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IRSCorporate Tax (1120 Series)

Official form guide

Form 1120-FP: 1120-F (Schedule P)

Form 1120-F is the U.S. income tax return for a foreign corporation that has U.S.-source income. Use it to report taxable income, compute tax, and disclose earnings and profits.

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Form Overview

IRS Form 1120-FP - 1120-F (Schedule P)

Form 1120-F is the U.S. income tax return for a foreign corporation that has U.S.-source income. Use it to report taxable income, compute tax, and disclose earnings and profits.

Captures gross U.S. income, deductions, tax liability, and Schedule P details of earnings and profits.

Risk Radar

Scan points
  • 1A single missing Schedule P entry can invalidate the entire return.
  • 2Missing U.S. source income items
  • 3Incorrect earnings‑and‑profits calculation on Schedule P
  • 4Failure to attach required schedules
  • 5Using the wrong tax year on the form

Plain English

If a non‑U.S. company earns money in the United States, the IRS requires it to file this return. The form shows how much U.S. income the foreign corporation earned, the tax it owes, and its accumulated earnings.

Submission Date

  • Filing date: 2026-01-07 09:10:39
  • Preparation window: collect IDs, supporting records, and signatures in advance.
  • Final review: verify names, dates, and required fields before submission.

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Glossary Terms

income taxliabilityforeignincomemoneygross

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What this form is for

  • Use when a foreign corporation has U.S. source taxable income.
  • Do not use for a U.S. corporation or a foreign partnership.
  • If the corporation only has effectively connected income and no earnings‑and‑profits, consider Form 1120-F without Schedule P.

Form selector

Use this form or another form?

Only U.S. branch income

Earnings‑and‑profits not required

✓ Verify branch‑only status

Form 1120-F (no Schedule P)

Foreign corporation with no U.S. tax liability

May file a zero‑tax return

✓ Confirm zero‑tax requirement

Form 1120-F (zero‑tax filing)

Foreign corporation claiming treaty reduced rate

Treaty statement needed

✓ Ensure treaty article matches

Form 1120-F + Form 8833

Deadline or filing window

The return is due on the 15th day of the fourth month after the end of the corporation’s tax year (e.g., April 15 for a calendar year). If the due date falls on a weekend or holiday, the deadline moves to the next business day. Extensions may be requested using Form 8868, extending the filing deadline by up to six months.

  • —U.S. Gross Income | Sum of all Schedule C lines | Taxable Income | Verify inclusion of all U.S. source items

Checklist

What you need before filling it out

1

Line 1 – Gross Income

Income statements, 1099‑NEC, 1042‑S · Accounting records

⚠ Omitting a 1099‑NEC✕ High
2

Schedule P – Beginning E&P

Prior year Form 1120‑F · Prior year return

⚠ Starting balance error✕ Medium
3

Line 22 – Tax Liability

Tax computation worksheet · Tax software or manual calc

⚠ Mis‑applied rate✕ High
4

Signature block

Corporate officer’s signature · Physical or electronic signature

⚠ Missing signature✕ Critical

Before you submit

  1. 1Confirm the form version matches the tax year.
  2. 2Verify EIN and corporation name are{a___
  3. 3:

Field map

Compact field-by-field guide

9 fields

Entity Info

2 items

Corporation Name and EIN

Full legal name of the corporation and its Employer Identification Number.

Requiredtext
Address and Date Incorporated

Current mailing address and date of incorporation.

Requiredtext

Income

3 items

Gross Receipts or Sales

Total revenue from business operations before deducting costs.

Requiredamount
Cost of Goods Sold

Direct costs attributable to producing goods sold by the corporation.

amount
Total Income

Gross receipts minus cost of goods sold and returns/allowances.

Requiredamount

Deductions

1 items

Total Deductions

Sum of all business expenses including compensation, rent, interest, taxes, and depreciation.

Requiredamount

Tax

2 items

Taxable Income

Total income minus total deductions.

Requiredamount
Total Tax

Tax calculated on taxable income using the applicable corporate tax rate, minus any credits.

Requiredamount

Signatures

1 items

Officer Signature

An authorized corporate officer must sign and date the return.

Requiredsignature
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Current form status
IRS

Form 1120-F (Schedule P) is currently the 2024 revision, published in October 2023. Check the IRS website for any later updates before filing.

What changed or needs a fresh check

  • Edition date: Verify the form is the 2024 version (published Oct 2023).
  • Fee: No filing fee for the return itself, but any tax due must be paid.
  • Mailing address: Use the address in the instructions for foreign corporations.
  • Electronic filing: Confirm eligibility for MeF before choosing e‑file.
  • Signature block: Ensure an authorized officer signs and dates.
  • EIN: Verify the corporation’s EIN is current.

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Form 1120-FP page 1

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Form 1120-FP page 2

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Quick Facts

Filed by any foreign corporation with U.S. source income or a U.S. branch that is not a partnership.
Captures gross U.S. income, deductions, tax liability, and Schedule P details of earnings and profits.
Generally due on the 15th day of the fourth month after the corporation’s tax year ends (April 15 for calendar‑year filers).
Mail to the IRS Service Center listed in the form instructions or file electronically through the IRS Modernized e‑File (MeF) system if eligible.
Errors can trigger penalties, interest, or an audit, and may affect the corporation’s ability to claim treaty benefits.
1. Gather all U.S. source income statements and expense records for the tax year. 2. Complete the main 1120-F pages, then fill Schedule P with earnings‑and‑profits calculations. 3. Attach required schedules (e.g., Schedule G, Schedule M‑3) and any treaty statements. 4. Sign, date, and submit by mail or MeF before the deadline.

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Source transparency

Copyright & Licensing - US Government Forms

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Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
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