By: Kislay Banka
Stay on top of corporate tax filing deadlines to ensure that you avoid frustrating fines.
Your due dates vary based on your entity type and whether you follow the calendar year or the fiscal year for tax and accounting purposes.
|
TAX TYPE |
ENTITY TYPE |
FILING DATE |
| Federal & State Taxes | S Corporation (1120S)
Partnership (1065) |
2.5 months from the fiscal year end, or
March 15 if following the calendar year |
| C. Corporation (1120) | 3.5 months from the fiscal year end, or
April 15 if following the calendar year |
|
| Extensions for Federal & State Taxes | C. Corporation (1120)
S Corporation (1120S) Partnership (1065) |
March 16 for S Corps and Partnerships
April 15 for C Corps
|
|
TAX TYPE |
FORM TYPE |
FILING DATE |
| Property Tax | Form 571L | April 1
Filings after May 7 are considered delinquent. Entities with physical presence may need to file this tax with certain states and/or cities. |
| Contract/Vendor Payments | Form 1099 vendors | January 31: Report payments made to 1099 vendors and contractors (Copy A).
Copy B is due to your contractor by February 15, 2020. The penalty for late filing varies from $50 – $270. |
| Annual Report & Franchise Taxes | Annual Report or Franchise Tax Form (varies by state) | March 1: Delaware corporations
For other states, it is usually due the same month of the company’s incorporation. These filings are due to the state of incorporation. |
| Payroll Taxes | W2, 940 | Quarterly returns are due for Federal and State taxes by the end of the month following the quarter’s end. For example, fourth quarter 2019 payroll taxes would be due January 31, 2020.
Annual reports are due with the federal and state entities by the end of the month following the year’s closing. |
- Sales and use taxes: Sales and use tax deadlines vary by state. While services are not subject to sales tax in most US states, some states have started to charge sales tax on Software as a Service (SaaS) and similar companies. Meet with your tax professional to evaluate your sales tax need on an individual basis. Once your taxability is determined, you can file your sales tax monthly or quarterly. The due date is generally by the end of the month following the closing of the quarter or month.
- International filings: Businesses that hold foreign assets or interests may need to file Forms 5471, 5472, FBAR, and 8938 along with their tax return. There is a heavy penalty of $25,000 if these returns are applicable to your business and not filed in a timely manner.
- Local taxes: Depending on your location, there may be additional local and city filing requirements. These may include:
-
- Local city permits and annual renewals
- Personal property tax return due with the county (this requires reporting movable assets, such as computers and furniture)
- Local payroll tax
- Local income tax
Conclusion
An expert Chugh CPAs, LLP tax professional can take care of your tax deadlines and help you reduce your corporate tax burden. Contact us at info@chugh.net for a corporate tax consultation.