The deposit deadline is based on the due date (with extensions) of the tax return, not the date it is actually filed. However it must be deducted on the subsequent year’s return.įAQ: If we file the company return prior the due date of the company tax return, do we still have until the actual due date to make the deposit?Ī: Yes.
In this Bulletin, we will try to make sense of this complex answer by reviewing some of the frequently asked questions about different deadlines.įAQ: When does a company have to deposit contributions in order to take them as a tax deduction for the year?Ī: In order for a company to deduct a contribution for a given year, it must be deposited by the due date (including extensions) of the company tax return.įAQ: Does that mean that if the deposit is not made by the due date of the tax return that it cannot be deducted?Ī: Fortunately, no. One set of regulations may specify one deadline for compliance purposes, but another set specifies a different deadline for deduction purposes. There are different rules depending on the purpose of the deadline. However, the company contributions, such as matching and profit sharing contributions, is a more complex answer. “When is the deadline for depositing employee salary deferrals into the plan?” is a question we often hear that has a simple answer.
0 kommentar(er)
