Tax deadlines and tax forms may not be the most glamorous part of being a CEO, but they are an essential part. And American taxes are changing all the time. So, to get you geared up for 2020, let's take a look at some of the most critical tax deadlines for corporations next year.
Because, let's face it, scrambling to get ready at the last minute isn't a sign of things going well. Being prepared for your tax-filing obligations starts with having all the significant dates accessible in one place and knowing what to do beforehand. Grab your calendar, and let's get started.
January 31, 2020
This date is important because it's the deadline for sending out your W-2s to the applicable workers: just the employees and not the independent contractors. The IRS uses three factors to differentiate between the two: behavioral control, financial control, and relationship. The more power your company has and the more benefits that you offer, the more likely you are to have an employee rather than a contractor. Making a mistake when classifying the employee can leave you open to employment taxes, so make sure you've given it some thought.
February 28, 2020
Form 1099 reports are due, via the filing of Form 1096. This is how you let the IRS know the total number of 1099s you issued. If you e-filed your 1099 forms, you might be able to skip this step.
March 16, 2020
For partnerships and S Corporations, March 16 is the deadline for tax returns. S Corporations should plan to file Form 1102-S, and partnerships will use Form 1065. If necessary, you can apply for a six-month extension, but the extension is for the filing, not the payment, of taxes. Interest will apply to any overdue taxes.
April 1, 2020
For those who e-file the 1099s, this is the deadline to have them submitted.
April 15, 2020
April 15 is not just the deadline for individuals and first quarter estimated taxes; it is also the deadline for corporations who will use Form 1120. Certain corporations are also eligible to receive a six-month tax extension from this deadline.
June 15, 2020
Second quarter estimated taxes are due for businesses that are required to file them.
September 15, 2020
Third quarter estimated taxes are due on this date, as are tax returns for anyone who received the six-month extension from March 16.
October 15, 2020
Any corporations that received a six-month extension from April 15 will have their tax returns come due on this date.
Keep in mind that other forms may apply. For instance, most corporations and anyone who is the sole proprietor of a business will need to file a Schedule C in addition to Form 1120.
Staying ahead of your tax deadlines can save you time, money, and certainly a lot of stress. Now that you have a simple outline for the most important corporate tax deadlines and forms for the year, you are ready to celebrate the upcoming year by staying far from the IRS' audit radar.