If you are an every.io customer, and you are using our Bookkeeping and Tax service, we will handle everything for you regarding corporate taxes. Here is some information on how this works. We will reach out to you in Q4 to kick off this process. No action is needed from you.

Filing Requirements

All U.S. corporations, regardless of their taxable income, are obligated to file an income tax return, typically in the form of a Form 1120. Even if your corporation had no financial activity during the year, you remain obligated to file a tax return.

Filing Deadlines

The general due date for Form 1120 is April 15, or the 15th day of the 4th month following the conclusion of the corporation's tax year if it does not coincide with December 31. If additional time is needed beyond April 15, an extension (Form 7004) must be filed. This extension extends the filing deadline to October 15 but does not extend the payment deadline, which remains on April 15 if applicable.

Please refer to annual tax deadlines for specific dates. In the event of an extension, you will have until October to file, while the tax liability, if any, must be paid by April.

State Tax Filings

Filing state income tax returns is mandatory in states where your corporation conducted business during the year. The definition of "doing business" varies by state, often encompassing factors like having employees, sales, and fixed assets within that state. Generally, you will need to file at least in your state of residence. Given variations in state regulations, it is advisable to consult with a tax advisor, particularly if your business spans multiple states.

In the event you initially incorporated as a foreign corporation in California, a California tax return must be filed, even if you no longer reside in California. California imposes a minimum tax of $800 for each corporation, irrespective of income, with the filing deadline being April 15, or the 15th day of the 4th month after the conclusion of the corporation's tax year if it does not coincide with December 31. Timely payment extends the filing deadline to November 15, or the 15th day of the 11th month after the close of the tax year, for the 2022 tax year, the California tax return is due by April 18, 2023.