Navigating the labyrinth of tax deadlines can seem overwhelming for startups. Fortunately, our 2023 Tax Deadline Calendar offers a colorful solution to keeping your C-Corp, Partnership, or S-Corp on track.
In January, remember to make all necessary payments to employees and contractors by the 31st. This includes issuing forms such as the 1099-NEC, 1099-MISC, 1099-K, and W-2 & W-3. By February 1, according to Cleer.tax, startups should opt out of federal and state returns extension, due to the $25,000 penalty for missed Form 5472 foreign investment information.
The spring months are significant, with multiple critical deadlines in March. The Delaware Franchise Annual Report & Tax is due by March 1, calculated based on year-end shares and assets. By the 15th of March, S-Corps and Partnerships must file extensions for 1065, 8805, 1120, and 1042s to avoid per-partner, per-month penalties. For both C-Corps and S-Corps, elections must be filed within 75 days from the start of the tax year.
As summer approaches, Q2 estimated tax payments are due on June 15. Companies with 10% or greater foreign ownership must file the BE-12 Foreign Investment Form by May 31. Failure to do so can result in penalties between $2,500 to $10k, and even criminal charges.
Entering autumn, the tax calendar becomes increasingly important. September 15 marks Q3 estimated tax payments, and the filing deadline for Partnership and S-Corp returns on a 6-month extension. Lastly, October 16 marks the "drop-dead" date for extended returns for both C-Corps and single-owner LLCs.
Having a well-organized tax calendar is essential for every startup. Remember, the consequences of missing deadlines, from $25k penalties to damage to your brand, are far too costly. Cleer.tax's colorful and comprehensive tax deadlines calendar is a valuable tool to ensure smooth sailing through your tax obligations.