Tax season has started and we thought it was important to share a quick refresher on important 2020 tax dates for small businesses and partnerships. For an individual filer, it’s easy—IRS Form 1040 just needs to be submitted by April 15. In addition to filing individual returns, business owners also need to keep in mind the following dates to ensure their corporate returns are completed correctly.
Employees must receive their W2s by this date. Additionally, W2s for any employee earning wages in 2019 must be submitted to the IRS. Contractors who received payment from your company in 2019 must receive their 1099s by the end of the month, as well.
Business need to file informational returns with IRS using Form 1096. What is an informational return and do you need to file one? If you paid contractors more than $600 in the previous calendar year and issued 1099s to them you need to file an information return.
If your business is organized as an S-Corporation, this is the deadline to file a form 1102-S with the IRS to report any income, gains, losses, deductions, or credits from the previous calendar year. If you’re registered as a partnerships you need to file a form 1065 reporting the same. However, partnerships don’t pay taxes on income and instead pass through any profits to individual partners.
If you didn’t manually file your 1099s by February 29, you can file them electronically by April 1 with the IRS.
Like with individual filings, corporate taxes are due April 15. You use form 1120 and report income, gains, losses, deductions, and credits. And ultimately you then calculate your tax liability for the previous year.
These important 2020 tax dates are simply an FYI. If they’re intimidating to you, we understand. Contact us today for a free consultation and let’s work together to get your small business moving on the right path.