Lazo Knowledge Hub: July edition ??

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Hello! In case you didn't know – and trust us, you wouldn't be the first one ?? – every startup with operations in the US had to file for an extension last April to defer their tax filing deadline. This extension allows startups more time to prepare their financial statements and complete their tax returns accurately.

?If you managed to file this extension on time, you are all set. Remember that your deadlines to submit documents are October 15th for C-Corps and September 15th for LLCs filing as partnerships. You must present the following forms:

• Form 1120 for C-Corporations
• Form 1065 for LLCs filing as partnerships
• Form 1120 ProForma for single-member LLCs
• Form 1040 and 1040NR for individuals

? And if you didn't file the extension in April? Well… we might need to talk, as you might have a little problem to solve with the US government ?? (nervous laugh).?

You are already in default but still required to file your taxes. The IRS imposes penalties for late filing and late payment, so it's crucial to get this resolved as soon as possible.

Besides paying your taxes on the mandatory deadlines mentioned, you'll likely need to pay an extra fee. Late filing penalties can be significant. For example:

• C-Corps: A failure-to-file penalty of 5% of the unpaid tax for each month or part of a month that a tax return is late, up to a maximum of 25%.

- 5471: Failing to report foreign subsidiaries will result in a $10,000 penalty for each one.

- 5472: Not reporting foreign shareholders can result in a penalty of $25,000 for each unreported shareholder.

• LLCs filing as partnerships: A penalty of $210 per month, per partner, for a maximum of 12 months.
• Single-member LLCs: Similar penalties as individual taxpayers, which can be up to 25% of the unpaid tax.

This consists of both a failure-to-file penalty and a failure-to-pay penalty. The longer you delay, the more these penalties can add up, and they can be a red flag for potential investors ??

?? To avoid fines and ensure you’re investor-ready, make sure your tax obligations are in order. We can help guide you through this process and get your startup compliant with all necessary regulations.

???? BOOK A CALL WITH OUR TEAM

Ensuring compliance is not the only thing to do to optimize your tax strategy and make your startup more attractive to investors: understanding structures like the Cayman Sandwich can do wonders for you.

Understand how to leverage a strategic corporate framework to enhance investment attractiveness, streamline operations, and optimize taxes by downloading our Cayman Sandwich Guide.

?? DOWNLOAD OUR EBOOK

Here you'll find ????

• An Introduction to the Cayman Sandwich Structure.
• A detailed breakdown of its components is as follows: Cayman Holding Company, Delaware LLC Intermediary, and LatAm Operating Company.
• Key tax advantages, including no corporate income tax and payroll taxes.
• Insights on incorporation strategies, legal maintenance, and exit implications

Chicago , #Techicagoweek!

Join us for an exclusive networking opportunity on Tuesday, July 23, at 5:30 PM CDT. This event is designed for founders and funders to connect, collaborate, and celebrate. By La Familia Foundation, Dux Capital, Lazo, Novel, and more! ? REGISTER HERE!

Buenos Aires, Argentina!

Enjoy exclusive panels discussing initial challenges, strategies for attracting investments, and the latest trends in innovation for startups. Organized by Microsoft, Lazo, Brubank, and Workana. ???? SAVE YOUR SPOT NOW!

Lazo was in New York and Mexico last week!

• In New York, our Empanada Masterclass brought customers together to network and learn from our CEO Juan Manuel Barrero ??
• ?? We pitched Lazo at the VC Reverse Pitch event by Founders N' Funders. Exciting times!
• ?? In Mexico, we co-hosted Master VC with AWS and Mavity. Founders and VCs crafted perfect cocktails and networked in a fun setting.

WATCH THE RECAP HERE! ??

?? Join the next Endeavor ScaleUp Cohort?

Unlock the full potential of your business and join South Florida’s vibrant startup ecosystem. By being part of the ScaleUp program entrepreneurs get access to personalized mentorship, a community of entrepreneurs, and tools to create and implement a sustainable growth strategy!

?? Apply Today