Dec 19, 2019
What is form 1120?
The form 1120 has been designed for the specific purpose of reporting corporate income taxes. This form can also be used to report income from business entities that are separate from each other. As long as they have decided to be taxed in the same way as a corporation, they won’t be facing any issues. Take, for instance, an LLC (Limited liable company) has been elected and it will be taxed in the same manner as a corporation. In such cases, you will have to use the IRS form 1120-S if you happen to be filing taxes for a Subchapter S Corporation.