Form 1120, U.S. Corp. Income Tax Return, Schedule D, Capital Gains and Losses, Schedule H, Section 280H Limitations for a Personal Service Corporation (PSC), Schedule N, Foreign .........
ICR 200812-1545-022 · OMB 1545-0123 · Historical Active
⚠️ Notice: This information collection may be outdated. More recent filings for OMB 1545-0123 can be found here:
Form 1120, U.S. Corp. Income Tax Return, Schedule D, Capital Gains and Losses, Schedule H, Section 280H Limitations for a Personal Service Corporation (PSC), Schedule N, Foreign .........
No material or nonsubstantive change to a currently approved collection
Use Form 1120, U.S. Corporation Income Tax Return, to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation.
US Code:
26 USC 6011
Name of Law: General requirement of return, statement, or list
US Code:
26 USC 1561
Name of Law: Limitations on certain multiple tax benefits in the case of certain controlled corporations
US Code:
26 USC 1563
Name of Law: Definitions and special rules
PL: Pub.L. 110 - 234 15343(a), 122 Stat. 1518 Name of Law: Food, Conservation, and Energy Act of 2008
PL: Pub.L. 110 - 246 15343(a), 122 Stat. 2280 Name of Law: Food, Conservation, and Energy Act of 2008
Form 1120, U.S. Corporation Income Tax Return, is used to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation.
Changes were made to the forms under this approval number to comply with P.L. 110-289, the Housing and Economic Recovery Act of 2008, section 3081. Under this new law, corporations may elect to claim additional research and minimum tax credits in lieu of claiming first year depreciation under section 168(k) for certain property. These changes resulted in a total burden increase of 801,491 hours. Other various changes, to comply with PL 110-234 and PL 110-246, were made to the forms which decreased the overall burden. The net result of these statutory changes is a decrease of 4,427,838 hours.
Schedule B of Form 1120 is filed by U.S. corporations that are required to file Form 1120 Schedule M-3. The questions in this schedule reflect additional information requested by Treasury from the filers of Form 1120 Schedule M-3. The addition of this new schedule results in an increase in the number of estimated responses by 40,000 and an increase in burden by 155,600 hours.
In total, while there is an increase in estimated filers by 40,000, there is a decrease in total burden by 4,272,238 hours.
$0
No
No
Uncollected
Uncollected
No
Uncollected
Lupi-Sher David 2026223878
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form 1120 Form 1120, U.S. Corp. Income Tax Return, Schedule D, Capital Gains and Losses, Schedule H, Section 280H Limitations for a Personal Service Corporation (PSC), Schedule N, Foreign .........
Summary of changes for Form 1120.pdf
Form 1120, U.S. Corp. Income Tax Return, Schedule D, Capital Gains and Losses, Schedule H, Section 280H Limitations for a Personal Service Corporation (PSC), Schedule N, Foreign .........