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Connecticut Free Printable  for 2021 Connecticut Connecticut Corporation Business Tax Instructions

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Connecticut Corporation Business Tax Instructions
Form CT-1120 Instructions

2020 Connecticut FORM CT-1120 Corporation Business Tax Instruction Booklet This booklet contains information about the following forms: • Form CT‑1120 • Form CT‑1120 ATT • Form CT‑1120A • Form CT‑1120K • Form CT‑1120 EXT Tax information is available on the DRS website at portal.ct.gov/DRS Dear Taxpayer, 2020 has been a challenging year to say the least. Rest assured, however, that the tax professionals at the Connecticut Department of Revenue Services (DRS) stand ready to provide our customers with world-class service. All of us at DRS have been busy reinventing how the agency delivers assistance to our citizens. The COVID-19 pandemic has forced public servants to reflect on how we can improve the delivery of services in a changing environment. I think you will find the DRS approach is more efficient and convenient. The instructions in this booklet and our forms that are available on our website at portal.ct.gov/DRS contain everything you will need to complete your 2020 Connecticut corporation business tax filing. Please remember that electronic filing is the easiest and most efficient way to file. In fact, if you are expecting a refund, electronic filing is the sure way to receive that refund as quickly as possible. All of your electronic filing options are contained in these instructions. Your feedback is critically important, especially during these challenging times. I encourage you to let us know how we are doing. We welcome your ideas and suggestions. You may send an email or call to personally speak to a Taxpayer Services representative. Your input is a valuable component of improving how we do business. Sincerely, John Biello Acting Commissioner of Revenue Services More Department of Revenue Services (DRS) tax information is listed on the back cover. What This Booklet Contains Read the information contained in this booklet carefully before preparing the Connecticut Corporation Business Tax return. Please note that each form is year specific. To prevent any delay in processing your return, the correct year’s form must be submitted to the Department of Revenue Services (DRS). This booklet contains information about the following forms: Form CT‑1120, Corporation Business Tax Return, is used to compute tax both on a net income basis and on a capital stock basis. Tax is paid on the basis that yields the higher tax. The minimum tax is $250. Form CT‑1120 ATT, Corporation Business Tax Return Attachment, contains the following computation schedules: • Schedule H, Connecticut Apportioned Operating Loss Carryover; • Schedule I, Dividend Deduction; and • Schedule J, Bonus Depreciation Recovery. Form CT‑1120A, Corporation Business Tax Return Apportionment Computation, is used to compute the apportionment factors for the net income and the minimum tax base. Form CT‑1120K, Business Tax Credit Summary, is used to summarize a corporation’s claim for available business tax credits. Form CT‑1120 EXT, Application for Extension of Time to File Corporation Business Tax Return, is submitted to obtain an extension of time to file Form CT‑1120. Visit the DRS website at portal.ct.gov/DRS to download and print Connecticut tax forms and publications. Other Taxes for Which the Corporation May be Liable The information that follows is intended to be a general description of other Connecticut taxes for which a corporation may be liable. Failure to pay these or any taxes for which the corporation is liable may subject the corporation and its officers to civil and criminal penalties. Page 2 To register for sales and use taxes, Connecticut income tax withholding, and most other Connecticut taxes administered by DRS, the corporation must complete Form REG‑1, Business Taxes Registration Application. Visit the DRS website to register online. If after receiving your Connecticut Tax Registration Number, you determine the corporation should be registered for additional Connecticut taxes, you may set up an account profile online through the DRS Taxpayer Service Center (TSC) and add the additional taxes to your account. For assistance with registering additional taxes, call DRS at 800‑382‑9463 (Connecticut calls outside the Greater Hartford calling area only); or 860‑297‑5962 (from anywhere). Connecticut Sales and Use Taxes: A corporation may be responsible for the filing of sales and use tax returns. Sales taxes are due if the company sells taxable goods or services. Use taxes are due on the purchase of taxable goods or services from out-of-state retailers or Connecticut retailers who have failed to collect the sales tax. Both taxes are reported on Form OS‑114, Connecticut Sales and Use Tax Return. Connecticut Income Tax Withholding: Any corporation that maintains an office or transacts business in Connecticut and that is considered an employer for federal income tax withholding purposes must withhold Connecticut income tax from wages and certain other payments to employees, whether or not the payroll department is located in Connecticut. Controlling Interest Transfer Tax: Connecticut imposes a tax on the transfer of a controlling interest in an entity where the entity owns, directly or indirectly, an interest in Connecticut real property. This tax is reported on Form AU‑330, Controlling Interest Transfer Taxes. Table of Contents What’s New................................................. 4 Extension for Estimated Payments Due March 15, 2020 Through July 15, 2020...... 4 General Information................................... 5 Tax Assistance............................................... 5 Forms and Publications................................. 5 Who Must File................................................ 5 Who is Exempt From Corporation Business Tax............................................... 5 Accounting Period and Method of Accounting.................................................. 6 When to File................................................... 6 Extension Request......................................... 6 How to File..................................................... 6 File Electronically . . . 6 E‑Services Update . . . 6 File a Paper Return . . . 7 Payment Options........................................... 7 Pay Electronically . . . 7 Pay by Credit Card or Debit Card . . . 7 Pay by Mail . . . 7 Estimated Tax Payments................................ 7 Amended Returns.......................................... 8 Interest and Penalties.................................... 8 Penalty for Failure to Remit Payments Electronically . . . 8 Penalty for Late Payment or Late Filing . . . 8 Penalty for Willful Failure to File or Pay . . . 8 Penalty for Willful Filing of a Fraudulent or Materially False Return . . . 8 Penalty for Failure to Disclose Listed Transaction . . . 9 Waiver of Penalty........................................... 9 Refund Information........................................ 9 Status Letter Requests.................................. 9 Recordkeeping............................................... 9 Copies of Returns.......................................... 9 Form CT-1120 General Instructions........ 10 Required Information................................... 10 NAICS Code for Principal Business Activity....................................................... 10 Exchange of Research and Development Tax Credits.......................... 10 Form CT‑1120 Line Instructions.............. 10 Rounding Off to Whole Dollars..................... 10 Schedule A - Computation of Tax on Net Income........................................... 10 Schedule B - Computation of Minimum Tax on Capital.............................11 Schedule C - Computation of Amount Payable.........................................11 Schedule D - Computation of Net Income................................................ 12 Schedule E - Computation of Minimum Tax Base.................................... 13 Schedule F - Taxes...................................... 14 Schedule G - Additional Required Information................................................ 14 Check and Complete all Applicable Boxes.. 15 1. Change of Address . . . 15 2. Return Status . . . 15 3. Final Return . . . 15 4. Type of Federal Return Filed . . . 15 5. Previous Combined Unitary Return . . . 15 6. Non-Unitary Business Income . . . 15 7. Principal Place of Business . . . 16 8. Exempt Corporation . . . 16 9. Annualization . . . 16 10. Interest Add Back . . . 16 Signature...................................................... 16 Paid Preparer Signature.............................. 16 Paid Preparer Authorization......................... 16 Connecticut Tax Assistance............................. Back Cover Page 3 What’s New Extension for Estimated Payments Due March 15, 2020 Through July 15, 2020 As a result of the COVID‑19 pandemic, the Department of Revenue Services (DRS) extended the due date of certain Corporation Business Tax estimated payments. The due date for corporation business tax estimated payments which were originally due between March 15, 2020, and July 15, 2020, was postponed to July 15, 2020. For example, the due dates of a calendar year taxpayer’s first and second installments, which would have been due on March 15, 2020, and June 15, 2020, were extended to July 15, 2020. File Form CT‑1120, Form CT‑1120 EXT, and Forms CT‑1120 ESA, ESB, ESC, and ESD using the Taxpayer Service Center (TSC). See How to File on Page 6. Page 4 General Information Tax Assistance Visit the DRS website at portal.ct.gov/DRS or call DRS to speak directly with an agent about the filing of a return or account related matters, Monday through Friday, 8:30  a.m. to 4:30  p.m. at 800-382-9463 (Connecticut calls outside the Greater Hartford calling area only); or 860-297-5962 (from anywhere). DRS is centralizing its services to provide remote assistance, where taxpayers can schedule an appointment to receive tax assistance from the comfort of their own homes, from a trained DRS professional during normal business hours. Taxpayers should be prepared with the pertinent tax information before contacting DRS to ensure an efficient and effective customer service outcome. The following is a list of transactions for which DRS recommends that taxpayers schedule an appointment to seek remote assistance: • IFTA Registrations • Bond matters • Audit determination meetings • Tax hearings/appeal matters To schedule an appointment, contact the DRS Taxpayer Service Center at 860-297-5770. As a reminder, most taxpayer transactions are easily conducted through the DRS website at portal.ct.gov/DRS: • File returns • Research the DRS tax library • Make payments • Request a letter of good standing • Check the status of a refund • Request a copy of previously filed tax information • Register a business • Submit a general tax question through the DRS email portal available 24 hours a day, 7 days a week Forms and Publications Visit the DRS website at portal.ct.gov/DRS to download and print Connecticut tax forms and publications anytime. Who Must File Form CT‑1120, Corporation Business Tax Return, must be filed by every corporation (or association taxable as a corporation) that carries on business or has the right to carry on business in Connecticut. Any corporation dissolved or withdrawn from Connecticut is subject to the Corporation Business Tax up to the date of dissolution or withdrawal. Groups of companies that are engaged in a unitary business, where at least one member of the group is subject to the Corporation Business Tax, are required to calculate their tax liability on a combined unitary basis on Form CT‑1120CU, Combined Unitary Corporation Business Tax Return. See Special Notice 2016(1), Combined Unitary Legislation. Who is Exempt From Corporation Business Tax The following companies are exempt from filing Form CT‑1120: • Insurance companies incorporated under the laws of any other state or foreign government, and domestic insurance companies; • Companies exempt by the federal corporation net income tax law; • A domestic international sales corporation (DISC) which has made a valid election for federal income tax purposes to be treated as a DISC; • Companies subject to gross earnings taxes under Chapter 210 of the Connecticut General Statutes or whose properties in Connecticut are operated by railroad companies subject to gross earnings taxes under Chapter 210; • Cooperative housing corporations, as defined for federal income tax purposes; • Corporate limited partners in one or more investment partnerships that are otherwise not doing business in Connecticut; and • Non‑United States corporations whose sole activity in Connecticut is trading in stocks, securities, or commodities for their own account. The following companies, organizations, or associations are exempt from payment of Connecticut Corporation Business Tax but must register with DRS and file Form CT‑1120 to claim the exemption: • A homeowner’s association that has elected to be treated as such for federal income tax purposes. (A copy of federal Form 1120‑H must be available only upon request from DRS. Do not mail a copy unless otherwise requested.); • Certain political organizations or associations exempt from federal income taxes under IRC § 527 Page 5 • • (if the organization or association files federal Form 1120‑POL, then it must be attached to the Form CT‑1120); Financial service companies whose corporate headquarters are located in the export zone in the City of Hartford, Connecticut, and who are conducting all of their business outside the United States; and Passive investment companies (PICs), as defined under Conn. Gen. Stat. §  12‑213(a)(27), must file Form CT‑1120 PIC, Information Return for Passive Investment Companies, in place of Form CT‑1120. Accounting Period and Method of Accounting A corporation must use the same accounting period and method of accounting for Connecticut tax purposes as it does for federal tax purposes. If a corporation’s accounting period or method of accounting is changed for federal tax purposes, the same change must be made for Connecticut tax purposes. When to File Every corporation must file a return on or before the fifteenth day of the month following the due date of the company’s corresponding federal income tax return for the income year (May 15 for calendar year taxpayers). If the due date falls on a Saturday, Sunday, or legal holiday, the return is considered timely if filed on the next business day. All Corporation Business Tax returns must be filed and paid electronically. If you can show that filing and paying electronically creates an undue hardship, the Commissioner of Revenue Services may grant a one year waiver of the electronic filing and payment requirement. Request a waiver by completing Form DRS‑EWVR, Electronic Filing and Payment Waiver Request, no fewer than 30 days before the due date of your first electronic filing and payment. See Policy Statement 2020(2), Requests for Waiver of Electronic Filing and Electronic Payment Requirements. If you have received a waiver, the return will meet the timely filed and timely payment rules if the U.S. Postal Service cancellation date, or the date recorded or marked by a designated private delivery service (PDS) using a designated type of service, is on or before the due date. Not all services provided by these designated PDSs qualify. See Policy Statement 2016(4), Designated Private Delivery Services and Designated Types of Service, for a current list of qualified PDSs. If Form CT‑1120 is filed late, see Interest and Penalties to determine if interest and penalty should be reported with this return. Page 6 Extension Request To get an extension of time to file the annual return, the corporation must file Form CT‑1120 EXT, Application for Extension of Time to File Corporation Business Tax Return, not later than the fifteenth day of the month following the due date of the corporation’s corresponding federal income tax return for the income year (May 15 for calendar year taxpayers). Form CT‑1120 EXT must be filed and paid electronically. To apply for a waiver from the electronic filing and payment requirement, complete Form DRS‑EWVR. Payment of the total tax due must be included with the request. The timely filing of Form CT‑1120 EXT will automatically extend the due date for six months (seven months for June 30 year end filers). Visit portal.ct.gov/TSC to file your extension request online. Year End Original Due Date Extended Due Date Anything except June 30 15th day of 5th month after year end 15th day of 11th month after year end June 30 15th day of 4th month after year end 15th day of 11th month after year end Form CT‑1120 EXT extends only the time to file the tax return. It does not extend the time to pay the Corporation Business Tax. Interest on any tax not paid by the original due date is computed at 1% per month or fraction of a month until the tax is paid in full. How to File File Electronically This return can be filed electronically through the DRS Taxpayer Service Center (TSC). The TSC allows taxpayers to electronically file, pay, and manage state tax responsibilities. Visit portal.ct.gov/TSC to make electronic transactions or administer your tax account online. If you file electronically you are expected to pay electronically at the time of filing. See Informational Publication 2020(6), Filing and Paying Connecticut Taxes Electronically. E Services Update DRS myconneCT will replace the TSC as part of a multi‑year, multi‑phase project. Each year, additional tax types will be transitioned out of the TSC and into myconneCT. Using myconneCT, taxpayers will be able to file taxes, make payments, view filing history, and communicate with the agency simply and more efficiently on virtually any mobile device, including laptops, tablets, and smartphones, 24  hours a day, 7  days a week. For updated information as to the progress of this project and the transition schedule for specific taxes, please visit the DRS website at portal.ct.gov/DRS-myconneCT. DRS accepts Corporation Business Tax returns, extensions, and estimated tax payments filed using third‑party software through the Modernized e-File (MeF) Program. Check with your software provider for availability. File a Paper Return File a paper return only if a waiver from the electronic filing requirement has been granted. To apply for a waiver from the electronic filing requirement, complete Form DRS‑EWVR. Mail paper return with payment to: Department of Revenue Services State of Connecticut PO Box 2974 Hartford CT 06104‑2974 Mail paper return without payment to: Department of Revenue Services State of Connecticut PO Box 150406 Hartford CT 06115‑0406 Payment Options All Corporation Business Tax payments must be made electronically. Non-electronic payments made without an electronic payment waiver will be subject to penalty. See Informational Publication 2020(6), Filing and Paying Connecticut Taxes Electronically. Pay Electronically Visit portal.ct.gov/TSC to use the TSC to make a direct tax payment. After logging into the TSC, select the Make Payment Only option and choose a tax type from the drop down box. Using this option authorizes DRS to electronically withdraw a payment from your bank account (checking or savings) on a date you select up to the due date. As a reminder, even if you pay electronically you must still file your return on or before the due date. Tax not paid on or before the due date will be subject to penalty and interest. Pay by Credit Card or Debit Card You may elect to pay your tax liability using a credit card (American Express®, Discover®, MasterCard®, or VISA®) or comparable debit card. A convenience fee will be charged by the service provider. You will be informed of the amount of the fee and you may elect to cancel the transaction. At the end of the transaction you will be given a confirmation number for your records. There are two ways to pay by credit card or comparable debit card: • Log in to your account in the TSC and select Make Payment by Credit Card; or • Visit: www.officialpayments.com and select State Payments. Your payment will be effective on the date you make the charge. Pay by Mail Pay by mail only if you have been granted a waiver from the electronic payment requirement. Non-electronic payments made without an electronic payment waiver will be subject to penalty. Make check payable to Commissioner of Revenue Services. To ensure payment is applied to the correct account, write “2020 Form CT-1120” and the corporation’s Connecticut Tax Registration Number on the front of the check. Be sure to sign your check and paper clip it to the front of your return. Do not send cash. DRS may submit your check to your bank electronically. Estimated Tax Payments Every corporation subject to the Connecticut Corporation Business Tax whose estimated current year tax exceeds $1,000 must make its required annual payment in four installments. All Corporation Business Tax estimated tax payments must be filed and paid electronically. To file and pay Estimated Tax Payments Estimated Tax Due Dates Required Payment Amounts The estimated payments for the income year are the lesser of: First ESA - Fifteenth day of the third month of the income year 30% of prior year tax (including surtax) without regard to credits or 27% of current year tax (including surtax) Second ESB - Fifteenth day of the sixth month of the income year * 70% of prior year tax (including surtax) without regard to credits or 63% of current year tax (including surtax) Third ESC - Fifteenth day of the ninth month of the income year * 80% of prior year tax (including surtax) without regard to credits or 72% of current year tax (including surtax) Fourth ESD - Fifteenth day of the twelfth month of the income year * 100% of prior year tax (including surtax) without regard to credits or 90% of current year tax (including surtax) * Taking into account all prior estimated tax payments made for this year. Page 7 estimated taxes electronically, visit the Taxpayer Service Center (TSC) at portal.ct.gov/TSC and select Business. See Informational Publication 2020(6), Filing and Paying Connecticut Taxes Electronically. Filings and payments made without a waiver from the electronic filing and payment requirement will be subject to penalty. To apply for a waiver from the electronic filing and payment requirement, complete Form DRS‑EWVR. The required annual payment is the lesser of: • 90% of the tax (including surtax) shown on the return for the income year, or, if no return is filed, 90% of the tax for such year; or • 100% of the tax (including surtax) shown on the return for the previous income year without regard to any credit, if the previous income year was an income year of 12 months and if the company filed a return for the previous income year showing a liability for tax. If the due date falls on a Saturday, Sunday, or legal holiday, the return is considered timely if filed on the next business day. The estimated tax due dates table (on previous page) indicates the amount due for each installment under the regular installment method. For more information regarding estimated Corporation Business Tax payments, including information regarding the annualized installment method, see Informational Publication 2020(4), 2020 Q & A on Estimated Corporation Business Tax and Worksheet CT‑1120AE. Amended Returns Any corporation that fails to include items of income or deduction or makes any other error on a return must file an amended return using Form CT‑1120X, Amended Corporation Business Tax Return, that applies to the income year being amended. If a corporation has filed an amended federal return with the IRS and the amendment affects the corporation’s Connecticut tax return, then within 90 days of the IRS final determination on that amended federal return, the corporation shall file Form CT‑1120X, and attach a copy of federal Form  1120X, Amended U.S. Corporation Income Tax return. Corrections to taxable income made by the IRS must be reported to the Commissioner of Revenue Services on or before 90 days after the final determination of the change. All federal adjustments must be reported on an amended return. An extension request for reporting federal audit changes may be submitted in writing to the Commissioner stating the reason additional time is required. Page 8 If the adjustment on a Connecticut amended return is not related to an adjustment made on a federal amended return (e.g. an adjustment to Connecticut net income, Connecticut minimum tax base, a Connecticut apportionment factor, a Connecticut net operating loss, or a Connecticut Corporation Business Tax credit), explain such adjustment in detail and attach all appropriate supporting forms and schedules. Interest and Penalties Interest is computed at 1% per month or fraction of a month on the underpayment of tax from the original due date of the return through the date of payment. Interest due on the underpayment of estimated tax is computed using Form CT‑1120I, Computation of Interest Due on Underpayment of Estimated Tax. Interest on underpayment or late payment of tax cannot be waived. Penalty for Failure to Remit Payments Electronically The following graduated penalty amounts will apply if you fail to remit payments electronically: • First offense – 10% penalty on the amount of the tax payment, but not more than $2,500; • Second offense – 10% penalty, but not more than $10,000; and • Third and subsequent offenses – 10% penalty. Penalty for Late Payment or Late Filing The penalty for late payment or underpayment of Corporation Business Tax is 10% of the tax due or $50, whichever is greater. If a request for a filing extension has been granted, a corporation may avoid a penalty for failure to pay the full amount due by the original due date if it pays: • At least 90% of the tax shown to be due on the return on or before the original due date of the return; and • The balance due with the filing of Form CT-1120, on or before the extended due date. If no tax is due, DRS may impose a $50 penalty for the late filing of any return or report required by law to be filed. Penalty for Willful Failure to File or Pay Anyone who willfully fails to pay the tax or file a return will be fined up to $1,000 or imprisoned up to one year, or both, in addition to any other penalty. Penalty for Willful Filing of a Fraudulent or Materially False Return If you willfully file a tax return you know to be fraudulent or false in any material matter, you may be fined up to $5,000 or imprisoned from one to five years, or both. Penalty for Failure to Disclose Listed Transaction A penalty of 75% of the amount of the deficiency may be imposed when it appears that any part of the deficiency is due to failure to disclose a listed transaction, as defined in IRC § 6707A. Waiver of Penalty To make a waiver of penalty request, taxpayers must complete and submit Form DRS‑PW, Request for Waiver of Civil Penalty, to the DRS Operations Bureau/Penalty Waiver. Taxpayers may mail Form DRS‑PW to the address listed below or fax it to the Operations Bureau/ Penalty Waiver at 860‑297‑5727. Department of Revenue Services Operations Bureau/Penalty Waiver PO Box 5089 Hartford CT 06102-5089 DRS will not consider a penalty waiver request unless it is accompanied by a fully completed and properly executed Form DRS‑PW. For detailed information about the penalty waiver process, see Policy Statement 2019(3), Requests for Waiver of Civil Penalties. Refund Information Get the refund faster by filing electronically and choosing direct deposit to have the refund directly deposited into a checking or savings account. If any of the bank information supplied for direct deposit does not match, or the applicable bank account is closed prior to the deposit of the refund, the refund will automatically be mailed. You can also request a Status Letter by completing TPG‑170, Business Taxes Status Letter Request, and mailing it to: Department of Revenue Services Compliance Support Unit Request for Status Letter 450 Columbus Blvd, Ste 1 Hartford CT 06103‑1837 A third party, such as a practitioner, may be authorized to receive a status letter if a properly completed Form LGL‑001, Power of Attorney, signed by an authorized representative of the business, is submitted with the request. DRS accepts hand‑delivered status letter requests from businesses. However, DRS does not accept status letter requests made by email, fax, or telephone. See Informational Publication 2018(17), Status Letters. Recordkeeping Keep a copy of the tax return, worksheets, and records of all items appearing on the return until the statute of limitations expires for that return. Usually, this is three years from the date the return was due or filed, whichever is later. However, if the corporation reports a net operating loss or credit carryforward or carryback, the statute of limitations may expire later. Copies of Returns A corporation may request a copy of a previously filed tax return from DRS by completing form LGL‑002, Request for Disclosure of Tax Return or Tax Return Information. Status Letter Requests Requests for status letters may be made by logging into your TSC account, and selecting the Request a Status Letter link on the left hand side. If requested via the TSC and your account is in good standing, a letter will be displayed that can be printed out. If your account is not in good standing, a list of outstanding obligations will be displayed. A status letter will not be provided until the account is in compliance. Page 9 Form CT-1120 General Instructions Attach to Form CT‑1120 a completed copy of the corporation’s federal income tax return, including all schedules and attachments as filed with the IRS. Required Information Print in blue or black ink, or type the information requested in the space provided at the top of Form CT‑1120. Enter the beginning and ending dates of the corporation’s income year regardless of whether the corporation is a calendar year or fiscal year filer. Also enter the corporation’s Connecticut Tax Registration Number and FEIN. Enter in the spaces provided the total assets from the corporation’s federal Form  1120, U.S. Corporation Income Tax Return, Schedule L, Line 15, Column (d), and the amount from federal Form 1120, Line 11 (see Form CT‑1120, Schedule C, Line 1b). Also enter the North American Industry Classification System (NAICS) code for principal business activity. NAICS Code for Principal Business Activity Enter the North American Industry Classification System (NAICS) code for your principal business activity. General information concerning the classification of principal business activity under NAICS can also be found at www.census.gov. Exchange of Research and Development Tax Credits Credit Refund Application Procedure Check the Yes box if the corporation is exchanging Research and Development tax credits available under Conn. Gen. Stat. §§ 12‑217j or 12‑217n, for a credit refund equal to 65% of the value of the credit, subject to certain limitations. Enter the amount of credit refund requested in the space provided on Page 1 of Form CT‑1120. File Form CT‑1120 XCH, Application for Exchange of Research and Development or Research and Experimental Expenditures Tax Credits by a Qualified Small Business separately from Form CT‑1120. Attach Form CT‑1120RC, Research and Experimental Expenditures Tax Credit, or Form CT‑1120 RDC, Research and Development Expenditures Tax Credit, and all required supporting schedules and documentation to Form CT‑1120 XCH. At the same time as filing Form CT‑1120, mail the completed application and supporting information to: Department of Revenue Services State of Connecticut Corporation and Pass-Through Audit Unit Attn: XCH 450 Columbus Blvd, Ste 1 Hartford, CT 06103-1837 Form CT‑1120 Line Instructions Rounding Off to Whole Dollars You must round off cents to the nearest whole dollar on your return and schedules. If you do not round, DRS will disregard the cents. Round down to the next lowest dollar all amounts that include 1 through 49 cents. Round up to the next highest dollar all amounts that include 50 through 99 cents. However, if you need to add two or more amounts to compute the amount to enter on a line, include cents and round off only the total. Example: Add two amounts ($1.29 + $3.21) to compute the total ($4.50) to enter on a line. $4.50 is rounded to $5.00 and entered on the line. Page 10 Schedule A - Computation of Tax on Net Income A corporation entitled to apportion its net income must complete either Form CT-1120A, Corporation Business Tax Return Apportionment Computation, or one of the special apportionment forms listed below: • Air carriers use Form CT-1120A-A, Corporation Business Tax Return Apportionment Computation – Air Carriers. • Motor bus companies and motor carriers engaged in multistate business use Form CT-1120A­-BMC, Corporation Business Tax Return Apportionment Computation – Motor Bus and Motor Carrier Companies. • • Financial service companies use Form CT‑1120A‑FS, Corporation Business Tax Return Apportionment Computation of Income From Financial Service Company Activities. Broadcasters and production entities use Form CT‑1120A‑BPE, Corporation Business Tax Return Apportionment Computation – Broadcasters and Production Entities. • Corporations that receive income from rendering securities brokerage services use Form CT‑1120A‑SBC, Corporation Business Tax Return Apportionment Computation – Securities Brokerage Services. • Corporations that receive income from credit card activities use Form CT‑1120A‑CCA, Corporation Business Tax Return Apportionment Computation of Income From Credit Card Activities. • If a corporation is a limited partner in one or more limited partnerships, other than an investment partnership, and is not otherwise carrying on or doing business in Connecticut, the partnership may elect for any income year to apportion its net income using Form CT‑1120A‑LP, Corporation Business Tax Return Apportionment of Limited Partnership Interests. Corporations that receive income from rendering services to or on behalf of regulated investment companies use Form CT‑1120A‑IRIC, Corporation Business Tax Return Apportionment Computation of Income From Services to Regulated Investment Companies. • Line 2 - Enter the appropriate apportionment fraction from Form CT‑1120A, Schedule Q, Line 9 or from the appropriate forms previously referenced. The fraction must be expressed as a decimal and carried to six places. Line 3 - Enter the amount from Line 1 multiplied by Line 2, or enter the amount from Line 1, if not entitled to apportion. Line 4 - Enter the amount of any unused losses from Form CT‑1120 ATT, Corporation Business Tax Return Attachment, Schedule H, Line 22, Column E, attributable to Connecticut business operations as reported in years ending December 31, 2000, and thereafter. Do not exceed 50% of Line 3. Apportioned net operating losses incurred for income years beginning on or after January 1, 2000, may be carried forward for 20 successive income years. Losses may not be carried back. Schedule B - Computation of Minimum Tax on Capital Use Schedule B to compute the minimum tax on the capital of a corporation. The minimum tax on capital cannot be less than $250 or exceed $1 million. Financial service companies are subject to a minimum tax on capital of $250 and do not complete Schedule B. Real estate investment trusts, regulated investment companies, or interlocal risk management agencies formed under Chapter  113a of the Connecticut General Statutes are not subject to the minimum tax on capital and do not complete Schedule B. Line 2 - Corporations, other than air carriers, enter the apportionment fraction from Form CT‑1120A, Schedule S, Line  3, Column  C. Air carriers enter the amount from Form CT‑1120A‑A, Schedule R‑A, Line 5. The fraction must be expressed as a decimal and carried to six places. Line 3 - Enter the amount from Line 1 multiplied by Line 2, or enter the amount from Line 1, if not entitled to apportion. Line 4 - Enter the number of months the corporation carried on business or had the right to carry on business in Connecticut, whichever is greater. A fractional part of a month is counted as a full month. Line 6 - Multiply Line 5 by 0.31%. The maximum tax for Schedule B is $1 million. Schedule C - Computation of Amount Payable Line 1a - Enter the amount from Schedule A, Line  6; Schedule B, Line 6; or $250, whichever is greater. Line 1b - Multiply Line 1a by 10%. If the amount on Line 1a is $250 or the amount on federal Form 1120, Line 11 is less than $100 million, enter “0.” Line 1c - Enter the total tax credit that must be recaptured. The following tax credits are subject to recapture: • Historic Preservation; • Fixed Capital Investment; • Insurance Reinvestment; and • Urban and Industrial Site Reinvestment. In most cases, other than the Fixed Capital Investment tax credit, the corporation will have been advised by the agency administering the tax credit that recapture is required. A corporation is required to recapture the Fixed Capital Investment tax credit when the fixed capital is not Page 11 held and used in Connecticut by the corporation for five full years following its acquisition. See Form CT‑1120 FCIC, Fixed Capital Investment Tax Credit, to calculate the amount of tax credit that must be recaptured. See the Guide to Connecticut Corporation Business Tax Credits available on the DRS website at portal.ct.gov/DRS. Line 2 – Multiply Line 1 by 49.99%. Line 9a - Enter the amount paid with Form CT‑1120 EXT. Line 9b - Enter the amount(s) paid with Forms CT‑1120 ESA, ESB, ESC, or ESD. Line 9c - Enter the amount of any overpayment from the prior year. Line 9 - Add Lines 9a, 9b, and 9c. Line 11a - Enter penalty if applicable. See Interest and Penalties in the General Information section of these instructions. Line 11b - Enter interest due on tax not paid by the original due date. See Interest and Penalties. Line 11c - Enter interest due on underpayment of estimated tax. Complete and attach Form CT‑1120I. Line 11 - Add Lines 11a, 11b, and 11c. Line 12a - Enter the amount of overpayment to be credited to 2021 estimated tax. The overpayment will be treated as estimated tax paid on the fifteenth day of the third month (March  15 for calendar year filers), if the tax return is filed on time or if the tax return is filed within the extension period if a timely request for extension was filed. A request to apply an overpayment to the following income year is irrevocable. See Informational Publication 2020(4), 2020 Q & A on Estimated Corporation Business Tax and Worksheet CT‑1120AE. Line 12b - Enter the amount of overpayment to be refunded. Lines 12c through 12e – Get the refund faster by choosing direct deposit. Complete Lines 12c, 12d, and 12e to have the refund directly deposited into a checking or savings account. Page 12 $ Name of your Bank Street Address City, State, Zip Code 092125789 Routing Number 091 025 025413 0101  Line 7 - Enter the Pass‑Through Entity tax credit from Form CT‑1120PE, Pass‑Through Entity Tax Credit, Line 3. Do not exceed the amount reported on Line 6. No. 101 Date Pay to the Order of  Line 5 - Enter the total tax credits applied from Form CT‑1120K, Business Tax Credit Summary, Part II, Line 9. Do not exceed the amount on Line 4. Name of Depositor Street Address City, State, Zip Code Account Number Enter the nine-digit bank routing number and the bank account number in Lines 12d and 12e. The bank routing number is normally the first nine-digit number printed on the check or savings withdrawal slip. The bank account number generally follows the bank routing number. Do not include the check number as part of the account number. Bank account numbers can be up to 17 characters. If any of the bank information supplied for direct deposit does not match, or the applicable bank account is closed prior to the deposit of the refund, the refund will automatically be mailed. Line 12f – Federal banking rules require DRS to request information about foreign bank accounts when the taxpayer requests the direct deposit of a refund into a bank account. If the refund is requested to be deposited into a bank outside of the United States, DRS will mail the refund. Line 12 - Add Line 12a and Line 12b. Line 13 - Add Line 10 and Line 11. Schedule D - Computation of Net Income Line 1 - Enter the corporation’s federal taxable income (loss) before net operating loss and special deductions as filed on the corporation’s federal return. Line 2 - Enter all interest income exempt from federal taxation. Line 4 - Enter the amount of interest expenses paid to a related member as reported on Form CT‑1120AB, Summary of Add Back and Exceptions to Add Back of Interest and Intangible Expenses, Part I A, Line 1. Line 5 - Enter the amount of intangible expenses paid to a related member as reported on Form CT‑1120AB, Part I B, Line 3. Line 6 - Enter the amount of the federal bonus depreciation allowed under IRC § 168(k) and claimed on federal Form 4562, Depreciation and Amortization. Line 7 - Enter the amount of business interest expense that was incurred in a prior year and that was carried forward and deducted in the current year for federal tax purposes pursuant to IRC § 163(j). Line 21 - Enter the amount of any contributions made by the State of Connecticut or political subdivision thereof to the extent those contributions are included in Schedule D, Line 1 of this return. Line 8 - Enter 80% of the IRC § 179 deduction claimed for federal tax purposes. Line 22 - Enter any other income deduction and attach an explanation. Other amounts should include the following: Line 9 - Enter any other income amount. Attach an explanation. Include the applicable amount of distributions from a manufacturing reinvestment account (MRA). Enter: • The federal Foreign Derived Intangible Income (FDII) deduction from federal Form 8993, Part IV, Line 8. • The amount of contributions to a manufacturing reinvestment account. • The amount received from a related member attributable to intangible expenses and costs or to interest expenses and costs, provided such income was: • 100% of distributions from an MRA to the extent they are used for non-qualifying purchases; and • 100% of the money remaining in an MRA account that is returned to you after the five year period. Line 11 - Enter the dividend deduction calculated on Form CT‑1120 ATT, Schedule I, Line 5. 1. Included on Schedule D, Line 1 of this return; 2. Received from a related member who filed a Connecticut Corporation Business Tax return for the same income year; and Line 12 - Enter the amount of any available capital loss carryover not deducted in computing federal capital gain. This amount is limited to the amount of the capital gain reported on the federal return as described in Conn. Gen. Stat. § 12‑217. Line 13 - Enter the value of any capital gain realized from the sale of any land, or interest in land, to the state, any political subdivision of the state, or to any nonprofit land conservation organization where such land is to be permanently preserved as protected open space or to a water company, as defined in Conn. Gen. Stat. § 25‑32a, where such land is to be permanently preserved as protected open space or as Class I or Class II water company land. Line 14 - Enter the federal bonus depreciation recovery amount from Form CT‑1120 ATT, Schedule J, Line 26. Line 15 - Enter the amount of exceptions to interest add back as reported on Form CT‑1120AB, Part II A, Line 1. Line 16 - Enter the amount of exceptions to interest add back as reported on Form CT‑1120AB, Part II A, Line 2. Line 17 - Enter the amount of exceptions to interest add back as reported on Form CT‑1120AB, Part II A, Line 3. Line 18 - Enter the amount of exceptions to the add back of intangible expenses paid to a related member as reported on Form CT‑1120AB, Part II B, Line 1. Line 19 - Enter 25% of IRC § 179 deduction that was added back in calculating Connecticut net income in the preceding two years. Line 20 - Enter the amount of business interest expense that was incurred in the current year but was not allowed to be deducted for federal tax purposes pursuant to IRC § 163(j). 3. Required to be added back by the related member under Conn. Gen. Stat. §§ 12‑218c or 12‑218d and was not entitled to an exception of the add back. • For all REITs, enter the deduction from federal Form 1120‑REIT, U.S. Income Tax Return for Real Estate Investment Trusts, Schedule J, Line 2f, only if such amount is equal to $50,000. In addition, for a REIT that is not a “captive REIT,” enter the deduction for dividends paid from federal Form 1120‑REIT, Line 21b. Line 24 - Subtract Line 23 from Line 10. Enter the result here and on Schedule A, Line 1. Schedule E - Computation of Minimum Tax Base Line 1 - Enter the beginning (Column A) and ending (Column B) values of the issued and outstanding capital stock including treasury stock at par or face value, fractional shares, scrip certificates, and payments on subscriptions. See federal Form  1120, Schedule  L, Line 22a and Line 22b. Line 2 - Enter the beginning (Column A) and ending (Column B) values of paid‑in or capital surplus, including retained earnings. Any deficit must be reported as a negative number. See federal Form  1120, Schedule  L, Lines 23, 24, and 25. Page 13 Line 3 - Enter the beginning (Column A) and ending (Column B) values of all surplus reserves. Attach a schedule of all surplus reserves to support the amounts shown on Line 3. A reserve is an amount set aside or deducted from current or retained earnings for meeting future liabilities. Line 4 - Add Lines 1, 2, and 3 in both Column A and Column B. Enter in Column C the average of Column A and Column B. Line 5 - Enter the total holdings of stock of private corporations in Column A and Column B. Enter in Column C the average of Column A and Column B. Attach a schedule that lists the beginning and ending book values of total holdings of stock of private corporations, including treasury stock. The total book value of shares must equal the amount claimed as a deduction on Schedule E, Line 5. The book value of stock does not include the value of other assets acquired and held in connection with or incidental to the ownership of such stock. Private corporations means all non‑governmental corporations, whether closely or publicly held. Line 6 - Subtract Line  5, Column  C, from Line  4, Column C. Enter the result here and on Form CT‑1120, Schedule B, Line 1. Schedule F - Taxes Line 1 - Enter in Column A all payroll taxes deducted in arriving at federal taxable income. Line 2 - Enter in Column A all real property taxes deducted in arriving at federal taxable income. Line 3 - Enter in Column A all personal property taxes deducted in arriving at federal taxable income. Line 4 - Enter in Column A all sales and use taxes deducted in arriving at federal taxable income. Line 5 - Enter in Column A any other taxes not based on income or profits deducted in arriving at federal taxable income. Line 6 - Enter in Column B the amount of Connecticut Corporation Business Tax deducted in arriving at federal taxable income. Line 7 - Enter in Column B any corporate tax imposed on or measured by income or profits by any state (other than Connecticut) or political subdivision, or the District of Columbia, deducted in the computation of federal taxable income. Line 8 - Add the amounts on Line  6 and Line  7 in Column B. Enter the total here and on Schedule D, Line 3. Page 14 Schedule G - Additional Required Information Attach a schedule of corporate officers’ names, complete home addresses, and corporate titles. Line 1 - Enter the Connecticut towns in which the corporation owns or leases, as lessee, real or tangible personal property or performed any services. Line 2a - If the corporation transferred a controlling interest in an entity where the entity owns, directly or indirectly, an interest in Connecticut real property, the corporation (the transferor) may be subject to the controlling interest transfer tax. Enter the name and FEIN of the entity in which a controlling interest was transferred. The transferor is required to file Form AU‑330, Controlling Interest Transfer Taxes. Line 2b - If this corporation owned Connecticut real property and was the entity in which a direct or indirect controlling interest was transferred, enter the name and FEIN or SSN of the transferor. The transferor may be subject to the controlling interest transfer tax. Line 2c -Enter the transferee(s) name(s) and the transfer date if the answer was Yes to either Line 2a or Line 2b. Attach a list of property addresses of the Connecticut realty owner according to the above transfer. The entity in which a direct or indirect controlling interest was transferred is required to file Form AU‑331, Controlling Interest Transfer Taxes Informational Return. Line 3 - If any other corporation owns a majority of the voting stock of this corporation, enter the name and FEIN of the corporation. Line 4 - Enter the last taxable year this corporation was audited by the IRS. Corrections to taxable income by the IRS must be reported to the Commissioner of Revenue Services on or before 90 days after the final determination of the change. All federal adjustments must be reported using Form CT‑1120X. Check and Complete all Applicable Boxes 1. Change of Address Check the address change box, and file Form CT‑8822C, Corporation Business Tax Change of Address (available on the DRS website). 2. Return Status Check the corresponding box to indicate the type of return being filed. • Initial If this is the first time the corporation is filing Form CT‑1120, check the initial box. • Final If the corporation is filing a final return, check the final box and complete Line 3, below. • Short Period If the corporation is filing a short period return, check the short period box. 3. Final Return Check the corresponding box providing the reason for the final return: • Mergers and Reorganizations A corporation that has merged must file a written application with the Connecticut Office of the Secretary of the State. Any corporation that has merged must file Form CT‑1120 covering the period up to the date of merger and pay any tax due. Any organization that is reorganized must submit the details concerning the reorganization in writing and disclose the survivor’s Connecticut Tax Registration Number to: DRS Operations Bureau/Registration 450 Columbus Blvd Ste 1 Hartford CT 06103-1837 If the corporation already has a Connecticut Tax Registration Number, additional taxes for which the corporation is liable may be added to the registration by contacting the DRS at 800‑382‑9463 (Connecticut calls outside the Greater Hartford calling area only); or 860‑297‑5962 (from anywhere). For further information about withdrawal from the state, mergers and reorganizations, or dissolutions, contact the Connecticut Office of the Secretary of the State at 860‑509‑6003. Dissolution To properly dissolve a domestic corporation you must file a Certificate of Dissolution with the Connecticut Office of the Secretary of the State. A dissolved corporation must file a return for the period up to the date of legal dissolution or the date of the final liquidation of assets, whichever is later. 4. Type of Federal Return Filed Check the appropriate box for the type of federal return filed. If the Consolidated Basis box is checked, you must enter the parent company’s name and FEIN. If the 1120‑REIT box is checked, see Informational Publication 2010(21), Corporation Business Tax Application to Real Estate Investment Trusts (REITs) and Owners of REITs. Any dissolved corporation that continues to conduct business must file Form CT‑1120 and pay any taxes due. If a corporation has been dissolved by forfeiture and wishes to be reinstated, it must submit a written request for a tax clearance to: An S corporation should file Form CT‑1065/CT‑1120SI, Connecticut Pass‑Through Entity Tax Return. A limited liability company (LLC) should file Form CT‑1120 only if the company elects to be taxed as a corporation for federal income tax purposes. Department of Revenue Services State of Connecticut Corporation Tax Audit Unit 450 Columbus Blvd Ste 1 Hartford CT 06103-1837 The tax clearance and certificate of reinstatement must be filed with the Connecticut Office of the Secretary of the State. • • Withdrawal From State A foreign corporation that wishes to withdraw from Connecticut must file a written application for withdrawal with the Connecticut Office of the Secretary of the State. Any corporation that has withdrawn must file Form CT‑1120 up to the date of withdrawal and pay any taxes due. 5. Previous Combined Unitary Return Indicate whether the corporation filed as part of a combined return on Form CT‑1120CU, Combined Unitary Corporation Business Tax Return, for the previous income year and is no longer a member of the combined group. 6. Non-Unitary Business Income Indicate if the corporation files as part of Form CT‑1120CU, Combined Unitary Corporation Business Tax Return, in the current income year and is filing this Form CT‑1120 to report non-unitary business income. Page 15 7. Principal Place of Business If the principal place of business is located outside Connecticut, enter the name of the state where it is located. Enter the state in which the corporation filed its Articles of Incorporation and the date of organization. If incorporated outside of Connecticut, enter the date qualified to do business in Connecticut. A corporation must enter the date it began business operations in Connecticut. 8. Exempt Corporation If the corporation is exempt from Connecticut Corporation Business Tax, check this box and attach an explanation of the exemption, and a statutory cite for the exemption. See Who is Exempt From Corporation Business Tax in the General Information section of these instructions. 9. Annualization Check the corresponding box if the corporation used the annualized installment method to calculate its estimated tax payments for this year. Complete Form CT‑1120I, Computation of Interest Due on Underpayment of Estimated Tax, and attach it to Form CT‑1120. See Informational Publication 2020(4), 2020 Q & A on Estimated Corporation Business Tax and Worksheet CT-1120AE. 10. Interest Add Back Check the corresponding box if the corporation paid, accrued, or incurred interest expenses or intangible expenses, costs, and related interest expenses to a related member. Complete Form CT‑1120AB, Summary of Add Back and Exceptions to Add Back of Interest and Intangible Expenses, and attach it to Form CT‑1120. Signature The return must be signed by a duly authorized officer. Paid Preparer Signature A paid preparer must sign and date Form CT‑1120. Paid preparers must also enter their Social Security Number (SSN) or Preparer Tax Identification Number (PTIN) and their firm’s FEIN in the spaces provided. Page 16 Paid Preparer Authorization If the corporation wants to authorize DRS to contact the paid preparer who signed the 2020 Connecticut Corporation Business Tax Return to discuss it, check the Yes box in the signature area of the return. This authorization applies only to the individual whose signature appears in the Paid preparer’s signature section of the return. It does not apply to the firm, if any, shown in that section. If the Yes box is checked, the corporation is authorizing DRS to contact the paid preparer to answer any questions that may arise during the processing of the 2020 Connecticut Corporation Business Tax Return. The corporation is also authorizing the paid preparer to: • Give DRS any information that is missing from the return; • Contact DRS for information about the processing of the corporation’s return or the status of the corporation’s refund or payment; and • Respond to certain DRS notices that the corporation may have shared with the preparer regarding math errors, offsets, and return preparation. The notices will not be sent to the preparer. The corporation is not authorizing the paid preparer to receive any refund check, bind the corporation to anything, including additional tax liability, or otherwise represent the corporation before DRS. The authorization cannot be revoked. However, the authorization will automatically end no later than the due date, without regard to extensions, for filing the 2021 Connecticut Corporation Business Tax Return. This is on or before the fifteenth day of the month following the due date of the corporation’s corresponding federal income tax return for the income year (May 15 for calendar year filers). This page intentionally left blank. Page 17 Department of Revenue Services State of Connecticut 450 Columbus Blvd Ste 1 Hartford CT 06103-1837 File returns, pay amounts due, and choose to direct deposit refunds electronically using the TSC. It’s fast and free! Forms and Publications Find important information for Individual and Business filers, and all of the latest DRS news including new legislation, policies and press releases on the DRS website at portal.ct.gov/DRS View, download, and print all Connecticut forms and publications by visiting the DRS website at portal.ct.gov/DRS DRS Website Send routine tax questions to [email protected] DRS Website DRS Forms Email Email For forms and publications, call 800‑382‑9463 (Connecticut calls outside the Greater Hartford calling area only) and select Option 2; or 860‑297‑4753 (from anywhere). 860-297-5962 800-382-9463 860-297-4753 TTY, TDD, and Text Telephone users only may transmit inquiries anytime by calling 860-297-4911. Taxpayers may also call 711 for relay services. A taxpayer must tell the 711 operator the number he or she wishes to call. The relay operator will dial it and then communicate using a TTY with the taxpayer. Telephone Telephone DRS Email Call the DRS to speak directly with an agent about the filing of a return or account‑related matters, at 800-382-9463 (Connecticut calls outside the Greater Hartford calling area only); or 860-297-5962 (from anywhere). Email Email requests, including your name, address (street, city, state, and ZIP code), and the name or number of the tax product to [email protected] Internet Internet Tax Information DRS To Centralize Taxpayer Service Functions In light of the recent health challenges that the COVID‑19 pandemic has imposed upon us all, DRS is centralizing its services to provide remote assistance, where taxpayers can schedule an appointment to receive DRS tax assistance from the comfort of their own homes, from a trained DRS professional during normal business hours, Monday through Friday, 8:30 a.m. to 4:30 p.m. Taxpayers should be prepared with the pertinent tax information before contacting DRS to ensure an efficient and effective customer service outcome. The following is a list of transactions for which DRS recommends that taxpayers schedule an appointment to seek remote assistance: • IFTA Registrations • Audit determination meetings • Bond matters • Tax hearings/appeal matters To schedule an appointment, contact the DRS Taxpayer Service Center at 860-297-5770. As a reminder, most taxpayer transactions are easily conducted through the DRS website at portal.ct.gov/DRS: • File returns • Make payments • Check the status of a refund • Register a business • Research the DRS tax library • Request a letter of good standing • Request a copy of previously filed tax information • Submit a general tax question through the DRS email portal available 24 hours a day, 7 days a week Federal Tax Information For questions about federal taxes, visit www.irs.gov or call the Internal Revenue Service (IRS) at 800-829-1040. To order federal tax forms, call 800-829-3676. Statewide Services Visit the Official State of Connecticut Website at portal.ct.gov for information on statewide services and programs.
Extracted from PDF file 2020-connecticut-form-ct-1120-instructions.pdf, last modified December 2020

More about the Connecticut Form CT-1120 Instructions Corporate Income Tax Tax Return TY 2020

Form CT-1120, Corporation Business Tax Return, is used to compute tax both on a net income basis and on a capital stock basis. Tax is paid on the basis that yields the higher tax. The minimum tax is $250. This booklet contains current-year instructions for filing.

We last updated the Connecticut Corporation Business Tax Instructions in February 2021, so this is the latest version of Form CT-1120 Instructions, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form CT-1120 Instructions directly from TaxFormFinder. You can print other Connecticut tax forms here.

Related Connecticut Corporate Income Tax Forms:

TaxFormFinder has an additional 85 Connecticut income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Connecticut Form CT-1120 Instructions.

Form Code Form Name
Form CT-1120 EXT Application for Extension of Time to File Connecticut Corporation Tax Return
Form CT-1120 Corporation Business Tax Return
Form CT-1120 ES Estimated Corporation Business Tax Payment Coupons
Form CT-1120 RDC Research and Development Credit
Form CT-1120CU-NCB Nexus Combined Base Tax Calculation
Form CT-1120K Business Tax Credit Summary
Form CT-1120 A-BMC Corporation Business Tax Return Apportionment Computation - Motor Bus and Motor Carrier Companies
Form CT-1120 A-BPE Corporation Business Tax Return Apportionment Computation - Broadcasters and Production Entities
Form CT-1120 A-CCA Corporation Business Tax Return Apportionment Computation of Income Credit Card Activities
Form CT-1120 A-FS Corporation Business Tax Return Apportionment Computation of Income From Financial Service Company Activities

Download all CT tax forms View all 86 Connecticut Income Tax Forms


Form Sources:

Connecticut usually releases forms for the current tax year between January and April. We last updated Connecticut Form CT-1120 Instructions from the Department of Revenue Services in February 2021.

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Form CT-1120 Instructions is a Connecticut Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Connecticut Form CT-1120 Instructions

We have a total of three past-year versions of Form CT-1120 Instructions in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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While we do our best to keep our list of Connecticut Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.

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