Instructions for  
Form 1120-PC - Introductory Material

Table of Contents

Future Developments

For the latest information about developments related to Form 1120-PC and its instructions, such as legislation enacted after they were published, go to www.irs.gov/form1120pc.

What's New

Patient-centered outcomes research fee.   The Affordable Care Act (Public Law 111-148, amended by Public Law 111-152) (the “Act”) imposes fees on issuers of certain health insurance policies and plan sponsors of certain self-insured health plans to help fund the Patient- Centered Outcomes Research Institute. The fees, reported on Form 720 and paid annually, are based on the average number of lives covered under the policy or plan. The fees apply to certain health insurance policies and certain self-insured health plans with policy or plan years ending on or after October 1, 2012, and before October 1, 2019.

  You can find more information about Act provisions, including links to published guidance, at www.irs.gov/aca.

Deduction for compensation paid by health insurance providers.    Section 162(m)(6) limits the allowable deduction for remuneration for services provided by individuals to certain health insurance providers. See Limitation on tax benefits for remuneration under the Patient Protection and Affordable Care Act, later.

Line 14j.   The reference to Form 3800, line 17c, has been deleted as the section 168(k)(4) election, to claim certain unused research credits instead of any additional first-year special depreciation allowance for eligible property, has expired.

Form 8949, Sales and Other Dispositions of Capital Assets.   For 2012, Form 8949 must be attached to Schedule D (Form 1120) to provide detailed information for sales or other dispositions of capital assets reported on specific lines of Schedule D (Form 1120). See Form 8949, Schedule D (Form 1120), and the related instructions, for more information.

Section 833(c)(5).    Notice 2012-37 extends the interim guidance on the interpretation and application of section 833(c)(5). See Certain changes in method of accounting for organizations to which section 833 applies under Accounting Methods, later.

For the latest information, see www.irs.gov/formspubs.

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. People 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. Deaf or hard-of-hearing individuals can also contact the IRS through relay services such as the Federal Relay Service available at www.gsa.gov/fedrelay.

  • 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.

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 current year and prior year 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.

IRS E-Services Make Taxes Easier

Now more than ever before, businesses can enjoy the benefits of filing and paying their federal taxes electronically. Whether you rely on a tax professional or handle your own taxes, the IRS offers you convenient programs to make taxes easier.

  • You can e-file your Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns, Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, 941, Employer's QUARTERLY Federal Tax Return, Form 1099-MISC, Miscellaneous Income, and other information returns. Visit www.irs.gov/efile for details.

  • You can pay taxes online or by phone using the free Electronic Federal Tax Payment System (EFTPS). Visit  
    www.eftps.gov or call 1-800-555-4477 for details.

Use these electronic options to make filing and paying taxes easier.

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