Who must file Form 1120?
931 views | Last modified 4/2/2024 2:16:35 AM EST | Added by ExpressExtension Team

Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy, and corporations engaging in farming) must file Form 1120 to the IRS even if they don’t have taxable income. The following entities must file tax Form 1120 on time to the IRS 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). The LLC can also file a Form 1120, but before, they should have filed 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, all the above entities must file form 1120 by the 15th day of the 4th month after the end of its tax year. If you need more time to prepare and file form 1120 to the IRS after the regular due date, you can get an extension of up to 6 months by filing Form 7004. For step-by-step instructions on how to file Form 7004, click here.