Yes — and this is more common than many business owners realize. All domestic corporations, including limited liability companies electing to be taxed as corporations, must file Form 1120, regardless of whether they have taxable income. SDO CPA LLC Specifically, an LLC makes this election by filing Form 8832 with the IRS. Once the election takes effect, the LLC files Form 1120 annually and pays the flat 21% federal corporate tax rate. Importantly, the LLC cannot reverse this election for five years — so always consult a CPA before making this commitment.