Federal IRS Form 1120 Instructions Schedule 2008 U.S. Corporation Income Tax Return

If you have a U.S. based Corporation, you MUST report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation using Form 1120. Who qualifies as US Corporation and should use IRS form 1120 to file income tax returns.Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Domestic corporations must file Form 1120 unless they are required to file a special return. See Special Returns for Certain Organizations below. Limited liability companies.   If an entity with more than one owner was formed as a limited liability company (LLC) under state law, it generally is treated as a partnership for federal income tax purposes and files Form 1065, U.S. Return of Partnership Income. Generally, a single-member LLC is disregarded as an entity separate from its owner and reports its income and deductions on its owner's federal income tax return. The LLC can file a Form 1120 only if it has filed Form 8832, Entity Classification Election, to elect to be treated as an association taxable as a corporation. Corporations engaged in farming.   A corporation (other than a corporation that is a subchapter T cooperative) that engages in farming should use Form 1120 to report the income (loss) from such activities. Enter the income and deductions of the corporation according to the instructions for lines 1 through 10 and 12 through 29. Ownership interest in a Financial Asset Securitization Investment Trust (FASIT).   Special rules apply to a FASIT in existence on October 22, 2004, to the extent that regular interests issued by the FASIT before October 22, 2004, continue to remain outstanding in accordance with their original terms. All USA based Corporations must file its income tax return by the 15th day of the 3rd month after the end of its tax year. A new corporation filing a short-period return must generally file by the 15th day of the 3rd month after the short period ends.The Tax return IRS Form 1120 must be signed and dated by:

• The president, vice president, treasurer, assistant treasurer, chief accounting officer; or
• Any other corporate officer (such as tax officer) authorized to sign.

You can download IRS Form 1120 from here and Form 1120 Instructions from here