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What Is Form 1120? Who Files It and the Pro Forma 1120
Form 1120 is the US corporate income tax return. Most LLC owners never file a full one, but if you own a US LLC from abroad, you file a short version of it every year. Here is what Form 1120 is, who files it, and how the pro forma 1120 works with Form 5472.
Form 1120 is the US Corporation Income Tax Return. C corporations, and LLCs that choose to be taxed as corporations, file it to report income and pay federal corporate tax. A foreign-owned single-member LLC files a “pro forma” Form 1120: a cover return with only basic details, attached to Form 5472, every year, even with no income. LLCPronto files both together for up to $60.
Who Files Form 1120?
| Business | Files Form 1120? |
|---|---|
| C corporation | Yes, a full return |
| LLC that elected to be taxed as a C corporation | Yes, a full return |
| Foreign-owned single-member LLC | Yes, a pro forma 1120 with Form 5472 |
| US-owned single-member LLC (default) | No, profit goes on the owner’s return |
| Multi-member LLC (default) | No, it files Form 1065 |
| S corporation | No, it files Form 1120-S |
What Is a Pro Forma Form 1120?
“Pro forma” means “as a formality”. A foreign-owned single-member LLC is still disregarded for income tax, so it does not complete the full corporate return. Instead, it fills in the top of Form 1120 with the LLC’s name, address and EIN, writes that it is a foreign-owned disregarded entity, and attaches Form 5472. The 1120 is simply the envelope the IRS requires for Form 5472.
How Form 1120 and Form 5472 Work Together
- Form 5472 reports the owner and every transaction between the LLC and its owner, such as money paid in or taken out
- The pro forma Form 1120 carries the Form 5472 to the IRS
- Both are filed together, once a year
- The penalty for a missing or late Form 5472 is $25,000 per form
Learn more on our Form 5472 filing page.
When Is Form 1120 Due?
For a calendar-year company, Form 1120 (including the pro forma version with Form 5472) is due by April 15. An extension can be requested, which moves the deadline back by six months. File with us and we keep track of the deadline for you.
Documents We Need to File Your Pro Forma 1120 and 5472
- The EIN letter (CP 575 or 147C)
- Your Articles of Organization
- Your passport and home address outside the US
- Your foreign tax ID, if your country issues one
- The LLC’s bank statements for the year
- A list of money you put into or took out of the LLC
Form 1120 vs Form 1120-S vs Form 1065
| Form | Who files it |
|---|---|
| Form 1120 | C corporations and LLCs taxed as C corporations; pro forma for foreign-owned single-member LLCs |
| Form 1120-S | S corporations (US owners only) |
| Form 1065 | Partnerships, including default multi-member LLCs |
Common Form 1120 Mistakes for LLCs Owned From Abroad
- Not filing because the LLC had no income
- Filing Form 5472 without the pro forma 1120, or the other way round
- Leaving out money the owner paid into the LLC
- Using a different name or address from the IRS records
- Missing the deadline and not filing an extension
Form 1120: FAQs
What is Form 1120?
The US Corporation Income Tax Return, filed by C corporations and LLCs taxed as corporations.
Does my LLC need to file Form 1120?
Only if it is taxed as a corporation, or if it is a foreign-owned single-member LLC, which files a pro forma 1120 with Form 5472.
What is a pro forma 1120?
A cover return with only the LLC’s basic details, used to send Form 5472 to the IRS. It does not calculate tax.
Do I file Form 1120 if my LLC had no income?
Yes, if it is a foreign-owned single-member LLC. The pro forma 1120 and Form 5472 are due every year, even with no income.
When is Form 1120 due?
By April 15 for a calendar-year company. An extension of six months can be requested.
How much does LLCPronto charge to file Form 1120 and 5472?
Up to $60 for both forms together.
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