「report tax returns」Summary of US tax filing deadline

Time: 2023-03-09 15:59

Generally, according to the United States federal income tax law, the deadline for tax declaration is usually April 15 of each year. However, if the day is a legal holiday, it will be postponed to the next working day.
This year is a holiday, so the deadline for tax declaration is April 18.
The IRS generally starts to process tax forms in late January of each year.
When taxpayers have prepared relevant documents, they should start to declare as soon as possible.
It should be noted that different entities need to submit different tax forms, and the deadline is also different.

1、 Deadline for submission of common forms

The following are common forms for the tax season and their deadlines.
1. Form W2
W2 of employee income declared by the employer, the deadline for submission is January 31; The vast majority of 1099 also ended at the same time;
2. Individual tax return
April 15, 2023 is Saturday, but because April 17 is a holiday, the deadline for the individual income tax return is April 18.
3. Form 1120 and Form 1120-S
The deadline for this year's tax return is March 15 for partnerships that declare 1120 and S-corporations that declare 1120-S.
If you request an automatic extension of six months, the date is September 15.
4. Form 1120
For companies filing Form 1120, the deadline for this year is April 18.
It is worth noting that the deadline for C-corp declaration is different from others. It is usually the 15th day of the fourth month after the end of the company's fiscal year.

2、 What will happen if the company fails to submit the tax form and pay the tax on time?

If you fail to submit the 1120 tax form and pay the tax within the specified date, you will be fined and fined by the IRS.
(1) Late submission of 1120 statement: a penalty of 5% - 25% shall be imposed on the unpaid amount every month after the deadline;
(2) Deferred tax payment: A penalty of 0.5% - 25% shall be imposed on the unpaid amount every month after the deadline.
If the taxpayer is subject to two kinds of penalties at the same time, the penalty for delayed tax payment will be deducted from the penalty for delayed tax payment.
For example, if the penalty for an enterprise's late payment of forms is $5 and the penalty for late payment of taxes is $20, the enterprise will have to pay a penalty of $15.
However, if it is really due to various reasons that the amount of tax arrears cannot be paid in one time, you can apply to the IRS for installment payment.
During the installment period, there is still a penalty for delayed tax payment, but it will be reduced from the minimum of 0.5% to 0.25%.
The calculation time of the late fee is from the deadline of tax declaration to the taxpayer's full payment of the amount of tax arrears.
Therefore, if you miss the deadline for tax filing, you should pay the tax or submit the tax form as soon as possible to avoid more expenses.

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