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Form 1120-PC: U.S. Property and Casualty Insurance Company Income Tax Return
IRS Form 1120-PC is the U.S. Property and Casualty Insurance Company Income Tax Return used by nonlife insurance companies to report income, gains, losses, deductions, credits, and figure income tax liability. For returns required in 2026, the minimum penalty for filing over 60 days late is the smaller of tax due or $525.
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IRS Form 1120-PC - U.S. Property and Casualty Insurance Company Income Tax Return
IRS Form 1120-PC is the U.S. Property and Casualty Insurance Company Income Tax Return used by nonlife insurance companies to report income, gains, losses, deductions, credits, and figure income tax liability. For returns required in 2026, the minimum penalty for filing over 60 days late is the smaller of tax due or $525.
Risk Radar
Scan points- 1Failing to file by the due date triggers penalties up to 25% of unpaid tax.
- 2Not attaching Form 8991 when gross receipts were $500 million or more in a prior year.
- 3Entering the registered agent's address instead of the principal office address.
- 4Failing to include the annual statement or pro forma annual statement when filing on paper.
- 5Omitting the EIN on the name and address line.
Plain English
This form is for property and casualty insurance companies to report their income and calculate how much tax they owe. It collects details about premiums, losses, and other financial information. The company uses it to figure its tax liability and claim any credits.
Submission Date
- Filing date: 2026-01-28 16:10:39
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when reporting income, gains, losses, deductions, credits, and figuring the income tax liability of a property and casualty insurance company (an insurance company other than a life insurance company).
- Do not use it when the insurance company is a life insurance company.
Form selector
Use this form or another form?
Filing a consolidated return with subsidiaries
Attach Form 851 and Form 1122 for each new subsidiary to the parent's consolidated return.
✓ Confirm the consolidated return box (Item A, box 1) is checked and supporting statements are attached.
Corporation owes an estimated tax penalty
Use Form 2220 to compute the penalty if the corporation's tax liability is $500 or more and it did not timely pay at least the smaller of current or prior year tax.
✓ Check if the corporation qualifies as a large corporation under section 6655.
Corporation is subject to corporate alternative minimum tax
Enter the amount from Form 4626, Part II, line 13 on Form 1120-PC line 6.
✓ Verify that Form 4626 is completed and attached if the corporation is liable for CAMT.
Claiming a foreign tax credit
Use Form 1118 to compute the credit for income tax paid to a foreign country or U.S. territory.
✓ Attach Form 1118 and ensure the credit is allowable under the applicable treaty or code section.
Deadline or filing window
Not stated in the official source. The form must be filed by the due date, including extensions, but the specific date is not provided in the instructions.
Checklist
What you need before filling it out
Who Must File
Determination of filing requirement · Instructions p.2
Annual Statement Attachment
Annual statement or pro forma annual statement · Instructions p.4
Assembling the Return Order
Schedules and forms in correct order · Instructions p.4
Name and Address
True legal name, principal office address, EIN · Instructions p.7
Consolidated Return Filing
Form 851, Form 1122, supporting statements · Instructions p.7
Schedule M-3 Requirement
Total assets $10M or more triggers Schedule M-3 · Instructions p.8
Foreign Address Format
City, state/province, country, foreign postal code · Instructions p.7
Form 8991 Attachment
If "Yes" on Form p.7, attach Form 8991 · Form p.7
Before you submit
- 1Check the appropriate box for final return, name change, address change, or amended return if applicable.
- 2If filing a consolidated return, check box 1 in Item A and attach Form 851 and Form 1122 for each new subsidiary.
- 3Attach supporting statements for each corporation included in a consolidated return, showing items of gross income, deductions, taxable income, etc.
- 4Complete all applicable lines on page 1, including lines 6, 8a, 8b, 10–15a, 15b, 16z, and 18.
- 5If line 6 is used, attach Form 4626.
- 6If line 8a is used, attach Form 1118.
- 7If line 16z is used, attach a statement listing each credit or payment and its amount.
- 8If the corporation owes an estimated tax penalty, complete Form 2220 and enter the penalty on line 18.
- 9Sign and date the return (corporate officer signature required).
- 10Keep a copy of the return and all attachments for your records.
How to file this form
- 1Gather all financial records, including income, deductions, credits, and prior year tax information.
- 2Complete Form 1120-PC by entering the corporation's name, address, EIN, and checking applicable boxes (final, name change, etc.).
- 3Attach any required forms: Form 851 and Form 1122 for consolidated returns, Form 4626 for CAMT, Form 1118 for foreign tax credit, Form 8834 for other credits, and Form 1062 for section 1062 installment.
- 4Compute the total tax on line 15a by adding lines 10, 11, 12, and 14.
- 5If applicable, complete Form 2220 to determine the estimated tax penalty and enter the amount on line 18.
- 6Sign and date the return in the appropriate signature block.
- 7Mail the return to the address specified in the instructions (not provided in the source excerpt – verify on IRS.gov/Form1120PC).
- 8Retain a copy of the filed return and all attachments for at least 3 years.
Known limitations
- 1This form is not to be used by life insurance companies; they must file Form 1120-L.
- 2Foreign insurance companies should consult Notice 90-13 before computing estimated tax.
- 3Corporations filing a consolidated return must attach Form 851 and Form 1122 for each new subsidiary; Form 1120-PC cannot be used as a substitute for the supporting statement.
- 4The instructions note that the penalty for failure to file increases for returns required to be filed in 2026, but this does not apply to earlier tax years.
- 5The source does not specify the mailing address or electronic filing options; filers must check the current instructions on IRS.gov.
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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Fillable formOpen in Editor->The 2025 edition of Form 1120-PC is the current revision. The IRS directs filers to IRS.gov/Form1120PC for the latest information after publication. The main change noted is an increase in the minimum penalty for failure to file returns due in 2026 to the smaller of tax due or $525.
What changed or needs a fresh check
- Edition date — confirm the form revision is 2025 (the instructions are dated 2025).
- Penalty — for returns filed in 2026, the minimum penalty for filing over 60 days late is the smaller of tax due or $525.
- Mailing address — not stated in the official source — verify on the agency site.
- Signature — the return must be signed by a corporate officer; the signature block is on page 1 of the form.
- Electronic payment — if the corporation has access to U.S. banking services, pay electronically and use direct deposit for refunds.
Quick Facts
Downloads
After you file
- 1Retain a copy of the filed Form 1120-PC and all attachments for at least 3 years from the filing date.
- 2If a change in address or responsible party occurs after filing, submit Form 8822-B, Change of Address or Responsible Party – Business.
- 3If you discover an error after filing, file an amended return using the appropriate form (not specified in source – check IRS.gov).
- 4Monitor IRS correspondence for any notices regarding the return or payments.
- 5If the corporation is due a refund, ensure direct deposit information is correct if provided.
- 6Keep records of any estimated tax payments made and the Form 2220 computation for future reference.
Sources
- SRCInstructions p.1 — The form is for U.S. Property and Casualty Insurance Company Income Tax Return.
- SRCInstructions p.1 — Future developments: go to IRS.gov/Form1120PC for latest information.
- SRCInstructions p.1 — Increase in penalty for failure to file: for returns required in 2026, minimum penalty is smaller of tax due or $525.
- SRCInstructions p.2 — Purpose: use Form 1120-PC to report income, gains, losses, deductions, credits, and figure income tax liability of insurance companies other than life insurance companies.
- SRCInstructions p.5 — Estimated tax penalty: if tax liability $500 or more and not timely paid at least smaller of current or prior year tax, use Form 2220.
- SRCInstructions p.7 — Consolidated return: check box 1 in Item A, attach Form 851 and Form 1122 for new subsidiaries.
- SRCInstructions p.8 — Final return, name change, address change: check appropriate box.
- SRCInstructions p.9 — Line 6: enter amount from Form 4626, Part II, line 13.
- SRCInstructions p.9 — Line 8a: foreign tax credit from Form 1118.
- SRCInstructions p.10 — Line 15a: total tax from lines 10, 11, 12, 14.
- SRCInstructions p.10 — Line 16z: other credits and payments, attach statement.
- SRCInstructions p.10 — Line 15b: first installment of section 1062 applicable net tax liability, see Form 1062.
Common confusion points
Should I file Form 1120-PC or Form 1120?
The exceptions for exempt under 501(c)(15) or ceasing insurance business are not obvious.
→ Check if the company is exempt under 501(c)(15) or has disposed of insurance business and is winding up; if so, file Form 1120.
Do I need to attach the annual statement to my e-filed return?
Instructions say do not attach for e-filed returns, but paper filers must attach.
→ If filing electronically, do not attach; keep a copy for IRS request.
What order should I attach schedules?
The required order is specified but often overlooked.
→ Follow the order listed in Instructions p.4: Schedule N, O, Form 4626, etc., then alphabetical schedules, then numerical forms, then supporting statements.
Can I write 'See Attached' on the form?
Instructions explicitly prohibit this; you must complete every entry space.
→ Complete all applicable lines; do not leave blank with "See Attached".
Do I need to file Schedule M-3?
The $10 million asset threshold is conditional on total assets on last day of tax year.
→ Check total assets (nonconsolidated or consolidated) on last day; if $10M or more, must file Schedule M-3.
What address should I use for the corporation?
Confusion between registered agent address and principal office.
→ Use the principal office address where the corporation actually conducts business, not the state of incorporation's registered agent.
How do I handle a foreign address?
Foreign address format is specific: do not abbreviate country name.
→ Write the full country name, include city, state/province, and foreign postal code.
What if I am filing a consolidated return?
Need to attach Form 851 and Form 1122 for each new subsidiary.
→ Check box 1 in Item A, attach Form 851 and separate Form 1122 for each subsidiary; do not use Form 1120-PC as supporting statement.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Form 8621 – May be needed for interest on deferred tax or QEF elections (if applicable).
Questions about IRS Form 1120-PC
What is IRS Form 1120-PC used for?
This form is for property and casualty insurance companies to report their income and calculate how much tax they owe. It collects details about premiums, losses, and other financial information. The company uses it to figure its tax liability and claim any credits.
Who must file IRS Form 1120-PC?
Nonlife insurance companies, including foreign insurance companies subject to section 831, must file Form 1120-PC.
What information does IRS Form 1120-PC require?
The form collects the company's income, deductions, credits, and tax computation. Specific lines include line 3d for base erosion minimum tax amounts from Form 8991 and line 3e for recapture tax from Form 4255.
How do I complete IRS Form 1120-PC?
Start by entering the corporation's legal name, address, and EIN. If gross receipts were $500 million or more in any of the prior 3 years, complete and attach Form 8991, entering the amount on line 3d. Complete all income and deduction schedules, then compute the tax. The return must be signed by an authorized officer.
What happens if IRS Form 1120-PC is filed incorrectly?
Late filing can result in a penalty of 5% of unpaid tax per month up to 25%, with a minimum penalty of $525 for returns due in 2026. Late payment incurs a penalty of 0.5% per month up to 25%, plus interest.
Should I file Form 1120-PC or Form 1120?
The exceptions for exempt under 501(c)(15) or ceasing insurance business are not obvious. Check if the company is exempt under 501(c)(15) or has disposed of insurance business and is winding up; if so, file Form 1120.
Do I need to attach the annual statement to my e-filed return?
Instructions say do not attach for e-filed returns, but paper filers must attach. If filing electronically, do not attach; keep a copy for IRS request.
What order should I attach schedules?
The required order is specified but often overlooked. Follow the order listed in Instructions p.4: Schedule N, O, Form 4626, etc., then alphabetical schedules, then numerical forms, then supporting statements.
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