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ANNUAL TAX CALENDAR FOR BUSINESSES

JANUARY 1 - MARCH 16

Corporations that meet certain requirements may elect, during this period, to be treated as S corporations during current and future years.  Use form 2553.

JANUARY 15

Individuals must either pay the balance due on prior year’s estimated income tax, or file an income tax return (Form 1040) on or before January 31 and pay the full amount of the tax due.  See January 31.

Farmers and fishermen may elect to file declaration of estimated income tax (Form 1040-ES) for prior year and pay estimated tax in full, and file income tax return (Form 1040) by April 15.  If declaration of estimated tax is not filed, see February 28.

JANUARY 31

Individuals should file an income tax return for prior year and pay the tax due, if the balance due on their prior year’s estimated tax was not paid by January 15.  Use Form 1040.  Farmers and fisherman, see February 28.

Employers’ last day for giving every employee Form W-2 showing income and social security information.  Also see February 28.

Employers deposit federal unemployment tax (FUTA) at an authorized bank if the tax is more than $100.  If the amount is $100 or less, you are not required to deposit it, but you must add it to the taxes for the next quarter.  Then, in the next quarter, if the total undeposited tax is more than $100, deposit it by the last day of the month following the quarter.  Use Form 508.

Employers file Form 941 for income tax withheld and social security taxes for the 4th quarter of the prior year and pay any taxes due.  If timely deposits were made, see February 10.

Businesses liable for excise taxes must file quarterly excise tax return.  Use For 720.

Employers subject to federal unemployment tax file annual return for the prior year.  Use Form 940.  If timely deposits were made in full payment of the tax, see February 10.

All businesses:  most state tax returns for the 4th quarter of last year are due.

Corporations that paid $10 or more in dividends or interest must prepare Form 1099 and give one copy to each recipient.  See also February 28.

All businesses that paid $600 or more to an individual in commissions, fees or other compensation including payments to subcontractors must prepare Form 1099 and give one copy to each recipient.  See also February 28.

All businesses that sold $5,000 or more of goods to independent sales agents must prepare Form 1099 and give one copy to each agent.  See also February 28.

FEBRUARY 10

Extended date for certain returns:

Employers who made timely deposits in full payment of all income taxes withheld and social security taxes due for the 4th quarter of the prior year file 4th quarter return.  Use Form 941.

Employers subject to federal unemployment tax who made timely deposits in full payment of the tax file annual return for the prior year.  Use Form 940.

FEBRUARY 28

All businesses that prepared Form 1099 (See Jan. 31) must file the 1099’s along with transmittal Form 1096 with the IRS.

Employers must file Form W-3, Transmittal of Income and Tax Statements, with the Social Security Administration if you have issued Form W-2 (See Jan. 31).  Copy A of each W-2 must accompany Form W-3.

Employers whose employees receive tips must report those tips on Form 8027.

Farmers and fishermen who did not elect to file declaration of estimated tax on January 15 should file final income tax return (Form 1040) for prior year.

MARCH 15

Corporations must file federal income tax return, Form 1120, or application for extension, Form 7004, and pay to a depository the balance of tax still due.

Corporations that have elected to be treated as S corporations must file federal income tax Form 1120S.

Corporations must file state income tax returns for the following states:  Ala., Alaska, Calif., D.C., Ill., Maine, Mass., Minn., Miss., Nebr., N.H., N. Mex., N.Y., N.C., Okla., R.I., S.C., Vt., W. Va., Wis.

MARCH 31

Corporations must file state income tax returns for the following states:  Conn., Del., Fla., Ohio, Tenn.

APRIL 15

Individuals must file a federal income tax return for the prior calendar year.  The tax due must be paid in full with this return.  Schedule C must be filed (Schedule F for farmers), and in addition, Schedule SE must be completed.  If you desire an automatic 4-month extension, file Form 4868 accompanied by payment of your estimated unpaid income tax liability.

Individuals must file a declaration of estimated income tax (including self-employment tax) for the current year and pay at least 25 percent of such tax.  Use Form 1040-ES.

Partnerships must file a return for the prior calendar year.  Use Form 1065 (no tax due).

Corporations must pay 25 percent of their current year estimated income tax to a\depository.

Individuals must file a state income tax return for all states collecting income tax except Ar., Del., Hawaii, Va., La., and Iowa.

Corporations must file state income tax returns for the following states:  Ariz., Colo., Ga., Idaho, Ind., Kans., Ky., Md., Mo., N.J., N.D., Oreg., Pa., Utah, Va.

APRIL 20

Individuals living in Hawaii must file a state income tax return.

Corporations in Hawaii must file state income tax returns.

APRIL 30

Individuals living in Del., Va., or Iowa must file a state income tax return.

Corporations in Mish. and Iowa must file state income tax returns.

All businesses:  most states sales tax returns for the first quarter are due.

Employers file Form 941 for income tax withheld and social security taxes for the 1st quarter and pay any taxes due.  If timely deposits were made, see May 10.

Employers deposit federal unemployment tax (FUTA) at an authorized bank if the tax is more than $100.  If the amount is $100 or less, you are not required to deposit it, but you must add it to the taxes for the next quarter.  Then, in the next quarter, if the total undeposited tax is more than $100, deposit it by the last day of the month following the quarter.  Use Form 508.

Businesses liable for excise taxes must file quarterly excise tax return.  Use Form 720.

MAY 10

Extended date for quarterly returns:

Employers who made timely deposits in full payment of income tax withheld and social security taxes due for the 1st quarter, file 1st quarter return.  Use For 941.

MAY 15

Individuals living in Ark. or La. must file state income tax returns.

Corporations in Ark., La. or Mont. must file state income tax returns.

JUNE 15

Individuals must pay 2nd installment of estimated income tax.

Corporations must pay second installment of 25 percent of estimated income tax liability.  Payments are made to a depository.

JULY 31

Employers file Form 941 for income tax withheld and social security taxes for the 2nd quarter and pay any taxes due.  If timely deposits were made, see August 10.

Businesses liable for excise taxes must file quarterly excise tax return.  Use Form 720.

Employers deposit federal unemployment tax (FUTA) at an authorized bank if the tax is more than $100.  If the amount is $100 or less, you are not required to deposit it, but you must add it to the taxes for the next quarter.  Then, in the next quarter, if the total undeposited tax is more than $100, deposit it by the last day of the month following the quarter.  Use Form 508.

All businesses:  most state sales tax returns for the 2nd quarter are due.

AUGUST 10

Extended date for quarterly returns:

Employers who made timely deposits in full payment of income tax withheld and social security taxes due for the 2nd quarter, file 2nd quarter return.  Use For 941.

AUGUST  31

Heavy-duty truck owners and operators must pay the federal use tax on highway motor vehicles used on the public highways.  Use Form 2290.

SEPTEMBER 15

Individuals must pay 3rd installment of estimated income tax.  Use Form 1040-ES.

Corporations must pay to a depository 3rd installment of 25 percent of estimated income tax.

OCTOBER 31

Employers file Form 941 for income tax withheld and social security taxes for the 3rd quarter and pay an taxes due.  If timely deposits were made, see November 10.

All businesses:  most states sales tax returns for the 3rd quarter are due.

Businesses liable for excise taxes must file quarterly excise tax return.  Use Form 720.

Employers deposit federal unemployment tax (FUTA) at an authorized bank if the tax is more than $100.  If the amount is $100 or less, you are not required to deposit it, but you must add it to the taxes for the next quarter.  Then, in the next quarter, if the total undeposited tax is more than $100, deposit it by the last day of the month following the quarter.  Use Form 508.

NOVEMBER

Employers should request a new Form W-4 from each employee whose withholding exemptions will be different next year.

NOVEMBER 10

Extended date for quarterly returns:

Employers who made timely deposits in full payment of income tax withheld and social security taxes due for the 3rd quarter, file 3rd quarter return.  Use For 941.

DECEMBER 15

Corporations must pay to a depository 4th installment of 25 percent of estimated income tax.

WEEKLY AND MONTHLY ALL YEAR

Corporations that meet certain requirements may elect, any time during the year, to be treated as S corporations in future years.  Use Form 2553.  To be treated as an S corporation this year, see January 1.

Employers:  tax deposits of social security (NOT self-employment) and withheld income taxes required monthly (by the 15th of the following month) whenever amounts due are $500 or more; required 8 times a month whenever amounts due are $3000 or more.

Businesses liable for excise taxes are required to make monthly deposits on the last day of the month when more than $100 in excise taxes is collected.  For more information, see IRS publication #510.

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