Q:

What information needs to be included in the IRS 1120 form for the year 2013?

A:

Quick Answer

The Internal Revenue Service requires corporations to include information about their income, deductions and dividends in the IRS 1120 form for the year 2013. Corporations also have to fill their tax computation data, business information and credits data, as directed by the IRS.

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Full Answer

Corporations must include information about their gross income from whatever sources derived, as provided in the Internal Revenue Code. Such information includes a corporation's gross receipts, rents, royalties and interest, directs the IRS. The IRS further requires corporations to include deductions from the taxable income including bad debts, repair costs, salaries and employee benefit programs.

In the tax return form, a corporation must indicate whether it is a member of a controlled group or a qualified personal service corporation. The tax rate schedules for corporations in these two categories are different, as outlined by the IRS. Corporations that do not lie in these categories must file an alternative form. In the IRS 1120 form for the year 2013, a corporation must provide information that leads to computation of its total tax, total credits and total payments.

The IRS provides instructions to corporations to detail their business activities, provide code numbers and their products or services. A corporation should further provide information about its voting power in the stocks where applicable, as outlined by the IRS.

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