Individuals and businesses that make an income must pay taxes. Generally, tax returns are expected by the IRS in April every year.
Nonetheless, as a tax-paying business, there are several specific dates that you need to remember. Here is what you should know.
W-2 forms
If you employed people last year, you must submit W-2 forms to the IRS and your workers. This should be done by January 31 2025. W-2 forms are wage and tax statements that outline how much you have paid your employees and their annual tax deductions.
Deadlines for corporations
Corporations must file tax returns by April 15. For S-corporations and partnerships, the deadline is earlier on March 17. In some cases, S-corporations and partnerships may be granted an extension. The extension date is September 15 2025. Corporations can also obtain an extension in some conditions, and the extension deadline is October 15 2025.
What happens if deadlines are missed?
Missing these deadlines could result in severe financial penalties. The IRS has the power to enforce fines of up to 5% of the total tax owed for every month of delay. This can go up to 25% of the total amount owed.
Missing deadlines can happen accidentally, but it is important to be proactive once you are aware. You may be able to enrol in an IRS payment plan which can help get your business back on track.
Deadlines are just one important part of tax compliance. The law in this area can be complicated and it’s important to have accurate information. Seek legal guidance to find out more about tax preparation and potential solutions to tax controversies.