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US Taxes: New requirements on annual personal and corporate tax returns, from February 2022

AVASK Marketing Business News, Company News, Tax News

The US Tax Season is almost upon us, a time when individual taxpayers and corporations prepare their financial accounts and reports for the year ending and submit their tax returns. The US Tax Season will take place as usual between January 1st and April 15th, 2022.

With the approach of the corporation tax filing season, the task of collating, preparing and filing a tax return can be overwhelming and can leave you in a dire financial position if you get it wrong. Preparing and filing your own tax returns can easily lead you to make the wrong financial decisions, increasing your tax liability and even subjecting you to IRS audits due to mis-filed information or records.

AVASK is here to support you throughout the stressful US Tax Season and we have put together the following information about the new requirements:

March 15th deadline

If your business is registered as an S-Corporation or a Partnership, you will have a filing deadline of March 15th. If your business is not in a position to file financials in time for this deadline, you can file for a six-month extension to give you extra time to organize and file your tax return.

Where this extension gives your business additional time to file a tax return, it does not give you more time to pay the taxes owed. You are still required to pay all taxes owed by March 15th, even if you remain unsure of the amount. Additionally, if you underpay your taxes on March 15th, you will be subject to a penalty fine, plus any interest due on the amount, for underpaying your taxes.

April 15th deadline

If you are filing your personal tax return, or if your business is registered as a C-Corporation, you will have a filing deadline of April 15th. As before, individuals and businesses who are not ready to file their tax returns, can also file for a six-month extension. 

There can be many different reasons why individuals may need to file for an extension. Not having the proper tax documents required to file a tax return on time is the main reason that many individuals go on extension.

Like the corporate tax filings, extensions give you more time to file, but not more time to pay. You are required to pay your individual or business taxes by April 15th. If you underpay your taxes, you will be subject to interest and penalties based on the amount of underpayment that you made.

How AVASK can help?

AVASK is a firm of global e-commerce accountants and cross-border indirect tax specialists. AVASK can take care of the Tax compliance and accounting aspects of your business so that you can concentrate on what you know best: trade efficiently focus on your business venture.

Should you have any questions about how our team of experts can assist with annual personal and corporate tax returns, please contact us here. You can also telephone us on: +1 (914) 664-1900