Tax Deadlines for Your Business Needs

Tax season is upon us, yet busy schedules still go on. As such it’s important to know when the deadlines are to file for each document as well as routes to get extensions on those tax deadlines. Though as a general rule of thumb, the standard federal tax deadline for the Dec 31st year end date is 3.5 months after the end of the month when the tax year ends. The only exception to this rule is tax years that end in June have a Sept 15th due date. However, June 30th is Australia’s year-end, so a lot of companies that have their US fiscal year match their Australian activities can be affected by this. 

We also see March 30th for UK-related companies and January 31st for tech companies that want to emulate Salesforce. Furthermore, when a company declares dissolution they use a fiscal year-end date for its deadlines after the month they dissolve with the state. Failure to comply with these deadlines could result in costly penalties. After running numbers tax experts are looking at $25k for 5472 late-filing (corporate income tax) $10k for 5471, FBAR, 8938 foreign banking, per month penalties partnerships & S-corps, DE late filing both a fee and a percentage, late-filing fees for corporate tax owed, late payment penalties, state late filing penalties.