Laws & Legislation


02 18 2016

On Time Business Tax Filing

02 18 2016

The Importance Of Filing Small Business Taxes On Time

Some small business owners might be inclined to delay filing their taxes due to a concern over cash flow issues, but thankfully there are alternative financing options to help them cover these expenses if need be. Although filing taxes can be a burdensome and resource-draining endeavor, it’s still something that small businesses should get out of the way as soon as possible.

As of Jan. 1, the tax season officially began for businesses. This year’s official tax-filing deadline for businesses is March 15. It’s important for small business owners to take the necessary steps to file their taxes as early as possible. By getting business taxes out of the way quickly, owners have a much better idea over what the company’s financial liability will entail.

Waiting until the last minute to get this job done increases the possibility that an unexpected expense arises. In addition, scrambling to find the relevant documents, receipts and reports getting on March 14 also improves the chances for making a costly, last-minute mistake.

Not filing on time

Whether due to a lack of funds to pay taxes or because of a simple oversight, failure to file taxes on time will result in a monetary penalty. Not only can this be a hefty fine in the first place, but missing the deadline will continue to accrue interest until the return is filed.

Even if the company is unable to pay the taxes, it’s still imperative to file the appropriate paperwork. If necessary, it’s possible to set up a payment plan with the IRS that allows the business to make installments on the money owed.

If necessary though, there are extensions that can be filed as well. Sole proprietors can file a Form 4868, while all other businesses can file a Form 7004. These extensions do not eliminate or reduce the amount of money owed to the IRS, but they create additional time for owners to locate the necessary resources, such as a small business loan.

Meeting federal health care deadline

Perhaps one of the most important reasons to file taxes early involves the recently implemented Affordable Care Act (ACA). The new health care law has several stipulations that small business owners must be aware of.

Specifically, new ACA compliance regulations enacted this year mean businesses with 50 or more full-time employees must also provide employees with the IRS Form 1095-C, which serves a health care W-2. Much like the deadline for giving employees a typical W-2, the 1095-C must also be handed out to workers by Feb. 1. In addition to this new form that employers must distribute, there is also a new employer transmittal form that businesses must submit, which specifies what insurance is being provided and to whom it is being provided.

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Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.


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To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.


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The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.


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I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.


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The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121. Funding amount and credit approval is subject to a full credit profile review.