All companies must present the Annual Report and file Tax Returns every year!
However, regarding Filing Taxes, there might be some exceptions that may exclude a company from this obligation.
The Annual report can be also called Franchise Tax or State Renewal, depending on the state.
ANNUAL REPORT: It’s an annual report required by the State. This presentation is mandatory for all companies and refers to the state renewal of your business. The same must be carried out regardless of whether the company had transactions or not. If you don’t submit it, the State can inactivate the company by administratively dissolving it.
TAX SEASON: This is the period of the year that your company must file taxes to the IRS. These will be Individual and Business declarations that must be submitted according to the structure of your company and the financial transactions. We can help you with whatever is necessary in both processes.
However, some obligations may vary depending on your company structure, the activities it had, and the formation state. So in all cases, please refer yourself to our Tax Season Form, which you can find in your business Portal.
Log in to your Portal: https://portal.globalfy.com/
On the left side Menu, click on “2023/2024 Tax Season”, and fill out the form.
At the end of the process, you will be indicated what are the pending duties that your company has in the state and the IRS and what forms your company must file based on the information provided. You will also be able to hire this service with Globalfy so we will take care of the whole process for you.
If you still have any questions or need further assistance regarding this topic, we are available to assist you. Simply click here to submit your support request and our team will assist you.