Today I want to talk about the dates for submitting annual reports and tax return reports.
Most employees think that a tax return report can be submitted on 1/1/2020 immediately upon closing the tax year🥂, in practice it works differently ⏰. First of all, employers close the tax year, they must produce form 106 (summary of income and tax payments from an employer) and distribute it to employees between the months of March
Until the month of May☝️. After the employers close the reports with the employees, from May to July they report their employees’ salary report to the income tax. A similar process happens in insurance companies and banks regarding any income, withdrawals, rewards or anything else you had. Only in April are there final data for a year that closed in December.
Even in the National Insurance some reports appear only a few months after the close of the tax year.
The IRS is aware of this and adjusts reporting requirements accordingly.
Employees who are required to report but who do so independently, usually must submit the report by 4/30 (this year there are concessions on the matter), if a person is assisted by a representative, he receives a submission date according to the assignment of the representative – the income tax assigns each representative a date between July to December according to the amount represented by the representative.
Please note that the income tax begins its length only after the completion of reports by all other parties such as employers, banks and insurance companies👌. This helps both the representatives and the income tax to adjust the pace of work, to save unnecessary demands from people👍.
That’s why there is no rush, you need to take care and find out with the representative what is the filing date assigned to you by the income tax and meet your reporting obligations until then.
Regarding tax refund reports, you must present all the 106 forms from all employers of both the husband and the wife. If you already have the forms, send them immediately 🙂 If you don’t have them yet, you will have to wait in the forms until employers complete the report to the income tax, only then can we perform the inspection and submission for 2019.🤝
