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Who must file Form 1120?

Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy and those engaging in farming) must file Form 1120 with the IRS, even if they don't have taxable income. The following entities must file Form 1120 on time to avoid penalties:

• Businesses that have chosen to be taxed as corporations: These businesses must also file Form 8832 and attach a copy of it to Form 1120.

• Limited Liability Companies (LLCs): LLCs can file Form 1120, but they must first file Form 8832 to elect to be treated as an association taxable as a corporation.

• Farming corporations: They must file Form 1120 to report their income or losses.

• Corporations with an ownership interest in a FASIT: A FASIT is a Financial Asset Securitization Investment Trust.

• Foreign-owned domestic disregarded entities: The foreign person or corporation must file Form 1120 and attach Form 5472 if a foreign person or corporation owns 100 percent of a domestic disregarded entity (DE).

Generally, these entities must file Form 1120 by the 15th day of the 4th month after the end of their tax year. If you need more time to prepare and file Form 1120 with the IRS after the regular due date, you can request an extension of up to 6 months by filing Form 7004. For step-by-step instructions on how to file Form 7004, click here.