APPENDIX AInformation Returns
Businesses are in a unique position to monitor certain activities with which they are involved, and the federal government has harnessed this power by requiring certain reporting for tax and financial purposes. Reporting enables the government, where possible, to make sure that income is reported as it should be and to keep tabs on certain monetary activities.
Reporting requirements vary from return to return. Filing deadlines are completely independent of your tax year (when you file your income tax return), and many of these deadlines have been changed for information returns required to be filed for the 2021 tax year (i.e., filed in 2022). If a filing deadline falls on a Saturday, Sunday, or legal holiday, then the deadline becomes the next business day that is not a Saturday, Sunday, or legal holiday.
The following is a review of the most common business-reporting requirements, some or all of which may apply to you. (Some of these responsibilities are explained in greater detail within the book as indicated.) Penalties for making mistakes, filing late, or not filing at all, are explained in Appendix B.
Dividends
Who Must Report
If your corporation pays out dividends or distributions to shareholders (including ...
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