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 1: 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 mailed via US mail or email. Business engagement letters will be mailed separately.
JANUARY 15
Individuals pay their 4th quarter estimated taxes (Form 1040-ES) for the previous year.
JANUARY 31
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-MISC 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 15
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 28
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 15
S-Corporation (Form 1120-S) and Partnerships (Form 1065) with a 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 15
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.
