It’s important for startups to stay on top of their filing requirements and deadlines during tax season. The first deadline comes in the first month of the year. January 31st is the filing deadline for independent contractor forms and wage statements for employees.
February 28 is the due date for paper filings of the 1099 form. S corporation and partnership extensions are due on March 15th. These extensions can help with avoiding penalties per partner or per month basis. With C corporation and S corporation elections, they must be filed within 75 days of the start of the tax year and typically benefits foreign-owned LLC members who are taxed as a C corporation while saving taxes for U.S. C Corporation shareholders.
March 31 is a big eFiling deadline for most payout information returns, including the 107, 1098, and 1099s. The tax day extension due date lands on April 18 this year. Corporations are required to pay estimated taxes on their first year of being profitable.
The BE-12 foreign investment form is required for companies with 10% or greater foreign ownership, which is due on May 31. September 15 is a big date for S corporations and partnerships as it’s when returns on 6-month extensions are due. For C corporations, single-owner LLC, and individuals, those on a 6-month extension have to submit their extended returns on October 16. The standard Federal tax deadline if not using the December 31st year end date is 3.5 months after the end of the month where the tax year ends. When companies close, they use a fiscal year end date for their deadlines after the month they dissolve with the state. It’s always a good idea to file taxes on time as late filing can result in fines and penalties that can cost more than $10,000.