What is Form 1120?

Form 1120 is the U.S. corporate income tax return filed by C corporations to report income, deductions, gains, losses, and taxes owed. Accurate financial records help businesses prepare Form 1120 and comply with tax requirements.

Example: A C corporation files Form 1120 annually to report its taxable income and calculate its federal income tax liability.

Related terms: Financial Statements, GAAP