How does the IRS define a corporation? What should tax professionals know about Form 1120? When a corporation is formed, the business legally becomes an entity that is separate from its owners. Therefore, C corporations pay income taxes as a business entity, unlike many other common business structures such as sole proprietorships, partnerships, limited liability companies (LLCs) and S corporations. When tax preparers are familiar with Form 1120, U.S. Corporation Income Tax Return, they become a valuable resource for clients who seek to be compliant with federal tax law. To assist you and your clients with tax planning, in the last section of this course we have included a summary of how the One Big Beautiful Bill Act (OBBBA), which was signed into law on July 4, 2025, impacts partnerships. This course is based on information from tax year 2025, including the 2025 version of Form 1120 and Instructions for Form 1120.
Prerequisites are not necessary to participate in this course and no advance preparation is needed.
Corporations are also known as C corporations or C corps - distinguishing them form S corps or other business structures. When a corporation is formed, the business legally becomes an entity that is separate from its owners. Therefore, C corporations pay income taxes as a business entity, unlike many other common business structures such as sole proprietorships, partnerships, limited liability companies (LLCs) and S corporations. When tax preparers are familiar with Form 1120, U.S. Corporation Income Tax Return, they become a valuable resource for clients who seek to be compliant with federal tax law. This course is based on information from tax year 2025, including the 2025 version of Form 1120 and Instructions for Form 1120.
Learning Objectives
After completing this course, you will be able to:
Explain what is a corporation and how it differs from other business structures.
Prepare Form 1120 in compliance with IRS rules.
This course is also available as part of a bundle called “Taking Care of Business.” You can save money by purchasing the bundle.
* Individuals with other professional credentials should check with their state licensing board or accrediting organization to determine if this program meets their continuing education requirements.
