Tax

Form 1120

Form 1120 is the US corporate income tax return, filed annually by C-Corporations to report income, deductions and tax owed. Foreign-owned single-member LLCs file a pro forma Form 1120 as a cover for Form 5472, without reporting income on it.

In plain terms: The corporate tax return. Foreign-owned LLCs file a blank version of it as a wrapper.

Why it matters

The 'pro forma' use confuses people: the LLC is not paying corporate tax and is not reporting revenue on the form. Form 1120 is acting purely as an envelope so that Form 5472 has something to attach to.

Related terms

• Form 5472
• C-Corporation
• Pro forma return
• Form 1120-F

Source: IRS — About Form 1120. This is a definition, not tax or legal advice — verify against the primary source before acting.