Module One Journalsouthern New Hampshire University Tax 655:

Module One JournalSouthern New Hampshire University TAX 655: Federal Income Tax of Corp 02:05:57 GMT -05:00Form 1120The Form 1120 is the IRS form for corporation income tax return. It is meant for corporations in the United States to report their income, gains, losses, deductions, credits, and determine their income tax liability. (IRS, 2023) The header section contains the basic information about the corporation including their federal employer identification number (EIN), corporation name, address, and the date of incorporation. It also includes their total assets and notes their tax year start and end dates which can vary based on the company. (Rupert, et al,2023) Following the company information, the form breaks out each section below to income, deductions, and tax, refundable credits, and payments. (IRS, 2023)The income statement is important when preparing the Form 1120 because it provides the necessary information and calculations to determine the taxable income. The income section of the form requires information relating to the gross receipts and sales, cost of goods sold, andgross profit, which can all be found on the income statement. Gross profit is especially important because it provides the base amount that expenses are deducted from. (Rupert, et al,2023)The