Glossary

Form 1120

Form 1120 is the U.S. corporation income tax return filed by C corporations, and a pro forma version is required from foreign-owned single-member LLCs that must file Form 5472.

How it works

C corporations file Form 1120 and pay tax at the entity level, with shareholders taxed again on dividends. S corporations file Form 1120-S instead and pass income through. A foreign-owned single-member LLC treated as a disregarded entity must file a pro forma Form 1120 as the cover for its Form 5472, even with no U.S. income.

Why it matters

The pro forma 1120 requirement catches non-resident owners of U.S. LLCs every year; the penalty for the missing 5472 is 25,000 dollars.

Related: Form 5472. Read more: Form 1120 guide.

Guides that cover form 1120

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Definitions are general information, not legal advice, and may not reflect the most recent changes in law.

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