioning costs
only if it has filed Form 8832 to elect to be
If the organization is a:
File Form
(section 468A)
treated as an association taxable as a
Property and casualty
corporation. For more information about
insurance company
1120-PC
Exempt organization
LLCs, see Pub. 3402, Taxation of Limited
(section 831)
with unrelated trade or
990-T
Liability Companies.
business income
Corporations engaged in farming. A
Political organization
1120-POL
(section 527)
corporation (other than a corporation that
Religious or apostolic
organization exempt
1065
is a subchapter T cooperative) that
Real estate investment
under section 501(d)
engages in farming should use Form 1120
1120-REIT
trust (section 856)
to report the income (loss) from such
Entity formed as a
activities. Enter the income and
Regulated investment
limited liability company
1120-RIC
deductions of the corporation according to
company (section 851)
under state law and
1065
the instructions for lines 1 through 10 and
treated as a partnership
S corporation (section
12 through 29.
for federal income tax
1120S
1361)
purposes
Ownership interest in a Financial As-
set Securitization Investment Trust
Settlement fund
Subchapter T
1120-SF
(FASIT). Special rules apply to a FASIT in
(section 468B)
cooperative association
1120-C
existence on October 22, 2004, to the
(including a farmers'
extent that regular interests issued by the
cooperative)
Electronic Filing
FASIT before October 22, 2004, continue
Entity that elects to be
to remain outstanding in accordance with
Corporations can generally electronically
treated as a real estate
their original terms.
file (e-file) Form 1120, related forms,
mortgage investment
1066
schedules, and attachments, Form 7004
If a corporation holds an ownership
conduit (REMIC) under
(automatic extension of time to file), and
interest in a FASIT to which these special
section 860D
Forms 940, 941, and 944 (employment tax
rules apply, it must report all items of
Interest charge domestic
returns). If there is a balance due, the
income, gain, deductions, losses, and
international sales
1120-IC-DISC
corporation can authorize an electronic
credits on the corporation's income tax
corporation (section 992)
funds withdrawal while e-filing. Form 1099
return (except as provided in section
and other information returns can also be
860H). Show a breakdown of the items on
Foreign corporation
electronically filed. The option to e-file
an attached statement. For more
(other than life or
does not, however, apply to certain
information, see sections 860H and 860L
property and casualty
1120-F
returns.
(repealed with certain exceptions).
insurance company filing
Form 1120-L or Form
Certain corporations with total assets of
Foreign-owned domestic disregarded
1120-PC)
$10 million or more that file at least 250
entities. For tax years beginning on or
returns a year are required to e-file Form
after January 1, 2017, and ending on or
Foreign sales
1120-FSC
1120. See Regulations section
after December 13, 2017, if a foreign
corporation (section 922)
301.6011-5. However, these corporations
person, including a foreign corporation,
Condominium
can request a waiver of the electronic filing
wholly owns a domestic disregarded entity
management, residential
requirements. See Notice 2010-13,
(DE), the domestic DE is treated as a
real estate
2010-4 I.R.B. 327.
domestic corporation separate from its
management, or
owner (the foreign corporation) for the
timeshare association
1120-H
For more information, visit
IRS.gov/
limited purposes of the requirements
that elects to be treated
Businesses.
under section 6038A that apply to 25%
as a homeowners
foreign-owned domestic corporations.
association under
When To File
section 528
While a DE is not required to file a U.S.
Generally, a corporation must file its
income tax return, a DE covered by these
income tax return by the 15th day of the
rules may be required to file a pro forma
4th month after the end of its tax year. A
Form 1120 and attach Form 5472. See the
new corporation filing a short-period return
Instructions for Form 5472 for additional
must generally file by the 15th day of the
information and coordination with Form
4th month after the short period ends. A
5472 reporting by the domestic DE.
corporation that has dissolved must
generally file by the 15th day of the 4th
month after the date it dissolved.
However, a corporation with a fiscal tax
year ending June 30 must file by the 15th
day of the 3rd month after the end of its
tax year. A corporation with a short tax
year ending anytime in June will be
treated as if the short year ended on June
30, and must file by the 15th day of the 3rd
month after the end of its tax year.
Instructions for Form 1120
-3-
Paid Preparer
If the due date falls on a Saturday,
Respond to certain IRS notices about
Sunday, or legal holiday, the corporation
math errors, offsets, and return
Authorization
can file on the next business day.
preparation.
If the corporation wants to allow the IRS to
Private Delivery Services
discuss its 2017 tax return with the paid
The corporation is not authorizing the
preparer who signed it, check the “Yes”
Corporations can use certain private
paid preparer to receive any refund check,
box in the signature area of the return.
bind the corporation to anything (including
delivery services (PDS) designated by the
This authorization applies only to the
any additional tax liability), or otherwise
IRS to meet the “timely mailing as timely
individual whose signature appears in the
filing” rule for tax returns. Go to
IRS.gov/
represent the corporation before the IRS.
“Paid Preparer Use Only” section of the
PDS.
The authorization will automatically end
return. It does not apply to the firm, if any,
The PDS can tell you how to get written
no later than the due date (excluding
shown in that section.
proof of the mailing date.
extensions) for filing the corporation's
If the “Yes” box is checked, the
For the IRS mailing address to use if
2018 tax return. If the corporation wants to
corporation is authorizing the IRS to call
you’re using a PDS, go to
IRS.gov/
expand the paid preparer's authorization
the paid preparer to answer any questions
PDSstreetAddresses.
or revoke the authorization before it ends,
that may arise during the processing of its
see Pub. 947, Practice Before the IRS and
Private delivery services can't
return. The corporation is also authorizing
Power of Attorney.
deliver items to P.O. boxes. You
!
the paid preparer to:
must use the U.S. Postal Service
Give the IRS any information that is
Assembling the Return
CAUTION
to mail any item to an IRS P.O. box
missing from the return,
To ensure that the corporation's tax return
address.
Call the IRS for information about the
is correctly processed, attach all
processing of the return or the status of
Extension of Time To File
schedules and other forms after page 5 of
any related refund or payment(s), and
Form 1120 in the following order.
File Form 7004, Application for Automatic
1. Schedule N (Form 1120).
Extension of Time To File Certain
Business Income Tax, Information, and
Other Returns, to request an extension of
Where To File
time to file. Generally, the corporation
must file Form 7004 by the regular due
File the corporation's return at the applicable IRS address listed below.
date of the return. See the Instructions for
Form 7004.
If the corporation's principal
And the total assets at
business, office, or agency
the end of the tax year
Who Must Sign
is located in:
are:
Use the following address:
The return must be signed and dated by:
Connecticut, Delaware, District
Less than $10 million
Department of the Treasury
The president, vice president, treasurer,
of Columbia, Florida, Indiana,
and Schedule M-3 is not
Internal Revenue Service Center
assistant treasurer, chief accounting
Maine, Maryland,
filed
Cincinnati, OH 45999-0012
officer; or
Massachusetts, New
$10 million or more, or
Department of the Treasury
Any other corporate officer (such as tax
Hampshire, New Jersey, New
less than $10 million and
Internal Revenue Service Center
officer) authorized to sign.
York, North Carolina, Ohio,
Schedule M-3 is filed
Ogden, UT 84201-0012
If a return is filed on behalf of a
Pennsylvania, Rhode Island,
corporation by a receiver, trustee, or
South Carolina, Vermont,
Virginia, West Virginia
assignee, the fiduciary must sign the
return, instead of the corporate officer.
Georgia, Illinois, Kentucky,
Less than $10 million
Department of the Treasury
Returns and forms signed by a receiver or
Michigan, Tennessee,
and Schedule M-3 is not
Internal Revenue Service Center
trustee in bankruptcy on behalf of a
Wisconsin
filed
Kansas City, MO 64999-0012
corporation must be accompanied by a
$10 million or more, or
Department of the Treasury
copy of the order or instructions of the
less than $10 million and
Internal Revenue Service Center
court authorizing signing of the return or
Schedule M-3 is filed
Ogden, UT 84201-0012
form.
Alabama, Alaska, Arizona,
If an employee of the corporation
Arkansas, California,
completes Form 1120, the paid preparer
Colorado, Hawaii, Idaho, Iowa,
space should remain blank. Anyone who
Kansas, Louisiana, Minnesota,
prepares Form 1120 but does not charge
Department of the Treasury
Mississippi, Missouri,
the corporation should not complete that
Any amount
Internal Revenue Service Center
Montana, Nebraska, Nevada,
section. Generally, anyone who is paid to
Ogden, UT 84201-0012
New Mexico, North Dakota,
prepare the return must sign it and fill in
Oklahoma, Oregon, South
the “Paid Preparer Use Only” area.
Dakota, Texas, Utah,
The paid preparer must complete the
Washington, Wyoming
required preparer information and:
A foreign country or U.S.
Internal Revenue Service Center
Sign the return in the space provided
possession
Any amount
P.O. Box 409101
for the preparer's signature.
Ogden, UT 84409
Give a copy of the return to the
taxpayer.
A paid preparer may sign original
A group of corporations with members located in more than one service center area will
or amended returns by rubber
TIP
often keep all the books and records at the principal office of the managing corporation.
stamp, mechanical device, or
In this case, the tax returns of the corporations may be filed with the service center for
computer software program.
the area in which the principal office of the managing corporation is located.
Instructions for Form 1120
-4-
2. Schedule D (Form 1120).
financial institution to submit a same-day
Estimated tax penalty. A corporation
payment (discussed below) on its behalf.
3. Schedule O (Form 1120).
that does not make estimated tax
EFTPS is a free service provided by the
payments when due may be subject to an
4. Form 4626.
Department of the Treasury. Services
underpayment penalty for the period of
5. Form 8050.
provided by a tax professional, financial
underpayment. Generally, a corporation is
institution, payroll service, or other third
6. Form 1125-A.
subject to the penalty if its tax liability is
party may have a fee.
$500 or more and it did not timely pay at
7. Form 4136.
least the smaller of:
To get more information about EFTPS
8. Form 8941.
Its tax liability for the current year, or
or to enroll in EFTPS, visit
www.eftps.gov
9. Form 3800.
Its prior year's tax.
or call 1-800-555-4477 (TTY/TDD
10. Additional schedules in
1-800-733-4829).
Use Form 2220, Underpayment of
alphabetical order.
Estimated Tax by Corporations, to see if
Depositing on time. For any deposit
the corporation owes a penalty and to
11. Additional forms in numerical order.
made by EFTPS to be on time, the
figure the amount of the penalty. If Form
12. Supporting statements and
corporation must submit the deposit by 8
2220 is completed, enter the penalty on
attachments.
p.m. Eastern time the day before the date
line 33. See the instructions for line 33.
the deposit is due. If the corporation uses
Complete every applicable entry space
a third party to make deposits on its
Interest and Penalties
on Form 1120. Do not enter “See
behalf, they may have different cutoff
Attached” or “Available Upon Request”
times.
If the corporation receives a notice
instead of completing the entry spaces. If
about penalties after it files its
!
more space is needed on the forms or
Same-day wire payment option. If the
return, send the IRS an
schedules, attach separate sheets using
corporation fails to submit a deposit
CAUTION
explanation and we will determine if the
the same size and format as the printed
transaction on EFTPS by 8 p.m. Eastern
corporation meets reasonable-cause
forms.
time the day before the date a deposit is
criteria. Do not attach an explanation
due, it can still make its deposit on time by
when the corporation's return is filed.
If there are supporting statements and
using the Federal Tax Collection Service
attachments, arrange them in the same
(FTCS). To use the same-day wire
Interest. Interest is charged on taxes
order as the schedules or forms they
payment method, the corporation will need
paid late even if an extension of time to file
support and attach them last. Show the
to make arrangements with its financial
is granted. Interest is also charged on
totals on the printed forms. Enter the
institution ahead of time regarding
penalties imposed for failure to file,
corporation's name and EIN on each
availability, deadlines, and costs.
negligence, fraud, substantial valuation
supporting statement or attachment.
Financial institutions may charge a fee for
misstatements, substantial
payments made this way. To learn more
understatements of tax, and reportable
Note. If the corporation had tax withheld
about the information the corporation will
under Chapter 3 or 4 of the Internal
transaction understatements from the due
need to provide to its financial institution to
Revenue Code and received a Form
date (including extensions) to the date of
make a same-day wire payment, go to
payment. The interest charge is figured at
1042-S, Form 8805, or Form 8288-A
IRS.gov/SameDayWire.
a rate determined under section 6621.
showing the amount of income tax
withheld, attach such form(s) to the
Late filing of return. A corporation that
Estimated Tax Payments
corporation’s income tax return to claim a
does not file its tax return by the due date,
withholding credit. The corporation should
Generally, the following rules apply to the
including extensions, may be penalized
report the tax withheld on Schedule J,
corporation's payments of estimated tax.
5% of the unpaid tax for each month or
line 19d. See the instructions for
The corporation must make installment
part of a month the return is late, up to a
Schedule J, line
19d.
payments of estimated tax if it expects its
maximum of 25% of the unpaid tax. The
total tax for the year (less applicable
minimum penalty for a return that is over
Tax Payments
credits) to be $500 or more.
60 days late is the smaller of the tax due
The installments are due by the 15th
Generally, the corporation must pay any
or $210. The penalty will not be imposed if
day of the 4th, 6th, 9th, and 12th months
tax due in full no later than the due date for
the corporation can show that the failure to
of the tax year. If any date falls on a
filing its tax return (not including
file on time was due to reasonable cause.
Saturday, Sunday, or legal holiday, the
extensions). See the instructions for
See Caution above.
installment is due on the next regular
line 34. If the due date falls on a Saturday,
Late payment of tax. A corporation that
business day.
Sunday, or legal holiday, the payment is
does not pay the tax when due generally
The corporation must use electronic
due on the next day that isn't a Saturday,
funds transfer to make installment
may be penalized
of 1% of the unpaid
1
Sunday, or legal holiday.
2
tax for each month or part of a month the
payments of estimated tax.
Electronic Deposit
tax is not paid, up to a maximum of 25% of
Use Form 1120-W, Estimated Tax for
Requirement
Corporations, as a worksheet to compute
the unpaid tax. See Caution above.
estimated tax. See the Instructions for
Trust fund recovery penalty. This
Corporations must use electronic funds
Form 1120-W.
penalty may apply if certain excise,
transfer to make all federal tax deposits
Penalties may apply if the corporation
income, social security, and Medicare
(such as deposits of employment, excise,
does not make required estimated tax
taxes that must be collected or withheld
and corporate income tax). Generally,
payment deposits. See Estimated tax
are not collected or withheld, or these
electronic funds transfers are made using
penalty below.
taxes are not paid. These taxes are
the Electronic Federal Tax Payment
If the corporation overpaid estimated
generally reported on:
System (EFTPS). However, if the
tax, it may be able to get a quick refund by
Form 720, Quarterly Federal Excise
corporation does not want to use EFTPS,
filing Form 4466, Corporation Application
Tax Return;
it can arrange for its tax professional,
for Quick Refund of Overpayment of
Form 941, Employer's QUARTERLY
financial institution, payroll service, or
Estimated Tax. See the instructions for
Federal Tax Return;
other trusted third party to make deposits
Schedule J, Part II, line 14, later.
on its behalf. Also, it may arrange for its
Instructions for Form 1120
-5-

Download Instructions for IRS Form 1120 - U.S. Corporation Income Tax Return 2017

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