US Compliance Calendar 2024

Any corporation in the US must periodically file different forms with the Internal Revenue Service (IRS) to provide them with required information and comply with existing procedures. Keeping up with these compliance due dates is extremely important for a company to continue its operations in the US and avoid monetary penalties. We have curated a list of important forms across employment reporting, income tax filing, and international tax procedures, along with their due dates to serve as a checklist. 

Let us delve deeper to understand the requirements of each form.

Employment and Income Reporting

The important forms to be filed under employment and income reporting are Form W-2 and Form 1099-NEC.

Form W-2

This form is filed by the employer when wages are paid to employees after deducting tax. The wages calculated for this form must be on a calendar year basis.

• Annual filing on or before January 31
• A company can apply for 30-day extension for filing with Social Security Administration (SSA) through Form 8809
• Electronic filing of records is allowed when the aggregate number of returns is at least 10.

You can find updates on Form W-2 here.

Form 1099- NEC (Non-Employee Compensation)

This form is filed by the employer for each person who has been paid at least $600 during the year cumulatively. This form focuses on business payments to non-employees (like independent contractors or freelancers) and payments to attorneys.

• Annual filing on or before January 31
• Electronic filing of records is allowed when the aggregate number of returns is at least 10.
• If you are required to file Form 1099 NEC, you must also submit a ‘statement to the recipient’ along with it on or before January 31.

You can find recent updates on Form 1099-NEC here.

Corporate and Business Reporting

The important forms to be filed under corporate and business reporting are Form 1120 and Delaware Annual Report.

Delaware Annual Report

All domestic and foreign companies that are incorporated in Delaware must pay franchise taxes and file an annual report. 

Domestic corporations - They must file their annual reports and pay franchises taxes for the prior year annually on or before March 1. It must be filed online. Some domestic corporations are exempt from franchise taxes.

• Annual report filing fee for non-exempt corporations: $50
• Annual report filing fee for exempt corporations: $25
• Minimum franchise tax rate: $175
• Penalty for non-payment: $ 200 + 1.5% interest monthly on both tax and penalty
• Foreign corporations - They must submit their annual reports to the Secretary of State annually on or before June 30.
  • No franchise tax payment for foreign corporations
  • Annual report filing fee: $125
  • Penalty for non-payment: $125

Form 1120 

This form must be filed by all domestic US corporations to report their income, gains, losses and expenses and also estimate their tax liability annually. It must be filed by all corporations regardless of whether they have taxable income or not.

• For a normal fiscal tax year, this form must be filed by the 15th day of the 4th month after the end of tax year
• For tax year ending on June 30,  it must be filed by 15th day of 3rd month after end of tax year
• The fee for late filing of return is the lower of tax due or $485, if payment more than 60 days late
• The form must be filed electronically. However, the IRS can issue waivers under certain circumstances.

You can find recent updates on Form 1120 here.

Financial Crimes and Foreign Account Reporting

FinCEN Report 114

This form (also known as Foreign Bank and Financial Accounts Report) must be filed by a US individual that has financial interest or signatory authority over foreign accounts whose aggregate value exceeds $10,000 during a calendar year.

• This is electronically filed through the BSA E-Filing system.
• It must be filed annually on April 15. An automatic extension till October 15 is allowed, if it is not filed on April 15.

International Tax Reporting

The important forms to be filed under international tax reporting are Form 5471 and Form 5472. Both the forms are filed as extensions to income tax return and follow the same deadline. For a normal fiscal tax year, they must be filed by 15th day of 4th month after end of tax year.For tax year ending on June 30, they must be filed by 15th day of 3rd month after end of tax year

Form 5471

This is a form to be filed by shareholders, directors, and officers (who are US persons) of certain foreign corporations. It must be filed as an attachment to income tax return. You can find recent updates on Form 5471 here.

Form 5472

This form must be filed when a company (a 25% foreign owned US company/ foreign company engaged in business in the US) is involved in transactions with a foreign or domestic related party. It must be filed as an attachment with Form 1120. You can find recent updates on Form 5472 here.

A company operating in the US must file these forms to remain compliant and not attract monetary penalties. If you need help keeping track of the due dates and the changes in compliance procedures, we, at Commenda, can help you. Book a free consultation today.