Filing income taxes is required for all individuals and businesses alike. With conveniences set up for corporate filing, such as eFile offered by the Internal Revenue Service, corporations can obtain the necessary forms, file online, track and receive payments as well as make adjustments and amendments to previous year income taxes. To file current year taxes, you need only obtain Form 1120.
Instructions
1. Gather all financial statements including balance sheets and summary reports. Obtain records for capital accounts if applicable. Have shareholder/owner information on hand, such as name, address and Social Security number.
2. Obtain an 1120 U.S. Corporation Income Tax Return for the current year. Provide income, deductions, credits and payments. If applicable, complete Schedules A, C, E, J, K, M1 and M2. You can order form 1120 online or by phone at (800) 829-3676. The form is available for download at IRG.gov, and can be filed electronically once complete. For an instructional DVD regarding tax forms, including Form 1120, order Pub. 1798, IRS Tax Products DVD.
3. Have the president, vice president, treasurer and accountant sign Form 1120.
4. File by March 15 of the corporation's tax year. A new corporation seeking to file a short-period return must do so by the 15th of the third month after the short period ends.
5. File with the Department of Treasury by mail. E-filing is generally allowed; however, there are limitations. Returns that are subject to penalty, overpayment or fines must file by mail.
