IRS Form 1120 (U.S. Corporation Tax Return): Guidance for Completing, Filing, and Amending

Summary

This practice note provides an overview of the advantages and disadvantages of filing as a C corporation (Form 1120) and how a C corporation reports income or losses on Form 1120. The practice note also outlines the client engagement process, the process a tax practitioner should follow when preparing a Form 1120, and current developments for the 2022 tax filing season. In addition, this note provides guidance for completing, filing, and amending Form 1120, and what information must be gathered to complete the processes and considerations for the 2023 tax filing season.