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Form 1120-IDP: 1120-IC-DISC (Schedule P)
Form 1120-IC-DISC (Schedule P) is used by Interest Charge Domestic International Sales Corporations (IC-DISCs) to compute the interest charge on deferred tax liability attributable to export gross receipts. The schedule is attached to the annual Form 1120-IC-DISC return and filed with the IRS each tax year.
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IRS Form 1120-IDP - 1120-IC-DISC (Schedule P)
Form 1120-IC-DISC (Schedule P) is used by Interest Charge Domestic International Sales Corporations (IC-DISCs) to compute the interest charge on deferred tax liability attributable to export gross receipts. The schedule is attached to the annual Form 1120-IC-DISC return and filed with the IRS each tax year.
Risk Radar
Scan points- 1Using an outdated version of Schedule P can cause the IRS to reject the entire return.
- 2Using an outdated edition of Schedule P
- 3Missing or illegible signature
- 4Applying the wrong interest rate
- 5Omitting required attachments or explanations
Plain English
In simple terms, this form tells the IRS how much extra interest an IC-DISC owes on taxes it has postponed because of its export sales. It takes the deferred tax amount, applies the IRS‑specified interest rate, and calculates the interest charge for the year. The result is added to the corporation’s overall tax liability.
Submission Date
- Filing date: 2017-09-16 08:02:48
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when filing the annual return of an IC-DISC to report the interest charge on deferred tax.
- Do not use this form for regular corporations that have not elected IC-DISC status.
- Check the instructions for Form 1120-IC-DISC if you are unsure whether Schedule P is required.
Form selector
Use this form or another form?
Corporation is not an IC-DISC but has foreign sales
Using Schedule P would be inappropriate
✓ Verify IC-DISC election status with Form 8869
Need to report actual tax due rather than deferred interest
Schedule P only computes interest; the main form reports income
✓ Ensure you complete the main form before attaching Schedule P
Corporation has no deferred tax liability from prior years
Filing an unnecessary schedule can cause processing delays
✓ Confirm deferred tax balance is zero before deciding to attach
Deadline or filing window
The Form 1120-IC-DISC (including Schedule P) is due by the 15th day of the fourth month after the close of the corporation’s tax year. For calendar‑year corporations, this is generally April 15. If the due date falls on a weekend or holiday, the deadline moves to the next business day.
- —Deferred tax liability | × Interest rate × Time factor | Interest charge | Ensure the time factor reflects the number of days the tax was deferred
- —Export gross receipts | × IC-DISC commission rate | Commission income | Verify the commission rate does not exceed the statutory limit
Checklist
What you need before filling it out
Deferred tax liability
Prior year Form 1120-IC-DISC, line for deferred tax · Corporate tax records
Interest rate
IRS notice or instructions for IC-DISC · IRS website or Form 1120-IC-DISC instructions
Time factor
Number of days deferred / 365 · Internal accounting records
Signature
Authorized officer · Completed form
Attachment explanation
Statement of computation · Supporting workpapers
Before you submit
- 1Verify you are using the most recent edition of Schedule P (check the revision date).
- 2Confirm the corporation has a valid IC-DISC election on file with the IRS.
- 3Complete all lines on Schedule P; leave no blank fields that require an entry.
- 4Double‑check the interest rate and time factor calculations with a second reviewer.
- 5Attach Schedule P behind the Form 1120-IC-DISC in the correct order.
- 6Ensure the form is signed and dated by an authorized officer.
- 7Mail to the correct IRS service center address listed in the instructions, or upload via approved e‑file system.
- 8Keep a copy of the completed return and all supporting documentation for at least three years.
How to file this form
- 1Prepare the corporation’s financial statements and extract the deferred tax liability from prior years.
- 2Obtain the current IRS interest rate for IC‑DISC deferrals from the instructions or IRS notice.
- 3Calculate the interest charge using the formula provided in the Schedule P worksheet.
- 4Enter the calculated amount on Schedule P, attach it to the Form 1120-IC-DISC, and review the entire return for accuracy.
- 5Sign, date, and submit the return by the applicable deadline using the chosen filing method.
Known limitations
- 1The form does not compute penalties; penalties must be calculated separately if applicable.
- 2Schedule P only addresses interest on deferred tax; other IC‑DISC adjustments are reported elsewhere on Form 1120-IC-DISC.
- 3The IRS may reject the return if the edition date of Schedule P does not match the current year’s revision.
- 4Electronic filing is only available for corporations that have been accepted into the IRS e‑file program for Form 1120-IC-DISC.
Field map
Compact field-by-field guide
Entity Info
2 items
Full legal name of the corporation and its Employer Identification Number.
Current mailing address and date of incorporation.
Income
3 items
Total revenue from business operations before deducting costs.
Direct costs attributable to producing goods sold by the corporation.
Gross receipts minus cost of goods sold and returns/allowances.
Deductions
1 items
Sum of all business expenses including compensation, rent, interest, taxes, and depreciation.
Tax
2 items
Total income minus total deductions.
Tax calculated on taxable income using the applicable corporate tax rate, minus any credits.
Signatures
1 items
An authorized corporate officer must sign and date the return.
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What changed or needs a fresh check
- Edition date – verify the form’s revision year matches the current IRS version
- Fee – there is no filing fee for Form 1120-IC-DISC or Schedule P
- Mailing address – confirm the correct IRS service center address from the instructions
- Deadline – ensure submission by the 15th day of the fourth month after tax year end
- Signature – officer must sign and date the form
- Required evidence – attach supporting calculations and any statements required by the instructions
Quick Facts
Downloads
After you file
- 1Store a copy of the filed Form 1120-IC-DISC with Schedule P and all supporting worksheets in a secure file.
- 2Record the submission date and method (mail tracking number or e‑file confirmation).
- 3Monitor IRS correspondence for any notices or requests for additional information.
- 4Retain the documentation for at least three years from the filing date in case of an audit.
- 5If an amended return is needed, prepare Form 1120-X and attach a corrected Schedule P.
Sources
- SRCForm 1120-IDP is the Integrated Data Processing (IDP) version of Form 1120 for corporate income tax.
- SRCForm 1120-IC-DISC (Schedule P) is a schedule attached to Form 1120 for Interest Charge Domestic International Sales Corporation reporting.
- SRCThe form is used by corporations that have elected to be treated as a Domestic International Sales Corporation (DISC).
- SRCFiling deadline is the 15th day of the 4th month after the corporation's tax year ends, unless an extension is filed.
- SRCThe form must be signed by an authorized officer of the corporation.
- SRCThe form requires the corporation's EIN, name, and address as they appear on the tax return.
- SRCSchedule P requires reporting of DISC earnings, distributions, and related deductions.
- SRCThe form is filed with the IRS; no separate state filing is required for the schedule.
- SRCPayment of any tax due must accompany the filing unless an electronic payment is made.
- SRCNot clearly stated in the provided official source
Common confusion points
Confusion: Whether Schedule P is required every year
Why it happens: Misreading the instructions about deferred tax liability
→ Safe check: Review the prior year’s Form 1120-IC-DISC; if deferred tax liability is zero, Schedule P may be omitted.
Confusion: Which interest rate to use
Why it happens: Multiple IRS rates exist for different purposes
→ Safe check: Use the rate specifically labeled for IC‑DISC tax deferral in the current year’s instructions.
Confusion: Where to mail the return
Why it happens: Service center addresses change periodically
→ Safe check: Verify the mailing address in the most recent form instructions or on IRS.gov.
Confusion: Whether to file electronically
Why it happens: Uncertainty about e‑file eligibility
→ Safe check: Confirm acceptance into the IRS Modernized e‑File (MeF) program for Form 1120-IC-DISC.
Confusion: How to treat negative deferred tax liability
Why it happens: Rare situation of overpayment leading to a negative balance
→ Safe check: Follow the instructions; a negative liability generally results in no interest charge and should be reported as zero on Schedule P.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- File an amended return using Form 1120-X and attach a corrected Schedule P
- Pay any assessed interest or penalties via Form 941 or electronic payment
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