Instructions for Form 1120 - Introductory Material

Table of Contents

Future Developments

For the latest information about developments related to Form 1120 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/form1120.

What's New

No separate payment card reporting requirements.   Gross receipts received via payment card (credit and debit cards) and third party network payments are not separately reported on Form 1120.

Form 8949 and Schedule D (Form 1120).   For 2012, many transactions that, in previous years, were reported on Schedule D (Form 1120) are now reported on Form 8949, Sales and Other Dispositions of Capital Assets. Form 8949 must be completed and attached to Schedule D (Form 1120). See Form 8949, Schedule D (Form 1120), and the related instructions.

American Samoa economic development credit.   The American Taxpayer Relief Act of 2012 (ATRA) modified and expanded the American Samoa economic development credit for tax years beginning after December 31, 2011. See Form 5735 and the Instructions for Form 5735.

Principal Business Activity Codes.   The Principal Business Activity Codes (PBA's), located at the end of these instructions, have been updated and revised to reflect updates to the North American Industry Classification System (NAICS).

Photographs of Missing Children

The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Photographs of missing children selected by the Center may appear in instructions on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child.

Unresolved Tax Issues

The Taxpayer Advocate Service (TAS) is an independent organization within the IRS whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving tax problems that have not been resolved through normal channels, or who believe that an IRS system or procedure is not working as it should. The service is free, confidential, tailored to meet your needs, and is available for businesses, as well as individuals.

The corporation can contact the TAS as follows.

  • Call the TAS toll-free line at 1-877-777-4778 to see if the corporation is eligible for assistance. Individuals who are deaf, hard of hearing, or have a speech disability and who have access to TTY/TDD equipment can call 1-800-829-4059.

  • Call or write the corporation's local taxpayer advocate, whose phone number and address are listed in the local telephone directory and in Pub. 1546, Taxpayer Advocate Service – Your Voice at the IRS.

  • File Form 911, Request for Taxpayer Advocate Service Assistance (And Application for Taxpayer Assistance Order), or ask an IRS employee to complete it on the corporation's behalf.

For more information, go to www.irs.gov/advocate.

Direct Deposit of Refund

To request a direct deposit of the corporation's income tax refund into an account at a U.S. bank or other financial institution, attach Form 8050, Direct Deposit of Corporate Tax Refund. See the instructions for line 36.

How To Make a Contribution To Reduce Debt Held by the Public

To help reduce debt held by the public, make a check payable to “Bureau of the Public Debt.” Send it to: Bureau of the Public Debt, Department G, P.O. Box 2188, Parkersburg, WV 26106-2188. Or, enclose a check with the income tax return.

Do not add the contributions to any tax the corporation may owe. Contributions to reduce debt held by the public are deductible subject to the rules and limitations for charitable contributions.

How To Get Forms and Publications

Internet.   You can access the IRS website 24 hours a day, 7 days a week, at IRS.gov to:

  • Download forms, instructions, and publications;

  • Order IRS products online;

  • Research your tax questions online;

  • Search publications online by topic or keyword;

  • View Internal Revenue Bulletins (IRBs) published in recent years; and

  • Sign up to receive local and national tax news by email.

IRS Tax Products DVD.   You can order Pub. 1796, IRS Tax Products DVD, and obtain the following.

  

  • Current-year forms, instructions, and publications.

  • Prior-year forms, instructions, and publications.

  • Internal Revenue Code – Title 26 of the U.S. Code.

  • Tax Map: an electronic research tool and finding aid.

  • Tax law frequently asked questions (FAQs).

  • Tax Topics from the IRS telephone response system.

  • Fill-in, print, and save features for most tax forms.

  • Internal Revenue Bulletins.

  • Toll-free and email technical support.

  • Two releases during the year. 
    – The first release will ship early in January. 
    – The final release will ship early in March.

  Buy the DVD from the National Technical Information Service (NTIS) at www.irs.gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee).

By phone and in person.   You can order forms and publications by calling 1-800-TAX-FORM (1-800-829-3676). You can also get most forms and publications at your local IRS office.

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