Every individual who conducts business must report their annual income and pay obligatory taxes. The Internal Revenue Service is an agency which receives all reports and appropriately processes them. Accordingly, every corporation is bound to opt for an entity tax return.
There are special forms for every type of entity. Statements from series 1041 are used by trusts and estates. The forms from Series 1065 are designed for partnerships, and Templates 1120 are to be filed by huge corporations. We will now discuss every entity tax return form in detail.
Form 1041 has a particular title, U.S. Income Tax Return for Estates and Trusts. Generally, there are 29 points to accomplish which are included in such sections as Income, Deductions, and Tax and Payments. There are also Schedules A, B and G. They are accordingly determined as Charitable Deduction, Income Distribution Deduction and Tax Computation. There is a block in the form for Other Information.
Another statement that refers to entity returns is U.S. Return of Partnership Income (1065). It includes more fields where an applicant fills in the information about the partnership. There is a place for an electronic signature.
Form 1120 is the last one. It is the U.S. Corporation Income Tax Return. Apart from the standard Income and Deductions sections, there is also the block named Tax, Refundable Credits and Payments. The template includes Schedules C, J (2 Parts), K, L, M-1 and M-2.
All these forms for entity tax returns can be found on the official IRS website with all necessary instructions and recommendations for submitting. An applicant can search for any other statement they are interested in on the same site.