Cleer, a company that aims to make taxes less painful, has created a 2023 Tax Deadline Calendar for startups, including C-Corps, Partnerships, and S-Corps. The calendar aims to help businesses stay on top of their filing requirements and provide an easy-to-use infographic with all the deadlines in one place.
The calendar lists important tax deadlines such as January 31, which is the deadline for making payments to employees and independent contractors, and submitting forms such as 1099-NEC, 1099-MISC, 1099-K, W-2, and W-3. It also includes Cleer’s deadline of February 1, which is the opt-out deadline for Federal and State returns extension. Cleer recommends filing extensions due to the $25,000 penalty risk for missed Form 5472 foreign investment information.
Other important dates include March 1, which is the Delaware Franchise Annual Report and Tax Due date, and May 31, which is the BE-12 Foreign Investment Form deadline required for companies with 10% or greater foreign ownership. The penalties for not filing this form can range from $2,500 to $10,000, along with possible criminal charges.
The calendar also lists various fiscal year-end dates and deadlines for different types of businesses. For example, if a company’s fiscal year-end date is not December 31st, the standard Federal tax deadline is 3.5 months after the end of the month in which the tax year ends. However, there are exceptions, such as tax years that end in June, which have a September 15th due date.
Cleer also provides information on penalties for late filing, which can be quite substantial. Late filing of Form 5472 for corporate income tax can result in a penalty of $25,000, while late filing of Form 5471, FBAR, and 8938 foreign banking can result in a $10,000 per month penalty for partnerships and S-corps. Late payment penalties and state late filing penalties are also listed.
Overall, Cleer’s Tax Deadline Calendar is a useful resource for startups and other businesses looking to stay on top of their tax obligations and avoid costly penalties.