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Department of the Treasury
Internal Revenue Service
Instructions for Form 1120
U.S. Corporation Income Tax Return
Section references are to the Internal Revenue Future Developments Advanced manufacturing investment
Code unless otherwise noted. credit. A corporation that held a qualified
Contents Page For the latest information about investment in an advanced manufacturing
developments related to Form 1120 and
Future Developments . . . . . . . . . . . . 1 its instructions, such as legislation facility that is placed in service after
What’s New . . . . . . . . . . . . . . . . . . 1 enacted after they were published, go to December 31, 2022, can elect to treat the
Photographs of Missing Children . . . . 1 IRS.gov/Form1120. credit for the advanced manufacturing
The Taxpayer Advocate Service . . . . . 1 investment as a deemed payment. If the
election is made, the corporation is treated
Direct Deposit of Refund . . . . . . . . . . 2 What’s New as making a payment against tax by the
How To Make a Contribution To amount of the credit. See section 48D.
Reduce Debt Held by the Increase in penalty for failure to file.
Public . . . . . . . . . . . . . . . . . . . 2 For returns due in 2023, the minimum See the Instructions for Form 3468 for
How To Get Forms and penalty for failure to file a return that is information on how to report the deemed
Publications . . . . . . . . . . . . . . . 2 more than 60 days late has increased to credit on the corporation's return.
General Instructions . . . . . . . . . . . . . 2 the smaller of the tax due or $450. See Principal business activity codes. The
Purpose of Form . . . . . . . . . . . . . . . 2 Late filing of return, later. list of principal business activity (PBA)
Who Must File . . . . . . . . . . . . . . . . 2 Form 1120-W now historical. Form codes has been updated. See Principal
When To File . . . . . . . . . . . . . . . . . 3 1120-W, Estimated Tax for Corporations, Business Activity Codes.
Where To File . . . . . . . . . . . . . . . . . 4 and the Instructions for Form 1120-W are
Who Must Sign . . . . . . . . . . . . . . . . 3 now historical. The 2022 Form 1120-W Photographs of
Paid Preparer Authorization . . . . . . . . 4 (released in 2021) and the 2022 Missing Children
Assembling the Return . . . . . . . . . . . 4 Instructions for Form 1120-W (released in The Internal Revenue Service is a proud
Tax Payments . . . . . . . . . . . . . . . . 4 2021) will be the last revision of both the partner with the National Center for
Estimated Tax Payments . . . . . . . . . 5 form and its instructions. Prior versions will Missing & Exploited Children® (NCMEC).
Interest and Penalties . . . . . . . . . . . . 5 be available on IRS.gov. Photographs of missing children selected
Accounting Methods . . . . . . . . . . . . 5 Payroll credit for COVID-related paid by the Center may appear in instructions
Accounting Period . . . . . . . . . . . . . . 6 sick leave and family leave. Generally, on pages that would otherwise be blank.
Rounding Off to Whole Dollars . . . . . . 6 the credit for qualified sick and family You can help bring these children home
Recordkeeping . . . . . . . . . . . . . . . . 6 leave wages, as enacted under the by looking at the photographs and calling
Other Forms and Statements That Families First Coronavirus Response Act 1-800-THE-LOST (1-800-843-5678) if you
May Be Required . . . . . . . . . . . 6 (FFCRA) and amended and extended by recognize a child.
Specific Instructions . . . . . . . . . . . . . 7 the COVID-related Tax Relief Act of 2020,
Period Covered . . . . . . . . . . . . . . . 7 and the credit for qualified sick and family The Taxpayer Advocate
Name and Address . . . . . . . . . . . . . 7 leave wages, as enacted under the Service
Identifying Information . . . . . . . . . . . 8 American Rescue Plan Act of 2021 (the The Taxpayer Advocate Service (TAS) is
Employer Identification Number ARP), have expired. However, employers an independent organization within the
(EIN) . . . . . . . . . . . . . . . . . . . 8 that paid qualified sick and family leave IRS that helps taxpayers and protects
Total Assets . . . . . . . . . . . . . . . . . . 9 wages in 2022 for leave taken after March taxpayer rights. TAS's job is to ensure that
Initial Return, Final Return, Name 31, 2020, and before October 1, 2021, every taxpayer is treated fairly and knows
Change, or Address Change . . . . 9 may be eligible to claim a credit for and understands their rights under the
Income . . . . . . . . . . . . . . . . . . . . . 9 qualified sick and family leave wages in Taxpayer Bill of Rights.
2022. See the March 2022 revision of the
Deductions . . . . . . . . . . . . . . . . . 10 Instructions for Form 941 and the 2022
Schedule C. Dividends, Inclusions, Instructions for Form 944 for more As a taxpayer, the corporation has
and Special Deductions . . . . . . 17 information. There is no double tax benefit rights that the IRS must abide by in its
Schedule J. Tax Computation and allowed and the amounts claimed are dealings with the corporation. TAS can
Payment . . . . . . . . . . . . . . . . 19 reportable as income. See Line 10. Other help the corporation if:
Schedule K. Other Information . . . . . 21 Income, later. • A problem is causing financial difficulty
Schedule L. Balance Sheets per for the business;
Books . . . . . . . . . . . . . . . . . . 24 Alternative minimum tax. For tax years • The business is facing an immediate
Schedule M-1. Reconciliation of beginning after December 31, 2022, the threat of adverse action; or
Income (Loss) per Books With Inflation Reduction Act of 2022 (IRA) • The corporation has tried repeatedly to
Income per Return . . . . . . . . . . 24 imposes a corporate alternative minimum contact the IRS but no one has
Schedule M-2. Analysis of tax (AMT). Applicable corporations (within responded, or the IRS hasn't responded
Unappropriated Retained the meaning of section 59(k)) may be by the date promised.
Earnings per Books . . . . . . . . . 25 required to pay this AMT. Short-period
Principal Business Activity Codes . . . 28 filers with a tax year beginning after TAS has offices in every state, the
Index . . . . . . . . . . . . . . . . . . . . . 31 December 31, 2022, and ending before District of Columbia, and Puerto Rico.
December 31, 2023, see section 55 and Local advocates' numbers are in their
the instructions for Schedule J, line 9g, local directories and at
later. TaxpayerAdvocate.IRS.gov. The

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