Year One Compliance Checklist: What to File, When, and With Whom

First year is critical. Deadlines are new. Requirements are unclear. Mistakes are costly.

Most first-year owners miss deadlines. They don’t know what to file. They don’t know when. They don’t know with whom.

First year has specific requirements. Understanding them prevents problems. It ensures compliance.

This checklist shows you what to file, when, and with whom in your first year.

Checklist Overview

First year has specific compliance tasks. They’re time-based. They’re required.

Early tasks set foundation: Get EIN. Open accounts. Set up systems.

Quarterly tasks maintain compliance: Estimated taxes. Payroll reports. Regular filings.

Annual tasks complete year: Tax returns. Annual reports. License renewals.

Why this matters: Checklist understanding prevents missed tasks. If you understand checklist, tasks complete.

Months 1-3

First three months establish foundation. Complete setup tasks. Begin compliance.

Obtain EIN

What to file: EIN application. Filed with IRS. Tax identification number.

When to file: Within first month. Before opening accounts. Before hiring employees.

With whom: IRS. Online application. Immediate processing.

Why this matters: EIN enables operations. If you obtain EIN, operations become possible.

Open Business Bank Account

What to do: Open business account. Separate from personal. Business finances.

When to do: Within first month. After obtaining EIN. Before operations.

With whom: Bank of choice. Provide formation documents. Provide EIN.

Why this matters: Bank account separates finances. If you open account, finances separate.

Set Up Accounting System

What to do: Set up accounting system. Track income. Track expenses.

When to do: Within first month. Before operations. Before transactions.

With whom: Accounting software or professional. Choose system. Set up properly.

Why this matters: Accounting system enables tracking. If you set up system, tracking becomes possible.

Pro tip: Use our TAM Calculator to evaluate market opportunity and inform business planning. Calculate market size to understand growth potential.

Months 4-6

Second quarter maintains compliance. File quarterly reports. Make payments.

First Quarterly Estimated Tax Payment

What to file: Estimated tax payment. Paid to IRS and state. Covers income tax.

When to file: April 15. First quarter payment. Adjust for weekends.

With whom: IRS and state. Online payment. Check deadlines.

Why this matters: Estimated payments prevent penalties. If you make payments, penalties decrease.

Payroll Tax Reports

What to file: Payroll tax reports. Filed with IRS and state. Reports wages and taxes.

When to file: Quarterly. Check deadlines. File on time.

With whom: IRS and state. Online filing. Check requirements.

Why this matters: Payroll reports are required. If you file reports, compliance maintains.

Months 7-9

Third quarter continues compliance. File quarterly reports. Make payments.

Second Quarterly Estimated Tax Payment

What to file: Estimated tax payment. Paid to IRS and state. Covers income tax.

When to file: June 15. Second quarter payment. Adjust for weekends.

With whom: IRS and state. Online payment. Check deadlines.

Why this matters: Estimated payments prevent penalties. If you make payments, penalties decrease.

Sales Tax Returns

What to file: Sales tax returns. Filed with state. Reports sales and tax collected.

When to file: Quarterly or monthly. Depends on state. Check your state.

With whom: State tax agency. Online filing. Check requirements.

Why this matters: Sales tax returns are required. If you file returns, compliance maintains.

Months 10-12

Final quarter completes year. File annual reports. Prepare for tax season.

Third Quarterly Estimated Tax Payment

What to file: Estimated tax payment. Paid to IRS and state. Covers income tax.

When to file: September 15. Third quarter payment. Adjust for weekends.

With whom: IRS and state. Online payment. Check deadlines.

Why this matters: Estimated payments prevent penalties. If you make payments, penalties decrease.

Annual Report

What to file: Annual report. Filed with state. Updates business information.

When to file: Anniversary of formation. Check your state. File on time.

With whom: State business agency. Online filing. Check requirements.

Why this matters: Annual reports maintain status. If you file reports, status maintains.

Prepare for Tax Season

What to do: Organize records. Gather documents. Prepare for filing.

When to do: Before year end. Organize throughout year. Prepare early.

With whom: Tax professional or yourself. Organize documents. Prepare properly.

Why this matters: Preparation enables filing. If you prepare, filing becomes possible.

Pro tip: Use our TAM Calculator to evaluate market opportunity and inform business planning. Calculate market size to understand growth potential.

Your Next Steps

First year compliance checklist keeps you on track. Know what to file, know when to file, know with whom, follow checklist, then stay compliant to avoid problems.

This Week:

1. Begin reviewing first year checklist using our TAM Calculator
2. Start creating compliance calendar
3. Begin organizing documents
4. Start tracking deadlines

This Month:

1. Complete compliance calendar
2. Organize all documents
3. Set up tracking system
4. Begin meeting requirements

Going Forward:

1. Continuously follow checklist
2. Track all deadlines
3. File all required reports
4. Maintain compliance

Need help? Check out our TAM Calculator for market evaluation, our compliance basics guide for fundamentals, our entity comparison guide for requirements, and our resource hub for links.

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