October brings another avalanche of business due dates! Tax obligations can feel daunting, but fear not! This guide spotlights key October deadlines to help your business navigate them seamlessly and avoid penalties. Dive in for a smooth tax season!
October 17th
- Corporations – Filing Income Tax Returns: For corporations, October 17 marks the deadline for filing the 2021 calendar year income tax return (Form 1120 or 1120-A) and settling any associated tax, interest, and penalties. This deadline is applicable only if an automatic 6-month extension was timely requested. Ensure a seamless process by meeting these obligations promptly.
- Taxpayers with Foreign Financial Interests – Reporting with Form FinCEN 114: For those who secured an automatic 6-month extension to report 2021 foreign financial accounts to the Department of the Treasury, October 17 is the deadline for submitting Form FinCEN 114. Fulfill this obligation to maintain compliance and avoid any potential penalties.
- Social Security, Medicare, and Withheld Income Tax – Monthly Deposits: If your business follows the monthly deposit rule, remember to deposit taxes for payments made in September related to Social Security, Medicare, and withheld income tax. This timely action ensures smooth financial operations and compliance with regulations.
- Nonpayroll Withholding – Monthly Tax Deposits: Similar to the previous point, for nonpayroll withholding, adhere to the monthly deposit rule by depositing taxes for September payments. Consistent compliance reduces the risk of penalties and fosters financial stability.
October 31st
- Social Security, Medicare, and Withheld Income Tax – Form 941 Filing: Businesses are required to file Form 941 for the third quarter of 2022 by October 31. Additionally, deposit or pay any undeposited tax under the accuracy of deposit rules. If eligible, businesses with a tax liability less than $2,500 can pay in full with a timely filed return, extending the filing deadline to November 10 for those who deposited taxes in full and on time.
- Certain Small Employers – Depositing Undeposited Tax: For certain small employers with a tax liability between $2,500 and $2,500 or more for 2022 but less than $2,500 for the third quarter, October 31 is the deadline to deposit any undeposited tax. Complying with this requirement ensures a smooth financial flow for your business.
- Federal Unemployment Tax – Depositing Taxes Owed Through September: Lastly, businesses are reminded to deposit federal unemployment tax owed through September if the amount exceeds $500. This action safeguards against any potential penalties and contributes to a financially secure business environment.
Conclusion
By staying vigilant and meeting these October deadlines, businesses can not only ensure tax compliance but also foster financial stability. Incorporate these key dates into your business calendar, and navigate the month with confidence, setting the stage for a successful financial year.
