What IRS Form 1120 (2015) Is For
IRS Form 1120 (2015) is the official U.S. corporation income tax return used by domestic C corporations to report income, losses, deductions, capital gains, and credits. The form determines a corporation’s federal income tax liability for the tax year. All corporations must file Form 1120, unless they are exempt, dissolved, or qualify for an alternative form, such as Form 1120-S. Even corporations with no income must file to maintain compliance with IRS requirements.
When You'd Use Form 1120 for 2015 (Late or Amended Filing)
You would need to file a late IRS Form 1120 2015 if your corporation never filed by the original date of March 15, 2016, for calendar-year filers, or if you discovered errors such as unreported income, incorrect deductions, or missing transactions. An amended return should be filed using Form 1120 X if you need to amend corporate income, capital assets, or partner information.
Refund claims for this tax year are no longer available because the statute of limitations expired on March 15, 2019. Filing late is still applicable for compliance purposes and may help avoid additional penalties or interest on your IRS account.
Key Rules Specific to 2015
Filing Deadline: Returns for the 2015 tax year were due on the 15th day of the third month following the end of the year. For calendar-year corporations, this was March 15, 2016. The deadline changed to the fourth month (April 15) for tax years beginning after 2015.
NOL Carrybacks: Net operating losses can be carried back two years and carried forward 20 years, as per IRS Publication 536 (2015). This rule provided additional flexibility for corporations with substantial losses.
Schedules Required:
- Large Corporations: Corporations with total assets of $10 million or more were required to file Schedule M-3 instead of Schedule M-1.
- Small Corporations: Corporations with total assets under $250,000 and gross receipts under $ 500,000 can omit Schedules L, M-1, and M-2.
- Penalty Structure: Late filing penalties were 5 percent of the unpaid tax per month, up to a maximum of 5 percent, with a minimum penalty of $135 if the return was more than 60 days late.
Browse more tax form instructions and filing guides in our Forms Hub.
Step-by-Step (High Level)
- Gather Records and Transcripts: Request IRS account transcripts for 2015 to confirm filing status, amounts paid, or penalties assessed.
- Use the Correct Form Year: Always download the official 2015 Form 1120 from the IRS prior-year forms page. You should not use a current-year form, as line items and schedules differ.
- Complete the Return: Include all required schedules and supporting documents, such as Schedule M-1 or M-3, along with statements for deductions, capital gains, or losses.
- Mail or E-File: Paper filing may be required for late returns. Send the form to the correct address listed in the 2015 instructions, and use certified mail for proof of filing.
- Keep Copies: Maintain a copy of the return, schedules, and proof of mailing or payment for at least three years, or longer if net operating losses are carried forward.
Learn more about federal tax filing through our IRS Form Help Center.
Common Mistakes and How to Avoid Them
- Wrong Form Year: Use the 2015 version of IRS Form 1120, since line items and instructions differ from later years.
- Incorrect Due Date: Remember that 2015 returns were due in March, not April.
- Missing Schedules: Corporations with significant total assets must include the correct schedule for total assets and capital assets.
- NOL Errors: Misreporting losses or failing to elect out of carryback periods can cause mismatches with IRS data.
- Unsigned Return: Returns without an authorized officer’s signature are invalid and treated as unfiled.
- Penalty Miscalculations: Late filing penalties are 5 percent per month, while late payment penalties are 0.5 percent per month, both capped at 25 percent of the total amount.
Learn more about how to avoid business tax problems in our guide on How to File and Avoid Penalties.
What Happens After You File
- Processing Time: Paper returns typically take 8 to 12 weeks to process, with longer processing times if a manual review is required.
- IRS Notices: You may receive CP notices confirming receipt, adjusting figures, or requesting additional information.
- Payments and Interest: Interest and penalties continue to accrue until all tax is paid in full. You may request an installment agreement using Form 9465 if the balance is under $50,000.
- Appeal Rights: If you disagree with IRS changes, you generally have 30 days to contact the IRS or submit an appeal.
- Refund Restrictions: Refunds are no longer available for late 2015 returns filed after March 15, 2019, but filing remains essential for compliance.
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FAQs
Can I still get a refund from IRS Form 1120 (2015)?
No, the three-year refund statute for the IRS Form 1120 (2015) income tax return expired on March 15, 2019. Refunds are no longer available, except in cases where specific exceptions apply. For additional information, refer to the IRS instructions for Form 1120 X or contact the IRS directly.
What penalties apply if I file my tax return after the due date?
Late filing of a tax return for IRS Form 1120 in 2015 results in a penalty of 5 percent per month on unpaid income tax, up to a maximum of 25 percent of the unpaid tax. An additional 0.5 percent per month applies for late payment. Always include an explanation with your return to avoid further penalties.
Do I have to file an income tax return if my corporation had no income?
Yes, even if your corporation had no income or capital gains, you must still file an annual income tax return unless the business was formally dissolved. Failure to file can result in IRS penalties and notices. Review the IRS Form 1120 instructions for additional information.
Should I amend my state return if I file an amended Form 1120?
Yes, if you amend your federal Form 1120, most states require an amended return to maintain consistency in your records. Check your state’s rules, as filing deadlines may differ. Visit your state department of revenue site for additional information and the page's last reviewed or updated date.
Can I report capital gains on Form 1120 X?
Yes, you can use Form 1120 X to correct capital gains, losses, or deductions from your prior tax year. Explain each change and include supporting documents. Search IRS.gov for additional information and printable forms.
What if I need help or have questions?
You can contact the IRS or a qualified tax professional for help with IRS Form 1120 (2015) or Form 1120 X. Always verify that the IRS website shows the locked padlock icon for secure browsing and check the page's last reviewed or updated section for the most recent information and products.
For more resources on filing or understanding prior-year IRS forms, visit our guide on Business Income Tax Forms.
