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IRSCorporate Tax (1120 Series)

Official form guide

Form 1120-FSP: 1120-FSC (Schedule P)

Form 1120-FSP, Schedule P, is the supplemental schedule for the U.S. Income Tax Return of a Foreign Corporation (Form 1120-F). It reports the foreign corporation’s earnings and profits and related allocations. Use it when filing Form 1120-F for a foreign corporation that has U.S. source income.

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Form Overview

IRS Form 1120-FSP - 1120-FSC (Schedule P)

Form 1120-FSP, Schedule P, is the supplemental schedule for the U.S. Income Tax Return of a Foreign Corporation (Form 1120-F). It reports the foreign corporation’s earnings and profits and related allocations. Use it when filing Form 1120-F for a foreign corporation that has U.S. source income.

It captures total earnings and profits, allocations to shareholders, and adjustments for U.S. tax purposes.

Risk Radar

Scan points
  • 1A single mis‑statement on Schedule P can trigger penalties and affect all shareholder withholding.
  • 2Mis‑calculating beginning earnings and profits
  • 3Omitting adjustments for U.S. tax credits
  • 4Failing to allocate earnings correctly to shareholders
  • 5Using the wrong tax year basis

Plain English

Schedule P is the part of the foreign corporation tax return that shows how much profit the company earned and how that profit is divided. It helps the IRS see what portion of earnings is taxable in the U.S. and what stays foreign. You fill it out only if you are filing a Form 1120-F for a foreign corporation.

Submission Date

  • Filing date: 2017-09-16 08:04:01
  • 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 taxforeignincome

Hover a term to preview the meaning.

What this form is for

  • Use when a foreign corporation files Form 1120-F and has earnings‑and‑profits to report.
  • Do not use for domestic corporations or foreign corporations with no U.S. source income.
  • If the corporation files a consolidated return, see Schedule M‑3 instead.

Form selector

Use this form or another form?

No earnings and profits to report

No Schedule P needed

✓ Verify zero EP before omitting

Form 1120-F without Schedule P

Domestic corporation filing U.S. income tax

Different form set

✓ Do not attach Schedule P

Form 1120

Foreign corporation filing only Form 1120-FR (information return)

No tax liability reported

✓ Schedule P not applicable

Form 1120-FR

Deadline or filing window

The due date is the 15th day of the 4th month after the corporation’s tax year ends, unless an extension is filed. Extensions push the deadline to the 15th day of the 10th month. Late filing may incur a $210 per‑month penalty.

  • —Beginning EP | Prior year EP + Adjustments | Ending EP | Verify adjustments are supported

Checklist

What you need before filling it out

1

Line 1 – Beginning EP

Prior year Form 1120-F Schedule P · Prior year filed return

⚠ Using prior year EP without adjustment✕ Medium
2

Line 4 – Adjustments for U.S. tax paid

Copy of U.S. tax payment receipt · Payment records

⚠ Forgetting to include tax paid✕ High
3

Line 7 – Distributions to shareholders

Dividend statements · Corporate cash flow statements

⚠ Omitting small distributions✕ Medium
4

Line 10 – Ending EP

Calculated ending EP · Internal financial statements

⚠ Rounding errors✕ Low

Before you submit

  1. 1Confirm the corporation’s tax year matches the one on Form 1120-F.
  2. 2Verify all earnings‑and‑profits numbers reconcile with the financial statements.
  3. 3Attach Schedule P to the front of Form 1120-F.
  4. 4Include any required supporting schedules (e.g., Schedule M‑3).
  5. 5Check that the authorized officer’s signature and date are present.
  6. 6Ensure the correct IRS mailing address or e‑file transmission method.
  7. 7Confirm that an extension, if filed, is attached.
  8. 8Retain a copy of the completed Schedule P for records.
  9. 9Verify that the EIN on the return matches the corporation’s registration.
  10. 10Check that any foreign tax credits are properly reflected.

How to file this form

  1. 1Gather prior year Schedule P and current year financials.
  2. 2Complete Schedule P line items, applying required adjustments.
  3. 3Review totals against the main Form 1120-F for consistency.
  4. 4Sign and date Schedule P and the main return.
  5. 5Choose mailing or approved e‑file method.
  6. 6Send the package to the IRS service center indicated for foreign filers.
  7. 7Keep tracking number or e‑file confirmation for future reference.

Known limitations

  1. 1The form does not calculate tax liability; it only reports earnings and profits.
  2. 2Only U.S. source income is considered; foreign‑source earnings are excluded.
  3. 3Instructions assume the corporation uses a calendar year unless otherwise stated.
  4. 4The schedule does not provide guidance for consolidated foreign groups.

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 in its 2024 revision, effective for tax years beginning on or after January 1, 2024. 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 revision.
  • Fee: No filing fee for Form 1120-F or Schedule P.
  • Mailing address: Use the address in the 1120-F instructions for foreign filers.
  • Electronic filing: Confirm eligibility for e‑file if using approved software.
  • Signature: Authorized officer must sign the return and Schedule P.

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Quick Facts

Foreign corporations that must file Form 1120-F and have earnings and profits to report.
It captures total earnings and profits, allocations to shareholders, and adjustments for U.S. tax purposes.
File with the Form 1120-F by the original due date, generally the 15th day of the 4th month after the corporation’s tax year ends (April 15 for calendar year filers).
Mail the completed Form 1120-F, including Schedule P, to the IRS service center listed in the Form 1120-F instructions. Electronic filing is allowed if the foreign corporation meets the e‑file requirements.
Errors in earnings‑and‑profits calculations can cause underpayment penalties, affect shareholder withholding, and trigger audit risk.
1. Gather the corporation’s consolidated financial statements and prior year earnings‑and‑profits figures. 2. Complete Schedule P line‑by‑line, applying any required adjustments (e.g., U.S. tax paid, distributions). 3. Attach Schedule P to the completed Form 1120-F. 4. Review totals for consistency with the main return, then sign and date.

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After you file

  1. 1Store a signed copy of the return and Schedule P in the corporate records.
  2. 2Record the filing date and any IRS acknowledgment number.
  3. 3Monitor for any IRS notices regarding EP adjustments.
  4. 4Update the corporation’s internal EP ledger with the ending EP figure.
  5. 5Prepare for shareholder withholding calculations based on the reported EP.
  6. 6Retain supporting documents for at least three years.
  7. 7If an extension was filed, note the extended deadline and any associated fees.

Sources

  • SRCIRS Form 1120-F instructionsSection on Schedule P
  • SRCIRS Publication 542Corporations
  • SRCIRS websiteForm 1120-F filing deadline page
  • SRCIRS e‑file eligibility guidelines for foreign corporations
  • SRCIRS Penalty HandbookLate filing penalties for Form 1120-F
  • SRCNot clearly stated in the provided official source

Common confusion points

Earnings vs. taxable income

EP is a balance‑sheet concept, not taxable profit

→ Verify definition before entering

Domestic vs. foreign filing

Some users think Schedule P applies to domestic C‑corps

→ Confirm foreign corporation status

Distribution reporting

Small cash returns often omitted

→ Include all shareholder distributions

Adjustment calculations

Tax credits vs. tax payments

→ Use IRS guidance to differentiate

Consolidated returns

Schedule P is not used for consolidated foreign groups

→ Use Schedule M‑3 instead

Workflow map

Related forms and next steps

4 signals

Before

Form 1120-F – Main foreign corporation return

Current

1120-FSP

After

Form 5471 – Information Return of U.S. Persons With Respect To Certain Foreign Corporations (if applicable)

Often used with

Schedule M‑3 – Net Income (Loss) Reconciliation for Corporations

⚠ If something goes wrong

  • Form 1120‑F amendment – Correct errors on Schedule P

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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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