ERPs provide company efficiency and streamline data through many departments within your company. It is an extremely beneficial solution and can transform your company within months but it does add an additional layer to your tax compliance needs.
Tax compliance is crucial to any business but as Tax Day is fast approaching, we want to help ensure you are in the clear with this ERP checklist.
- This might seem like a no-brainer but gather all your company information
- Company name and Employer Identification Number (EIN)
- Where is your business headquartered
- What kind of entity is your company
- Know your tax responsibilities
- State taxes based on where you operate
- Federal taxes
- Employment taxes
- Taxable income
- Gather all the invoices you sent over the past year or, better yet, work with an accountant who can modify the bookings on your profit and loss statement
- File on time
- March 15: Partnership and S Corporation tax returns and payments are due. This is also the last day to file a tax return extension.
- April 18: C Corporation and sole proprietor tax returns and payments are due. This is also the last day to file the tax return extension.
- September 15: The final deadline for partnerships and S Corporations who extend their filing due date.
- October 16: The final deadline for personal returns and C Corporations who extend their filing due date.
Additional benefits to an ERP solution for tax compliance
While ERP solutions help ensure your business operates at maximum efficiency, it does mean more due diligence on your end to make sure everything is calculated and reported correctly. You will want to ensure you have a firm process in place to address the following:
- Streamlined corporate tax workflows
- Tax data management and visibility
- Tax compliance and risk management
- Modularity and scalability
If you find yourself with any additional questions, please reach out to our team. We are the ERP experts and we have our tax expert partners ready to assist in any way they can.
