Business clients with payroll, need to finalize all wage figures and tally up health insurance premiums paid by the business on behalf of the shareholders/owners.
If we will be preparing your W-2s, please have this year-end data to us by the end of the year; this is especially important for businesses who are required to have payroll deposits made within the first few days of January. The end of the year also marks the deadline to take required minimum distributions from your IRA, 40l(k) and inherited IRAs.
January 1st: A NEW YEAR
This is the first day to fund retirement accounts (Traditional IRA’s, Roth IRA’s and SEP IRA’s) or college saving accounts (529 Plans) for the current year.
January
Individual client organizers and engagement letters will be available in early January and will be available on the portal
January 15th
Individuals pay their 4th quarter estimated taxes (Form 1040-ES) for the previous year.
January 31st
Individual who did not pay their last estimated tax installment on the 15th, can file their tax return by today and avoid the under-payment penalty. This is the deadline for employers to mail out W–2 Forms to employees and 1099 Forms to independent contractors. Form W-3 and Copy A of Form(s) W-2 need to be filed with the Social Security Administration. File Form 1099-NEC with the IRS if you are reporting non-employee compensation. Applicable Payroll Forms 940, 941, 944 and/or 945 are due. Forms 1095-B and 1095-C from large employers are to be furnished to individuals covered by Healthcare Insurance.
February 15th
Tax withholding exemption claims expire. Employers must begin withholding taxes on all wages unless the employee has submitted a new W-4 to continue the tax withholding exemption for current year.
February 28th
File Forms 1096 and 1099 (except Form 1099- MISC reporting non-employee compensation). Employers filing paper Forms 1095-C or other providers paper filing Forms 1095-B they are due to the IRS.
March 15th
S-Corporation (Form 1120-S) and Partnerships (Form 1065) with calendar year-end businesses are due. Please have all corporate data to us by February 15th to assure we have adequate time to prepare your return. Application for 6-month extensions for those not filing by this date should be completed no later than today. S Corporation Election: Calendar year businesses need to file Form 2553 to elect S Corp status beginning with this calendar year.
April 15th
Some years the exact date can fluctuate a day or two
Deadline to file Individual Form 1040, 1040A or 1040EZ. C Corporations file Form 1120 for the calendar year and pay any tax due. Household Employers (File Schedule H) if you paid $2,000 or more to a household employee last year. We attempt to file all returns by the 15th of April if we have 100% of your tax data. If it is important to you not to file an extension, we will need to have all your data by March 15th to give us ample time to assure a timely return can be prepared and filed. Extensions are provided to give additional time to gather necessary data to file an accurate return, but do not allow for extra time to pay taxes owed. Extended individual returns will be due by October 15th. Extensions for Businesses are due by September 15th. Individuals Pay 1st Estimated tax payment (Form 1040-ES) Corporations Deposit the first installment for your current year estimated tax.
April 30th – Employers
File form 941 for the 1st Quarter Payroll
May 15th
File forms 990, 990-EZ, 990-PF, 990N for years ending 12-31.
June 15th
Individuals paying Quarterly estimates taxes the 2nd QT payments is due. Individuals living outside the U.S file form 3520
July 31st
Employers: File form 941 for the 2nd QT Payroll.
September 15th
Calendar year S-Corp and Partnership on extension forms 1120-S and forms 1065 are due. Individuals paying Quarterly estimated taxes the 3rd Quarter is due.
September 30th
Calendar year trust on extension, form 1041 is due.
October 15th: Individuals
File form 1040 if you timely requested a 6-month extension.
October 31st: Employers
File form 941 for 3rt Qt payroll.
November: Business Clients
This is a good time to schedule a year-end planning meeting.
