As the tax season approaches, businesses and individuals need to be aware of the upcoming tax deadlines to avoid penalties and interest charges. From January to October, there are several important dates to keep in mind. January 31st marks the deadline for issuing payment information to employees and independent contractors, including Form 1099-NEC, 1099-MISC, 1099-K, W-2, and W-3. On February 1st, taxpayers have until the deadline to opt-out of the Federal and State tax returns extension, which is recommended due to the $25,000 penalty risk for missed Form 5472 foreign investment information. By February 22nd, businesses need to submit their financial documents to file for partnership and S-Corp deadlines.
March 15th is an important deadline for S-Corp and Partnership extensions, including 1065 and 8805 for partnerships and 1120 and 1042s for S-Corps. In addition, C-Corp and S-Corp Elections must be filed within 75 days of the start of the tax year. March 31st is the eFiling deadline for most payout information returns, excluding NEC, 3921, 3922, and W-2G.
These deadlines continue throughout the year, with additional extensions and estimated tax payments due. Businesses and individuals should mark these dates on their calendars and plan accordingly to avoid any potential penalties or fees.
Infographic by: cleer
