Form 1120 is the US Corporate Income Tax Return that a C-Corporation files with the IRS each year to report its income, deductions, and tax owed. A foreign-owned single-member LLC also files a pro forma 1120 alongside Form 5472, even with zero US activity.
How Form 1120 works
A US C-Corporation uses Form 1120 to calculate its taxable profit and the federal corporate income tax due, currently 21% of profits.
The return is filed once a year and reports revenue, deductible expenses, and the resulting tax. For a foreign-owned single-member LLC there is a second, lighter version: the IRS treats the LLC as a corporation for reporting purposes, so you attach a pro forma 1120 to Form 5472. That pro forma return mostly carries identifying details rather than a tax calculation, but it still must be filed, and it cannot be e-filed when paired with 5472 (you fax or mail it).
Why it matters for a global or India-based founder
If you are a non-resident who owns a US LLC, the pro forma 1120 is not optional, even if the company earned nothing.
A foreign-owned single-member LLC files Form 5472 with a pro forma 1120 every year, including years with $0 of activity.
Missing or late filing of Form 5472 carries a penalty of $25,000 per form.
The deadline is April 15, with a six-month extension available via Form 7004; the package is faxed or mailed, not e-filed.
You need an EIN before you can file.
A C-Corp's full 1120 is heavier: it actually computes the 21% tax, and profits distributed as dividends can face a second layer of tax. This is why Wyoming LLC owners often face only the pro forma filing, while Delaware C-Corp founders take on the full return.
Where it fits with StableCorp
StableCorp forms your US entity, gets the EIN, and keeps the annual filings on track, so the pro forma 1120 and Form 5472 do not turn into a $25,000 surprise.
From there you can receive USD and USDC from US clients and off-ramp to INR through compliant RBI purpose codes, not the grey-area direct-wallet route. See how to receive USDC payments from US clients or pricing.
This is general information, not tax or legal advice.
Sources
IRS — About Form 1120, U.S. Corporation Income Tax Return — https://www.irs.gov/forms-pubs/about-form-1120
IRS — About Form 5472 — https://www.irs.gov/forms-pubs/about-form-5472