⚠️ Disclaimer: The information provided in this article is for general informational purposes only and does not constitute financial advice. It is not intended to be a substitute for professional tax advice or services. Always consult with your tax accountant or a qualified tax professional for personalized guidance on your specific tax situation.
Taxes can be a painful time of year for everyone. From figuring out what documents to file to estimating what return(or payment) you may be getting. But the worst thing to happen is to be on time when it comes to filing. According to the IRS, the penalties could range from $10k to $25k. Thankfully, there are clean-up bookkeeping firms that help make extensions whenever possible to give you an extra day or two in case you are on a tight deadline. These same firms have created a calendar that gives the exact deadlines for each form as well as what documents need to be turned in.
This guide is made for Startups – C-Corps, Partnerships, and S-Corps – so you can stay on top of your filing requirements and has this handy at-a-glance infographic to add a little color to your tax year! Bear in mind this is made for the tax year of 2022.
Tax Deadlines You Should Know
January 31 is the date to file the form for businesses that pay employees and independent contractors. The documents to present are 1099-NEC, 1099-MISC, 1099-K, W-2, and W-3. If applying for an extension the deadline is the 1st of February. Extensions are recommended due to the $25,000 penalty risk for missing Form 5472 foreign investment information. The next date to look at is February 28, because it is the due date for paper filings of forms 1099,1099-DIV.
March 15 is when S-Corp and Partnerships Extensions are due.
Documents that are needed to file for partnerships are forms 1065 and 8805(income share for foreign partners). For S-Corps the typical document to file is form 1120, but for dividends paid to foreign partners. An important thing to note is that the IRS assesses penalties on late 8805s & 1042 for dividends and owner payouts. On the same day, C-corp and S-corp elections should be conducted. Must be filed within 75 days of the start of the tax year. Benefits foreign-owned LLC members to be taxed as a C-Corp. US C-Corp shareholders can save taxes as an S-Corp.
Conclusion
As they say, it’s best to be prepared. This is especially true as you can keep organized ahead of time. Learn more about tax deadlines in the infographic below:
