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2020 Instructions for Form 1120

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Userid: CPM Schema: instrx Leadpct: 100% Pt. size: 9 Draft Ok to Print AH XSL/XML Fileid: … ions/I1120/2020/A/XML/Cycle09/source (Init. & Date) _______ Page 1 of 30 22:04 - 8-Feb-2021 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. Department of the Treasury 2020 Internal Revenue Service Instructions for Form 1120 U.S. Corporation Income Tax Return Section references are to the Internal Revenue enacted after they were published, go to allowed a 100% deduction for certain Code unless otherwise noted. IRS.gov/Form1120. business meal expenses paid or incurred Contents Page in 2021 and 2022. See Travel, meals, and entertainment. Future Developments ............1 What’s New What’s New ..................1 New payroll credit for required paid Modifications to net operating losses. Photographs of Missing Children ....1 sick leave or family leave. Under the Losses that occurred in 2018, 2019, or The Taxpayer Advocate Service .....1 Families First Coronavirus Response Act 2020 generally can be carried back up to 5 Direct Deposit of Refund ..........2 (FFCRA), as amended, an eligible tax years preceding the year of the loss. Special rules apply to farming losses. See How To Make a Contribution To employer can take a credit against payroll Reduce Debt Held by the taxes owed for amounts paid for qualified the instructions for line 30. Public ...................2 sick leave or family leave if incurred during How To Get Forms and the allowed period. However, there is no Photographs of Publications ...............2 double tax benefit allowed and the Missing Children General Instructions .............2 amounts claimed are reportable as The Internal Revenue Service is a proud Purpose of Form ...............2 income on line 10. See the instructions for partner with the National Center for Who Must File ................2 line 10. Missing & Exploited Children® (NCMEC). When To File .................3 New employee retention credit. The Photographs of missing children selected Where To File .................4 Coronavirus Aid, Relief, and Economic by the Center may appear in instructions Who Must Sign ................3 Security Act (CARES Act) allows a new on pages that would otherwise be blank. Paid Preparer Authorization ........3 employee retention credit for qualified You can help bring these children home Assembling the Return ...........4 wages. Any qualified wages for which an by looking at the photographs and calling Tax Payments ................4 eligible employer claims against payroll 1-800-THE-LOST (1-800-843-5678) if you Estimated Tax Payments .........4 taxes for the new employee retention recognize a child. Interest and Penalties ............5 credit may not be taken into account for Accounting Methods ............5 purposes of determining other credits. The Taxpayer Advocate Accounting Period ..............6 Temporary suspension of limitations Service Rounding Off to Whole Dollars ......6 on certain contributions. Under the The Taxpayer Advocate Service (TAS) is Recordkeeping ................6 CARES Act, a corporation may elect to an independent organization within the Other Forms and Statements That deduct certain qualified cash contributions IRS that helps taxpayers and protects May Be Required ...........6 made in 2020 and 2021 without regard to taxpayer rights. TAS's job is to ensure that Specific Instructions .............7 the 10% taxable income limit. The total every taxpayer is treated fairly and knows Period Covered ...............7 amount of the contribution claimed cannot and understands their rights under the Name and Address .............7 exceed 25% of the excess of the Taxpayer Bill of Rights. Identifying Information ...........7 corporation's taxable income over all other Employer Identification Number allowable charitable contributions. See the As a taxpayer, the corporation has (EIN) ...................8 instructions for line 19. rights that the IRS must abide by in its dealings with the corporation. TAS can Total Assets ..................8 Disaster relief charitable contribu- help the corporation if: Initial Return, Final Return, Name tions. The 10% limit on the deduction for A problem is causing financial difficulty Change, or Address Change ....8 charitable contributions does not apply to • for the business; Income .....................8 contributions made after December 31, The business is facing an immediate Deductions ................. 10 2019, and before February 26, 2021, to • threat of adverse action; or Schedule C. Dividends, Inclusions, certain charitable organizations for relief in The corporation has tried repeatedly to and Special Deductions ...... 16 qualified disaster areas. See Temporary • contact the IRS but no one has Schedule J. Tax Computation and suspension of 10% limitation for certain responded, or the IRS hasn't responded Payment ................ 19 disaster-related contributions, later. by the date promised. Schedule K. Other Information ..... 21 Increase in limits on contributions of Schedule L. Balance Sheets per TAS has offices in every state, the Books .................. 24 food inventory. For any charitable contribution of food during 2020 and 2021 District of Columbia, and Puerto Rico. Schedule M-1. Reconciliation of Local advocates' numbers are in their Income (Loss) per Books With to which section 170(e)(3)(C) applies, a Income per Return .......... 24 corporation can deduct qualified local directories and at TaxpayerAdvocate.IRS.gov. The Principal Business Activity Codes ... 27 contributions of up to 25% of their corporation can also call TAS at Index ..................... 30 aggregate net income from all trades or businesses from which the contributions 1-877-777-4778. were made or up to 25% of their taxable Future Developments income. See the instructions for line 19. TAS also works to resolve large-scale or systemic problems that affect many For the latest information about Temporary allowance of 100% for taxpayers. If the corporation knows of one developments related to Form 1120 and business meals. A corporation is of these broad issues, please report it to its instructions, such as legislation Feb 08, 2021 Cat. No. 11455T Page 2 of 30 Fileid: … ions/I1120/2020/A/XML/Cycle09/source 22:04 - 8-Feb-2021 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. TAS through the Systemic Advocacy rules apply, it must report all items of Management System at IRS.gov/SAMS. General Instructions income, gain, deductions, losses, and credits on the corporation's income tax For more information, go to IRS.gov/ return (except as provided in section Advocate. Purpose of Form Use Form 1120, U.S. Corporation Income 860H). Show a breakdown of the items on Direct Deposit of Refund Tax Return, to report the income, gains, an attached statement. For more losses, deductions, credits, and to figure information, see sections 860H and 860L To request a direct deposit of the (repealed with certain exceptions). corporation's income tax refund into an the income tax liability of a corporation. account at a U.S. bank or other financial Foreign-owned domestic disregarded institution, attach Form 8050, Direct Who Must File entities. If a foreign person, including a Deposit of Corporate Tax Refund. See the Unless exempt under section 501, all foreign corporation, wholly owns a instructions for line 37. domestic corporations (including domestic disregarded entity (DE), the corporations in bankruptcy) must file an domestic DE is treated as a domestic How To Make a income tax return whether or not they corporation separate from its owner (the have taxable income. Domestic foreign corporation) for the limited Contribution To Reduce corporations must file Form 1120, unless purposes of the requirements under Debt Held by the Public they are required, or elect to file a special section 6038A that apply to 25% foreign-owned domestic corporations. To help reduce debt held by the public, return. See Special Returns for Certain While a DE is not required to file a U.S. make a check payable to “Bureau of the Organizations below. income tax return, a DE covered by these Fiscal Service.” Send it to: Entities electing to be taxed as corpo- rules may be required to file a pro forma rations. A domestic entity electing to be Form 1120 with Form 5472 attached by Bureau of the Fiscal Service classified as an association taxable as a Attn: Dept G the due date (including extensions) of the corporation must file Form 1120, unless it return. See the Instructions for Form 5472 P.O. Box 2188 is required to or elects to file a special Parkersburg, WV 26106-2188 for additional information and coordination return listed under Special Returns for with Form 5472 reporting by the domestic Certain Organizations below. The entity DE. Or, enclose the check with the must also file Form 8832, Entity corporation's income tax return. In the Classification Election, and attach a copy Qualified opportunity fund. To be memo section of the check, make a note of Form 8832 to Form 1120 (or the certified as a qualified opportunity fund that it is a gift to reduce the debt held by applicable return) for the year of the (QOF), the corporation must file Form the public. For information on how to make election. For more information, see Form 1120 and attach Form 8996, even if the this type of contribution online, go to 8832 and its instructions. corporation had no income or expenses to www.treasurydirect.gov and click on “How report. See Schedule K, Question 25. to Make a Contribution to Reduce the Limited liability companies (LLC). If an Also, see the Instructions for Form 8996. Debt.” entity with more than one owner was formed as an LLC under state law, it is Qualified opportunity investment. If Do not add the contributions to any tax generally treated as a partnership for the corporation held a qualified investment the corporation may owe. See the federal income tax purposes and files in a QOF at any time during the year, the instructions for line 35 for details on how to Form 1065, U.S.
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