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Form 1120 (U.S. Corporation Income Tax Return)

Definition:
Form 1120 is the U.S. federal tax return filed annually by C-Corporations to report their income, gains, losses, deductions, and tax liability to the Internal Revenue Service (IRS).

For foreign-owned entities, Form 1120 is also used in special cases:

  • A foreign-owned Single-Member LLC (SMLLC) must file a pro forma Form 1120 along with Form 5472, even if the LLC is treated as a disregarded entity for tax purposes.

Typical details included in Form 1120:

  • Gross income and deductions
  • Officer compensation and dividends
  • Tax credits and payments
  • Balance sheet and shareholder information

Why is it important?
Form 1120 is a core part of tax compliance for any U.S. C-Corp. For foreign-owned LLCs, submitting it with Form 5472 fulfills a critical disclosure requirement—even if no corporate income tax is owed.

Who is it for?

  • U.S.-registered C-Corporations
  • Foreign-owned SMLLCs (filing pro forma 1120 with Form 5472)
  • Any U.S. company taxed as a corporation by IRS election
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