Deadlines for federal tax calendar
For companies who use the federal tax calendar and are electing large partnerships, in October, the company will need to pay any tax that was obtained through a six-month extension.
December: By December 15, corporations will need to deposit the fourth installment payment for estimated income tax. Corporations can use a Form 1120-W, estimated tax for corporations, which will tell the corporation the estimate tax for the year.
January: Around the middle of January, individuals who did pay income tax through withholding and did not pay enough tax must make an estimated payment for 2016. Use a Form 1040-ES for an estimated tax for individuals. This should be the last installment for the year but you don’t have to make this payment if you file your tax return with a Form 1040 and pay any taxes due by February 1 of the next year.
February: On February 1, businesses need to provide annual information to the recipients of payments with an appropriate version of Form 1099. This can be sent electronically if the recipient consents. This payment information may include: dividends, interest, royalties, etc. Click here for more information.
All businesses need to file an information return, a Form 1099, for certain payments made throughout the year by the end of February. Businesses should use a Form 1096 to summarize and transmit the form for each type of payment. More information can be found here.
March: March 15 will be another big day for corporations, s-corporations, and electing large partnerships. Corporations must file their income tax return, a Form 1120, and pay any taxes due. An automatic six-month extension must be filed with a Form 7004, which can be done online.
By March 15, S corporation must also file their income tax return through a Form 1120S. S corporations must also provide shareholders with a copy of Schedule K-1, or a substitute. Automatic extensions are also available with a Form 7004 and pay the estimate of what the s corporation owes.
Business’s election to file as an s corporation must file a 2553 by March 15. If filed late, the S Corporation treatment will begin in 2018.
If a business is electing as a large partnership, each partner needs a copy of a Schedule K-1 or substitute. This applies even if the partnership requests an extension.
If your business needs to file a Form 1097, 1098, 1099, 3921, 3922, or a W-2G, this form must be filed by March 31 for electronic filing. Otherwise, these forms are due by the end of February.
April: Around April 15 comes the day almost everyone dreads: when you must file your individual tax return with a Form 1040, 1040A or 1040EZ and pay taxes due. Automatic six-month extensions can be requested with a Form 4868.
Partnerships must also file a tax return with a Form 1065 on April 15, or the appropriate date the IRS releases. Partnerships must also give each partner a copy of the Schedule K-1 or an appropriate substitute. Automatic five-month extensions can be filed with a Form 7004, which can be filed online.
Businesses electing to file as large partnerships must also file their tax return, a Form 1065-B by the April 15 deadline. Again, the Schedule K-1 or substitute must be filed by March 15. Automatic six-month extensions must be filed with a Form 7004 to move the filing date to October.
June: Corporations must deposit the second installment of their estimated income tax with an 1120-W by June 15.
September: Finally, September 15 is the day that corporations, s corporations, and partnerships who requested and obtained a six-month extension must file their tax return and pay any taxes due. Corporations must also deposit their third income tax installment payment.
Businesses operating under a fiscal year
Partnerships must file a Form 106 or a Schedule K-1. A Schedule K-1 tells the IRS the partnership’s income, deductions, credits, etc. This form must be filed on the fifteenth day of the fourth month after the end of the partnership’s tax year. If you’re a large partnership, you must file a Form 1065-B at the same time or by March 15 following the close of the partnership’s tax year.
Corporations and S Corps must file a Form 1120 and Form 1102S or a Form 7004. These forms operate as a Schedule K-1 for corporations and s-corps. These forms are due on the fifteenth day of the third month after the end of the corporation’s fiscal year.
Estimated tax payments for a corporation or a s corporation are due on the fifteenth day of the fourth, sixth, ninth and twelfth month of the corporation’s fiscal year.
If you’re a small business who would like to file as a s corporation, you’ll need to file a Form 2553. That form needs to be filed no more than two months and fifteen days after the start of the tax year where the business wants to elect as a s corporation.
The Takeaway: It’s important to know what your tax deadlines are and to stay on top of those dates.
– The Business Team
Scott | Josh | Jeremy
The Allen Firm, PC
181 S. Graham Street | Stephenville, Texas 76401
Ph: 254.965.3185 | Fax: 254.965.6539