Why it matters
A C corporation files its own return and pays tax at the entity level, unlike an S corporation or a partnership. The return also drives the shareholder basis and the dividend reporting.
Example
A calendar-year C corporation closes its books for the year. The preparer completes Form 1120 from the trial balance, the depreciation schedule and the owner records, then files it by the due date.
Related terms
Questions about Form 1120
Is Form 1120 the same as Form 1120-S?
No. Form 1120 is for a C corporation, which generally pays tax at the entity level. Form 1120-S is for an S corporation, which generally passes income through to the shareholders.
When is Form 1120 due?
For a calendar-year C corporation, the return is generally due April 15. A corporation with a different fiscal year uses the 15th day of the fourth month after its year end.