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THE APRIL 18TH TAX DEADLINE IS APPROACHING FAST
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THE APRIL 18TH TAX DEADLINE IS APPROACHING FAST
DON'T FORGET TO CLAIM YOUR R&D TAX CREDIT! BOOK A CALL TODAY
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Days
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hours
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March 8, 2022
1 min read
Don’t miss out on tax refunds because you missed a deadline. Did you know that if your accountant files your 2021 tax return, with your prepared R&D tax Credit, by the March 31, 2022 cut off date you could see a 6% drop in your total payroll cost starting April 1, 2022!
With Neo.Tax you can prepare your R&D tax credit in as little as 30 minutes, self-guided or guided, and all credits go through final review with our tax experts, led by our Chief Tax Officer (who is a former IRS agent.)
Below are some key filing dates to be aware of in 2022:
January 24th – 2022 Tax Season begins!
January 31st – Form 1099 –NEC (Nonemployee Compensation) is due for US Contractors. In general, the total on this form should match a qualified contractor’s pay included in the product.
January 31st – Last 2021 Quarterly Payroll Form 941 is due. (Form 8974 should be attached)
February 15th – Form 1099 MISC (Miscellaneous Income).
March 31st – Deadline for a customer to file (Form 1120) in order to receive Q2 R&D payroll offset.
April 18th – 2021 Form 1120 Corporate Tax Returns or a 6-mon. tax extension is due.
April 30th – First 2022 Quarterly Payroll Form 941 is due. (Form 8974 should be attached).
June 30th – Deadline for a customer to file (Form 1120) in order to receive Q3 R&D payroll offset.
July 31st – Q2 Payroll Form 941 is due. (Form 8974 should be attached).
September 30th – Deadline for a customer to file (Form 1120) in order to receive Q4 R&D payroll offset.
October 17th – Final deadline to file a timely Form 1120 Corporate Tax Return if an extension was filed by April 18th.
October 31st – Q3 Payroll Form 941 is due. (Form 8974 should be attached).
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At Neo.Tax, we talk to scores of controllers and Heads of Tax every month. One thing is clear: the old way of filing for R&D Tax Credits has become a burdensome pain. You’d think that so many businesses moving their project management and payroll online, via software like Jira, Rippling, and Workday would simplify the filing process. But, in some ways, it’s made it harder.
The payroll and project management output is a rich dataset, but it’s also, well, voluminous. If that data is not inputted perfectly—and let’s be honest, it never is—that means it’s up to a controller or Head of Tax to sift through the mess to create the filing. Engineers need to be trained (and retrained) on the correct project tagging process, and then cajoled to sort out any inputting errors. It’s a waste of time for your filer and your engineering teams.
Which is why Neo.Tax created our AI system.
No one starts a company because they’re excited about accounting and taxes. Well, no one except the Neo.Tax founders :)
But for those other 99% of founders, here’s a cheat sheet and guide to ASC 350-40, an accounting guideline that pertains to Internal-Use Software Development Costs. Maybe you’ve never heard of ASC 350-40, but you should get to know the rule if you ever plan to go public.
