Forget to file Form 1120? Here's how you can save penalties!

Forget to file your 2023 tax returns (Form 1040, Form 1120, Form 1065) by the due date? Here's how you can save penalties and interests!

Typically the tax returns in US needs to be filed by the 15th of the 4th month from the end of the relevant period. Since most of the US follows calendar year, the Federal tax returns are typically required to be filed by 15th April every year. For 2023, the due date for filing is 18th April 2023. The failure to furnish attracts penalties and interest payable in addition to the taxes. To avoid serious consequences, it is always advisable to atleast make the payment of the estimated taxes by the statutory due dates.

IRS provides a 6 month extension for filing the tax return without any penalties. In order to claim the benefit, you are required to file Form 7004 before the due date with the IRS. There are multiple service provides empanelled with IRS which offer free Form 7004 filing for individuals. Below are the list of MEFs allowing free e-file of Form 7004:-

• FreeTaxUSA

• Fileyourtaxes.com

• OLT.com

• TaxAct

• TaxSlayer

If you have filed the Form 7004, the IRS most likely will give you an entension of 6 months to file the Federal Tax Return without penalties. However, you shall still be liable to pay the interest on the taxes that are determined to be additionally payable.

If you do not know how to file the Federal tax return or if you are not sure if you will be able to file your Federal Tax return by self, Finex offers the expert support wherein the tax returns are filed by our experts. For filing the returns, we charge following standard rates:-

Form 1040 - $ 50

Form 1065 - $ 200

Form 1120 - $200 (Small companies)

Form 1120 - $500 (Largecompanies)

Further, it is very important to note that there are many other forms which are required to be filed either before filing the Federal tax return or at the time of filing Federal tax return. Some of the Forms that are required to be filed before filing Federal Tax returns are :-

1. Form 1099 - For payments to contractors, interest etc.

2. Form W-2 - Payment to employee

3. Form 5472 - For reporting transactions with related parties

The Federal tax return needs to be signed by the Authorised Agent/ Signatory of the company. It is mandatory for the businesses to appoint the authorised agent for the purpose of filings with IRS through Form 8821.

In case you wish to know more about your tax obligations in US, feel free to reach out to our team.