Form 1120 (US Corporation Income Tax Return)
The annual federal income tax return filed by C corporations to report income, deductions, and tax liability at the entity level.
Detailed Explanation
C corporations file Form 1120 and pay tax at the flat 21% federal corporate rate. Distributions to shareholders are then taxed again at the individual level, creating the so-called "double taxation." Returns are due the 15th day of the fourth month after year end (April 15 for calendar-year filers), with a six-month extension available via Form 7004. C-corps are required for businesses raising venture capital, going public, or seeking institutional investment.
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Form 1120-S (S Corporation Income Tax Return)
The annual federal income tax return filed by S corporations, which pass income, deductions, and credits through to shareholders via Schedule K-1.
Partnership
A business entity owned by two or more persons who share in profits and losses, taxed as a pass-through with each partner reporting their share on their individual return.
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