Skip to main content

Corporate Taxpayer – Estimated Tax Payment Due December 15, 2021

Corporate Taxpayer – Estimated Tax Payment Due December 15, 2021
Corporations must generally make estimated tax payments if they expect their estimate tax to be $500 or more. Fourth installment payment of your 2021 estimated taxes is due by December 15th, 2021. A worksheet, Form 1120-W is available to help you estimate your tax for the year.

Some corporations are required to electronically deposit taxes, this includes estimated tax payments. You can make electronic funds transfer by using the Electronic Federal Tax Payment System (EFTPS). However, if the corporation does not have an EFTPS account with the IRS, you can arrange payments through a third-party provider.
https://pasfirm.com/2021/11/01/corporate-taxpayer-estimated-tax-payment-due-december-15-2021/

Comments

Popular posts from this blog

Deduction of Business Meal Expenses for 2021 and 2022

In this article, we have explained the terms for the deduction of business meal expenses for 2021 and 2022. Pandemic had a drastic impact on all the businesses and companies across the globe. However, the worst impact was on the companies that handle the food services. As a result, a large number of businesses saw closure in the United States.  To help the rocking food industry, the Consolidated Appropriations Act (CAA) came into existence in December 2020. It provides quick economic assistance to struggling restaurants and their families. The CAA enables the tax-paying individuals to deduct 100% of the cost of business-related meal expenses incurred at restaurants in the years 2021 and 2022; Meals includes both beverages and food given by the restaurants.  Previously, it was only possible to deduct the cost of business meals to only 50% of the total cost.  IRS guidance in Notice 2021-25 defines “restaurants” that will come under the tax break. The term will include those businesses th

W2s & 1099s Forms Filing Deadline

Get ready for your W2 & 1099 forms reporting requirement Businesses must prepare tax reporting forms as part of their tax filing obligations. Generally, W-2 forms are used for part-time or full-time workers, Form 1099-NEC is used for contractors and other non-employees. W-2 and 1099-NEC forms must be filed by January 31, 2022 . The same deadline applies for completing both W-3 and 1096 forms to the appropriate government agency. There are penalties on companies that issue W2 and 1099s forms late. Must taxpayers do not like receiving IRS forms 1099. Businesses may not like sending them out.  Generally, business must issue the forms to any payee (other than a corporation) who receives $600 or more during the year. As the Year-End approaches, good preparation now can help business avoid problems later. Review payments you have made during the year and verify you have completed information for all payees for whom you will be required to file a 1099. Information that should be gat

5 Reasons To Hire An Accounting Firm For Your Business In 2021

Hiring an accounting firm will be an ideal solution for small businesses and startups. In 2021, there are about 400 million small and medium-sized businesses in the world, and accounting forms their backbone. Managing your business finances requires a fundamental understanding of numbers, budgeting, forecasting, tax planning, and risk management for best financial performance. While many have understood this game and play it correctly from the start, for example, Warren Buffet, most of us are too caught up in our day-to-day challenges to even understand the complexities of numbers. And if you are the founder of your startup or run a small business, it can be intimidating to deal with numbers day in and day out, particularly when your focus should go into working on upcoming projects and growing your business. Doing your business finances, yourself could definitely save some money in the short term but outsourcing your accounting tasks can undoubtedly bring not just the financial expert