Form 1120-PC is used to file the income, deductions, and credits of nonlife insurance companies, other than life insurance companies. Failure to file Form 1120-PC on time may result in a penalty for the company. Learn more about how to file Form 1120-PC correctly, who must file, and the various payment options available.
What is Form 1120-PC?
Form 1120-PC is used to report the income, losses and credits of domestic nonlife insurance companies and certain foreign insurance companies subject to taxation under Section 831 of the Internal Revenue Code. All life insurance companies must instead file Form 1120-L. Exempt organizations and companies that disposed of their insurance business must instead file Form 990 or Form 1120 respectively. Generally, this form must be filed by the 15th day of the 4th month after the end of its tax year, or the next business day if it happens to fall on a Saturday, Sunday or legal holiday. The form must be signed and dated by an officer of the corporation, and must include the NAIC annual statement or a pro forma annual statement with foreign insurance companies. Any tax payments due must be paid in full by the same deadline. The form can be filed electronically or mailed to the applicable IRS address as appropriate.
IRS Form 1120-PC – Who Needs to Fill It Out?
IRS Form 1120-PC must be filled out by every domestic nonlife insurance company, foreign corporation that would qualify as a non-life insurance company, and organizations described in sections 501(m)(1) and 833. Exceptions include non-life insurance companies that are exempt under section 501(c)(15), and life insurance companies that must file Form 1120-L, U.S. Life Insurance Company Income Tax Return. Foreign-owned domestic disregarded entities must file Form 5472. Forms must be filed with the Internal Revenue Service, either electronically or by mail, and must be signed by an authorized corporate officer, or receiver, or trustee in bankruptcy. Depending on the corporation’s tax year, the due date to file is typically the 15th day of the 4th month after the tax year ends. Extending the filing date can be done by filing Form 7004. Provisions must also be made to have the National Association of Insurance Commissioners (NAIC) annual statement filed with the form and arrange for tax payments.
Step-by-Step: Form 1120-PC Instructions For Filling Out the Document
Form 1120-PC is used to report income, gains, losses, deductions, and credits to the Internal Revenue Service (IRS) and figure a corporation’s tax liability. Every domestic and foreign nonlife insurance company subject to taxation under section 831, along with life insurance companies and foreign-owned domestic disregarded entities, must file this form. It must be filed by the regular due date, which is generally the 15th day of the 4th month after the end of the tax year. Extensions can be filed through Form 7004. To ensure proper filing, the return must be signed and dated by the president, vice president, treasurer, assistant treasurer, chief accounting officer, or a corporate officer authorized to sign. Additionally, the corporation must attach an NAIC annual statement or pro forma annual statement. For electronic filing, the annual statement does not need to be provided, although it must be retained. All payments must be made on time using electronic methods. By following these instructions, corporations can fully and accurately file Form 1120-PC.
Below, we present a table that will help you understand how to fill out Form 1120-PC.
| Information Required for Form 1120-PC | Details |
|---|---|
| Purpose | Report income, gains, losses, deductions, and credits to the IRS |
| Filing Requirement | Required for domestic and foreign nonlife insurance companies, life insurance companies, and foreign-owned domestic disregarded entities |
| Due Date | Generally, the 15th day of the 4th month after the end of the tax year |
| Extensions | Extensions can be filed using Form 7004 |
| Authorized Signatory | Must be signed and dated by specified corporate officers |
| Required Attachments | Attach NAIC annual statement or pro forma annual statement |
| Electronic Filing | Annual statement not required for electronic filing, but must be retained |
| Payment | All payments must be made on time using electronic methods |
Do You Need to File Form 1120-PC Each Year?
Yes, every domestic nonlife insurance company and every foreign corporation that would qualify as a nonlife insurance company subject to taxation under section 831 must file Form 1120-PC each year. Furthermore, Form 1120-PC must be properly assembled with all schedules, forms, and attachments, followed by payment of any applicable taxes. A corporation may request an extension of time to file using Form 7004, or use certain private delivery services for the “timely mailing as timely filing” rule. Generally, the corporation’s tax return must be signed and dated by the president, vice president, treasurer, assistant treasurer, chief accounting officer, or by any other corporate officer authorized to sign. The corporation must also include the NAIC annual statement or a pro forma annual statement with the return. Electronic filing is allowed for eligible forms, and any supporting statements and attachments should be arranged in the same order as the forms they support.
Download the official IRS Form 1120-PC PDF
On the official IRS website, you will find a link to download Form 1120-PC. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 1120-PC
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