Locate and review the current Form 1120 on the IRS government website. Write a 3- to 4- paragraph journal response based on your interpretation of reviewing Form 1120, as well as the instructions for Form 1120 on the IRS website. Think about the readings you have done previously in this module for support. Specifically, you must address the following rubric criteria: Explain the main components of the header section. Include the following in your response: List the important header section information and explain its significance on a tax form. Explain the importance of a client's income statement in preparing Form 1120. Consider the following in your response: Formatting of the income section Importance of the gross profit section Discuss the importance of separating the major categories of deductions. Include the following in your response: Compensation of officers Salaries Wages Describe the information included in the payments section of Form 1120. Consider the following in your response: Corporations' decisions in estimated tax payments Estimated tax payments recorded in the company's financial records Challenges in calculating your taxable income Decisions based on overpayments.

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To begin with the header section of Form 1120 the US Corporation Income Tax Return contains crucial ... View the full answer