What is IRS Form 1120?
Form 1120 is the main corporate tax return form required by the IRS. Numerous schedules and variations may also be required, depending on the corporate structure and business. Among the attached schedules, Schedule A is used to compute cost of goods sold while Schedule C is used to compute special deductions from dividends received. Schedule E requires the corporation to list its officers’ compensation. Schedule J is where tax liability is computed for the first part of the form. Other information about the company is required in Schedule K. The balance sheet must be input in Schedule L, while Schedule M-1 is used to reconcile accounting income or loss with that listed on the tax return.
