Form 1120

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Form 1120

A corporate tax return in the United States. A corporation files Form 1120 to report its revenue, expenses, and profits or losses. It also uses Form 1120 to claim deductions and credits, which is especially important in the United States because corporate tax rates historically have been high compared to other countries. Form 1120 generally is filed three months after the end of the corporation's tax year.
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C corporation IRS adjustments Form 1120 Form 1040 Total Disallowed travel and entertainment $30,000 $30,000 $ 60,000 Excess compensation 50,000 -- 50,000 Total increase to taxable income 80,000 30,000 110,000 Marginal tax rate x 39% x 39.