End of fiscal year is approaching: get to know your ancillary obligations

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We are nearing the end of the fiscal year.

In order for you and your company to keep up with your taxes in the United States, we have listed some of the most important ancillary obligations that need to be submitted to the Internal Revenue Service (IRS) in the first months of 2020.

Be aware, as there are still other forms and reports that need to be submitted throughout the year.

Annual Report: Click here to understand what the Annual Report is. Fees and delivery times vary by location and entity type. Drummond can assist you with your Annual Report. Please contact us to know more about this service.

Forms 1099, W-2, W-8 and W-9Click here to find out who must comply with these ancillary obligations. The forms should be submitted by January 31, 2020.

Put it on the calendar: it’s time to send information to your CPA to keep up with the IRS!

Form 1042: US companies that do business with foreigners must report to the IRS payments made in 2019. To learn more, click here. The deadline for filing this form is March 15, 2020.

Franchise Tax: Despite its name, this tax obligation has no relation to franchises. The Franchise Tax is applied by some US states to certain business organizations, such as corporations and partnerships. The calculation is based on equity or capital held by the entity. Contact our tax team to clarify additional doubts about this tax.

You can count on Drummond Advisors to prepare and submit those forms to the US Treasury! Contact us: info@drummondadvisors.com .