Cleer is a tax assistance company that has created a comprehensive guide to tax deadlines and penalties for US businesses in 2023. The guide highlights important dates and deadlines for the filing of various forms and tax returns. The deadlines vary depending on the type of business, such as corporations, partnerships, and LLCs, and the type of taxes needed to be filed.
There are a variety of tax forms such as 1099-NEC, 1099-MISC, 1099-K, W-2, and W-3, with a deadline of January 31 for payments to employees and independent contractors. The deadline for opting out of Federal and State returns extensions, which is February 1. April 18th is another important deadline for taxes, where corporations are required to pay taxes on their first year of being profitable.
It is essential that businesses are prompt about paying their taxes and avoid missing deadlines at all costs. For example, it is important to file Form 5472 for foreign investment information to avoid the risk of a $25,000 penalty. The deadline for submission is recommended to be on or before February 1. There is also $10k for late filing of FBAR and 8938 foreign banking, and per-month penalties for partnerships and S-corps.