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New fiscal year in the United States: watch out for tax submission deadlines

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In the midst of the coronavirus pandemic and a starting new fiscal year, companies with US branches must pay attention to the deadlines for their tax obligations.

In order for you and your company to stay up to date with the United States tax authorities, Drummond has prepared a list of some of the main obligations that need to be delivered to the Internal Revenue Service (IRS) in the first months of 2021.

1. Limited Liability Company Tax Return

15th of March or 15th of April (a 6 month extension is available)

Depending on the choices made by the LLC and the number of members, the IRS will treat an LLC as a corporation, partnership or as part of the owner’s income tax return (a disregarded entity). Check with our tax team.

2. Corporation Income Tax Return

15th of April (a 6 month extension is available)

Companies classified as corporations must file form 1120 to report their income, gains, losses, deductions, credits and to calculate their income tax liabilities.

3. U. S. Individual Income Tax Return

15th of April (a 6 month extension is available)

US taxpayers must file an annual income tax return using Form 1040.

4. BE-15 (BEA)

30th of May (or 30th of June for reports sent via the “eFile” system)

Required for any United States commercial company owned or controlled, directly or indirectly, by a foreign person or entity at the end of each fiscal year.

5. Annual Report

Variable date

Each state has its own rules and the due dates can vary according to the type of entity. Check with our tax team for the specific due date for the state in which your company is registered.

Be careful to not become a tax resident

If you do not live, but frequently visit the USA, you must take care to not become, without wanting to, a American tax resident. This status comes with obligations to the Internal Revenue Service (IRS). 

Click here to learn more on how to not become an American tax resident.

The team at Drummond Advisors is ready to assist you.