The timely filing of corporate taxes is an essential component of legal and financial compliance for any company in Florida. This article provides a detailed overview of the deadline for corporate tax filing, underscores its importance, examines penalties for non compliance, and explores extension options available to businesses.

Filing Deadlines

March 15, 2024
If you are a partnership, an S corporation, or a multi-member LLC, you must file your commercial tax returns before March 15, 2024. There is an exception for those using the fiscal year for accounting purposes instead of the calendar year. In this case, you would file your commercial return before the 15th day of the third month following the close of your fiscal year. For example, if your fiscal year runs from June 1, 2023, to May 31, 2024, you would file your tax return before August 15, 2024.

April 15, 2024
Sole proprietors (Schedule C), C corporations, single-member LLCs, and LLCs taxed as corporations must file their returns by the same deadline as individual taxpayers: April 15, 2024. The only exception is corporations using a fiscal year. They generally must file before the 15th day of the fourth month following the end of their fiscal year. However, if the fiscal year ends on June 30, the corporation must file before September 15, 2024.

Estimated Quarterly Tax

Payment Deadlines for 2024
There are four installment tax payment deadlines. If any of these dates fall on a weekend or federal holiday, the due date moves to the next business day.

April 15, 2024

June 15, 2024

September 15, 2024

January 15, 2025

It’s important to note that you can make an estimated tax payment in advance. You can also skip the January 15 payment if you plan to file your return before February 1 and pay all taxes owed by that date.

What Happens If I Miss the Estimated Payment Deadline?

If you fail to make an estimated payment, the IRS may impose a penalty of 0.5% for each month (partial or total) that you don’t pay your taxes. This is known as an underpayment penalty and has a cap of 25% of the total amount owed. Even if you double up on a payment later, the penalty can still apply to any outstanding amount in the quarter it was due.

Need an Extension for Filing Taxes?

If you need additional time to complete your 2023 business tax return, you can request a filing extension by submitting Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns (partnerships, LLCs, or corporations), or Form 4868 (sole proprietors). The form must be filed before the original filing deadline, or your tax return will be considered late. You will also need to estimate how much you owe in taxes and pay that amount by the original due date. Failure to do so will result in penalties and interest charges.

The new filing deadlines for those who request an extension are as follows:

September 15, 2024 – partnerships, C corporations, and LLCs taxed as partnerships with original filing deadlines of March 15.

October 15, 2024 – taxes for sole proprietors, corporations, and LLCs taxed as corporations with original filing deadlines of April 15.

For those using a fiscal year instead of a calendar year, the new (extended) due date will be six months from the original filing deadline.

Importance of Timely Filing

Complying with the filing deadline is crucial for several reasons:

• Legal Compliance: Avoids legal issues with state and federal tax authorities.
• Financial Health: Prevents penalties and interest that can have a negative
  impact on the company’s finances.
• Business Reputation: Protects the credibility of the company with lenders,
  investors, and other stakeholders.

Penalties for Non-Compliance

Companies that do not meet the filing deadline face severe penalties, including
fines and interest accrual on taxes owed. These penalties increase the longer the
delay in filing, potentially having a significant financial impact on the company.

Executive Summary

Critical Deadline: Corporate tax filing in Florida must be completed by
March 15 (if a partnership, an S corporation, or a multi-member LLC) or April
15 (sole proprietors (Schedule C), C corporations, single-member LLCs, and
LLCs taxed as corporations).
Vital Importance: Timely filing ensures legal compliance, maintains financial stability, and protects business reputation.
Consequences of Non-Compliance: Penalties for failing to meet the deadline include significant fines and interest accrual.
Extension Available: Businesses can request an extension up to March 15 or April 15 as applicable for filing, though this does not extend the deadline for tax payment.
Strategic Action Needed: It is crucial for businesses to plan ahead, understand their tax obligations, and consider requesting an extension if
necessary.

Ensuring tax compliance is a complex task that requires a detailed and up-to-date understanding of tax laws. For companies looking to successfully navigate tax season in Florida, having the support of experts like Regio Management can be invaluable. With our assistance, you can ensure your company meets all its tax obligations efficiently and effectively

Choosing the right corporate structure is a critical step for any entrepreneur in the United States. This decision not only affects the amount of taxes your business will pay, but also your ability to raise capital, your ownership structure, and your degree of personal liability. In this article, we explore the different corporate structures available in the US and their business and tax implications.

Main Corporate Structures in the US

1. Individual Entrepreneur (Sole Proprietorship)

• Benefits: Easy to set up, with little paperwork and low startup costs. Full
  control of the owner over the company.
• Tax Obligations: Income is reported on the owner’s personal tax return. A
  personal income tax is paid, including self-employment tax (Social Security
  and Medicare).

2. Partnership Benefits:

• Easy to form, with more than one owner. Combine resources and talents.
• Tax obligations: You do not pay income taxes at the corporate level.
• Income/losses are passed on to the partners and reported on their personal
  tax returns.

3. C Corporation Benefits: 

• Personal liability protection for shareholders. You can issue shares
  and attract investors.
• Tax obligations: Subject to corporate taxes. Dividends distributed to
  shareholders are also taxable (double taxation).

4. S Corporation Benefits:

Avoids double taxation of C corporations. Income and losses are
passed on to shareholders and taxed at the personal level. Tax obligations: Does not pay taxes at the corporate level. Income is
reported on the shareholders’ personal tax returns.

5. Limited Liability Company (LLC – Limited Liability Company)

• Benefits: Offers personal liability protection. Flexibility in the management
  and distribution of profits.
• Tax obligations: You can choose to be taxed as an individual entrepreneur,
  partnership or corporation. By default, it is treated as a partnership or sole
  proprietorship, with taxes passed on to the members.

Executive Summary

Choosing the right corporate structure is critical to the success and sustainability of your US business. Here are the five key points to consider:

• Individual Entrepreneur: Ideal for sole proprietorships, with simplicity in
  management and personal tax declarations.
• Partnership: Suitable for businesses with multiple owners, with taxes passed
  directly to the partners.
• C Corporation: Beneficial for companies seeking to raise capital through
  the sale of shares, but with double taxation.
• S Corporation: Combines the protection of a corporation with the tax
  advantage of avoiding double taxation.
• LLC: Offers flexibility and personal liability protection, with options in tax
  treatment.

Each structure has its own benefits and responsibilities, and the choice depends on
individual circumstances and business objectives.

This article has been written to provide an overview of corporate structure options
in the US and their tax implications. For personalized and detailed guidance on
which structure best suits your business needs, contact us for an expert
consultation.

Start a business in Tampa:

It is an exciting adventure, but also a challenge that requires careful planning and execution. At Regio Management, we understand the challenges that entrepreneurs face and we are here to help them in every step of that process, from the conception of t eir Business Idea to its ope ation, sustained growth that allows expansion and becoming a Known Brand. Easily identifiable by your customers. Here we explain how we can help you strategically and achieve financial success.

Step by Step to Start Your Bus ness in Tampa with Regio Management

1. Personalized Advice for the Creation of your Company

Starting with a solid business idea and a clear plan is crucial. Our experts at Regio Management will guide you in defining and refining your business idea, making sure to identify the opportunities offered by the Tampa market.

2. Registration and Legalization of your Company

Registering your business is an  essential step. We help you in selecting the appropriate business structure (LLC, Corporation, etc.). Likewise, we take care of the registration process and obtaining the necessary permits and licenses to operate legally in Tampa and its surroundings.

3. Permit and Insurance Management

When starting any business, it is very important to understand and comply with local licensing, permitting and insurance requirements, and having them is essential. At Regio Management, we take care of navigating these waters for you, ensuring your business is protected and compliant with all regulations.

4. Accounting and Finance Services

Efficient financial management is the backbone of any successful business. We offer complete Accounting and Finance services, ensuring that your Accounting Information is organized, updated and properly analyzed, which will allow you to make correct informed decisions and adequate strategic planning.

5. Presentation of Corporate and Personal Taxes

Filing taxes is an issue of utmost importance, both for companies and for the owners themselves. Regio Management will give you and your business enough knowledge and experience to be right with the IRS. Our team of specialists will be in charge of preparing and filing your corporate and personal taxes, guaranteeing compliance and optimizing your tax obligations.

Benefits of Collaborating with Regio Management

• Comprehensive Advice: From the initial idea to daily management, we
  offer a complete range of services to ensure the success of your business.
• Local Knowledge: Our experience in the Tampa market allows us to offer
  specific and relevant guidance for your business.
• Legal Compliance and Security: We guarantee that your business complies
  with all local regulations, reducing legal and financial risks.
• Effective Financial Management: With our accounting and bookkeeping
  services, your business will be in a strong position to grow and prosper.
• Tax Peace of Mind: We take care of the complexity of taxes so you can
  focus on what you do best: running your business.

Executive Summary

At Regio Management, we are committed to being your partner on the path to business success in Tampa, Florida. Here we resume the five key points of how we can support your business:

1. Expert advice for the development and refinement of your business idea.
2. Comprehensive assistance in the registration and legalization of your company.
3. Management of all aspects related to permits, licenses and insurance.
4. Accounting and bookkeeping services for efficient financial management.
5. Expert management of your tax obligations, ensuring compliance and efficiency.

If you are thinking about starting a business in Tampa or need support to take your
existing company to the next level, Regio Management is your trusted partner

In the United States there are two types of companies: Partnerships and Corporations.

A corporation is a legal entity organized in accordance with and fundamentally
regulated by state laws. Although there are differences between the applicable laws in
different states, the formation of a corporation is basically the same throughout the
country.

Partnerships are similar to corporations as long as they are considered transmitters and
are not subject to income tax at the corporate level, but the partners must pay income
tax based on the income of the partnership. Each state has its own corporate statutes,
generally based on uniform provisions, therefore, there is great homogeneity among
states on this issue.
The difference between the two lies in the extent to which the partners are responsible
for the obligations of the partnership.

Types of corporations:

• C corporations must pay income tax at the corporate level on a national level. If
  a corporation distributes dividends, either in cash or in kind, to its shareholders,
  those shareholders must also pay income tax.
• S Corporations does not pay taxes at the corporate level. Profits and losses are
  considered to “pass through” to shareholders, so they are the ones who must
  pay taxes on profits earned from the corporation whether or not they have
  received dividends from the corporation. An S corporation receives tax
  advantages only if it is registered in the United States and has 35 or fewer
  shareholders, none of whom may be a nonresident alien, another corporation,
  or, with some limitations, a trust. In addition, all shareholders must agree to form
  an S corporation, and the entity cannot issue more than one class of shares.

Types of partnerships:

• Limited Liability Companies (LLC): Most states recently have authorized the
  formation of LLCs. Although higher expenses are incurred in its organization, the
  LLC is very flexible and can be used to limit the liability of the owners to the same
  extent as a corporation, while for tax purposes it operates almost like a limited
  partnership.
• A general partnership results from the association of two or more persons or
  entities, in accordance with a contract, in order to jointly operate a business for
  mutual benefit. Each partner in a partnership is personally responsible for all
  debts and obligations of the partnership.

Buyusa.gov – Business Types (s. f.).
https://www.buyusa.gov/colombia/comohacernegociosconestadosunidos/tiposdeempresas/index.asp

As a business owner, it is important to understand your federal, state and local tax
requirements. This will help you file your tax returns correctly and make your payments
on time.

The business structure you choose when starting a business will determine what
taxes you must pay and how to pay them.

Estimated tax is the method used to pay taxes on income that is not subject to withholding.
This includes self-employment income, interest, and dividends. You may also have to pay
estimated tax if the amount of
Apply for an Employer Identification Number
income tax that is withheld from your salary, pension, or other income is not enough.
Most businesses need an Employer Identification Number (EIN). Your EIN is your identification number for filing federal taxes. You should get one as soon as you register
your new business.

Find out from the Internal Revenue Service (IRS) if you need an EIN, how to get it, what to do if you lose it, and other details.

Income taxes

Most businesses must file and pay r Federal taxes on any income received during the
year. Partnerships, however, must file an annual information return but do not pay income
tax. Instead, each partner reports his share of the profit or loss on his individual tax return.
Almost all states impose income tax or income tax on corporations and businesses.
However, each state and locality have their own tax laws. Find out what the income tax requirements are in your state or territory.

labor taxes

If you have employees, there are some federal taxes you have to pay and forms you need to file. These employment taxes or payroll taxes include:

• Social security taxes and retirement health care
• Federal income tax
• Federal Unemployment
• Tax (FUTA)
• FUTA ensures that people can receive unemployment benefits if they lose their job.
• Businesses in all states pay state taxes on workers’ compensation insurance and
  unemployment insurance.
• Sales and use taxes
• States could set taxes on the sale of products and services. Check to see if your business
  is required to register to pay and/or collect sales tax in your state. Sales tax exceptions
  often include food, clothing, medicine, newspapers, and utilities.
• States may also tax your business for the use of goods and services if no sales tax has been collected. This generally applies to goods and services purchased outside the state
  where you operate your business.

Small Business Tax Information | USAGov. (s.f.). Official Guide to Government
Information and Services | USAGov. https://www.usa.gov/espanol/impuestos-pequenosbusinesses?_gl=1*24fc2z*_ga*ODA4ODMwNTc0LjE2NDk3MTQzNDc.*_ga_GXFTMLX
26S*MTY1NzgwNzg5OC41LjEuMTY1NzgwOTY0My4w

Many times we do not know what to do when we start a business for the first time, know some of the advice and support that the United States government has for you and your business.

Is it a business or a hobby?

A key characteristic of a business is that people do it to make a profit. People engage in
a hobby for sport or recreation, not for profit. Consider nine factors when determining if
an activity is a hobby. Be sure to base the determination on all the facts and circumstances.

Know your budget

Your business plan will help you estimate how much money you will need to start your
business. Consider that each business or entrepreneurship plan requires different goals,
that is why they need different budgets and capital, consider administrative, logistics and
infrastructure expenses.

Register your company

Once you have chosen the ideal name for the company, it is time to legalize it and protect
your brand. If you are doing business under a name other than your personal name, you
will need to register with the federal government and perhaps your state government as well.

Open a bank account for the company

Your business/company will need a bank account in your name where you will record the entries and exits, this will help you have an accurate tax return and avoid sanctions with the IRS.