IRS Form 1120-FSC, U.S. Income Tax Return of a Foreign Sales Corporation, is a form that a Foreign Sales Corporation (FSC) or small FSCs file with the Internal Revenue Service (IRS) in order to report their income, deductions, losses, gains, credits, and income tax liability. This form was issued by the IRS and last revised in November 2018. A fillable version of the Form 1120-FSC is available for download below.
Generally, an FSC is required to file this form by the 15th day of the 4th month after the end of its tax year. An FSC that has dissolved is required to file by the 15th day of the 4th month after the date of its dissolution. If the FSC's tax year ends on June 30, the corporation is required to file the 1120-FSC Form by the 15th day of the 3rd month after the end of the FCS's tax year. If the due date falls on a weekend or a legal holiday, the form may be filed on the next business day.
If an FSC does not meet the filing deadline, including extensions, a penalty of 5% of the unpaid tax for each month or day the return is late, and up to a maximum of 25%, shall apply. The company faces a minimum penalty for a return that is 60 days late at $210 or the amount of the tax, whichever is smaller. If the FSC can demonstrate that failure to file the Form 1120-FSC on time was due to reasonable cause, the penalty will not be imposed.