Difference between Annual Report and Tax Return

In the United States, there are two types of entities where the companies must file taxes and present Reports: The State and the IRS!

TAX SEASON: This is the time of year when your company is required to file Tax Returns with the IRS. These returns include both Individual and Business declarations, which must be submitted based on your company's structure and financial activities. We are here to assist you with all your tax filing needs.

 

ANNUAL REPORT: It's the annual report to the State. This presentation is mandatory for all companies and refers to the state renewal of your company. The same must be carried out regardless of whether the company had movements (economic activities) or not. If you don't submit it, the state can inactivate the company for non-payment and fine you. This process is also known as "Franchise Tax" and "State Renewal" depending on the State.

 

These two presentations can be hired through our Portal, and if you have either the SCALE or the ESSENTIAL plans, both services are included in your package so you won't need to hire the services separately!

 

If you still have any questions or need further assistance regarding this topic, we are available to help you! Simply click here to submit your support request and our team will be glad to assist you.