2023 Tax Deadlines For Miami Startups

• JAN 3: Florida Estimated Corporate Income Tax Payment Due – Installment #4 (For Prior Year)
• JAN 31: Send 1099s to contractors. Send W2s to employees. E-file 1099-MISC for nonemployee compensation to the IRS on this date.
• JAN 31: File Form 8809 for a 30-day extension to file W2s and 1099-MISC for nonemployee compensation.
• JAN 31: Send 1095-B and 1095-C forms to employees.
• JAN 31: Claim R&D Tax Credits on Form 941, and file annual Federal Unemployment Tax Act (FUTA) return on Form 940.
• MAR 1: IRS ACA Compliance 1094-B, 1095-B, 1094-C and 1095-C filings are due if paper filing (due MAR 31 if e-filing). File Form 8809 for a 30-day extension.
• MAR 1: Delaware Annual Franchise Report filing deadline: Pay a minimum of $400, which increases if you have significant funding. You can estimate this franchise tax using our Delaware Franchise Tax Calculator. 
• MAR 2: IRS 30-day automatic extension: provide Form 1095-B and Form 1095-C to employees.
• MAR 31: IRS ACA Compliance 1094-B, 1095-B, 1094-C and 1095-C filings are due (e-file).
• MAR 31: 1099s and W2s must be e-filed with the IRS by this due date.
• APR 18: C Corp Form 1120 Tax Return due. The Federal Form 1120 is the U.S. Corporation Income Tax Return, which the IRS has companies use to report their income, losses, credits, etc., and to figure the income tax liability of the corporation. Can extend the deadline to October 16*.
• APR 18: File the R&D Tax Credit Form 6765 with your tax return. Can extend to October 16*. We strongly recommend working with a qualified CPA to prepare this form in conjunction with your Form 1120 if you are a high-growth startup – if your company is going to be acquired by a major technology company, that company’s CFO will use a strong tax team to do due diligence on this. 
• APR 18: Federal Quarterly Estimated Tax  first installment.
• APR 18: Due date for making contributions to individual retirement accounts for 2022 (Employee Benefits)
• APR 30: Claim R&D Tax Credits on Form 941.
• APR 30: Florida Estimated Corporate Income Tax Payment due – Installment #1.
• MAY 1: Florida Corporate Income Tax Return due date (can be extended to November 1).
• MAY 30: Florida Estimated Corporate Income Tax Payment due – Installment #2.
• JUN 1: Delaware Quarterly Estimated Franchise Tax. Pay 40% of estimated annual amount (if annual amount expected to exceed $5,000)
• JUN 15: Federal Quarterly Estimated Tax second installment.
• JUL 31: Claim R&D Tax Credits on Form 941.
• SEP 1: Delaware Quarterly Estimated Franchise Tax. Pay 20% of estimated annual amount (if annual amount expected to exceed $5,000).
• SEP 15: Federal Quarterly Estimated Tax third installment.
• SEP 30: Florida Estimated Corporate Income Tax Payment due – Installment #3.
• OCT 16: C Corp Form 1120 Tax Return final due date if extension was filed.
• OCT 31: Claim your Research and Development Tax Credits on Form 941.
• NOV 1: Extended due date for Florida Corporate Income Tax Return
• DEC 1: Delaware Quarterly Estimated Franchise Tax. Pay 20% of estimated annual amount (if annual amount expected to exceed $5,000).
• DEC 15: Federal Quarterly Estimated Tax fourth installment.

*Note: Normally, when the tax deadline is on weekend or holiday, the deadline is moved to the next business day. However, Monday, April 17, is Emancipation Day, a holiday recognized in the District of Columbia, where the Internal Revenue Service is headquartered. Therefore the federal tax deadline in 2023 falls on April 18, rather than April 15, which is a Saturday. The federal extension deadline for 2023  is October 16, since October 15 falls on a Sunday. Most states usually follow the same calendar for state income tax returns.

If your Delaware C-Corp Miami funded startup needs tax help contact us today!

MIAMI, STARTUPS AND TAXES

Venture capital raised in Miami has steadily increased over the last several years, from $940 million in 2013 to s5.6 billion in 2021, according to a report from the Knight Foundation and the Center for American Entrepreneurship. Exits of $100 million or more increased from 2013-2021, with seven exits in 2019-2021, showing that the local startup community is maturing. . 

The most important taxing authorities for companies based in Miam are: 

• Florida Department of Revenue 
• Miami-Dade County Tax Collector’s Office 
• City of Miami Businesses & Licenses

For Miami-based businesses, the critical tax deadlines in 2023 include the April 18th state and federal tax return deadlines (which can be extended until Oct 16th) and the various federal and state filings listed in the calendar above.