Tax season is officially under way! I have been in touch with many of you. All of those required should have sent their 1099’s to recipients by the February 1st deadline (see below). If you still need to file your 1099’s, please get in touch with me immediately so we can get those off to recipients so they can file their tax returns!
See upcoming deadlines below!
February 1
Individuals Who Must Make Estimated Tax Payments: If you did not pay your final installment of estimated tax by January 15, you may choose (but are not required) to file your 2015 tax return (Form 1040) by February 1, 2016. Filing your tax return and paying any tax due by February 1 will prevent late payment penalties on the final installment. If you cannot file and pay your tax by February 1, you should file and pay your tax by April 18, 2016.
All Businesses: Provide annual information statements to the recipients of certain payments you made in 2015. You can use the appropriate version of Form 1099 or other information return. (Note that Form 1099 can be issued electronically with the consent of the recipient.) Such payments may include: dividends, interest, royalties, compensation for independent contractors, debt cancellation, prizes, and awards. For more information, refer to the General Instructions for Certain Information Returns.
February 10
Employees Who Work for Tips: If you received $20 or more in tips during the month of January, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).
February 16
Individuals: If you claimed an exemption from withholding tax last year on the Form W-4 (Employee’s Withholding Allowance Certificate) that you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.
All Businesses: Provide annual information statements to the recipients of certain payments you made in 2015. You can use the appropriate version of Form 1099 or other information return. (Note that Form 1099 can be issued electronically with the consent of the recipient.) This due date only applies to the following types of payments: all payments reported on Form 1099-B (Proceeds from Broker and Barter Exchange Transactions), all payments reported on Form 1099-S (Proceeds from Real Estate Transactions), and substitute payments reported in Box 8 or gross proceeds paid to an attorney reported in Box 14 of Form 1099-MISC (Miscellaneous Income).
February 29
All Businesses: File information returns (e.g., Forms 1099) for certain payments you made in 2015. Note that there are different forms for different types of payments. Use a separate Form 1096 (Annual Summary and Transmittal of U.S. Information Returns) to summarize and transmit the forms for each type of payment. For more information, refer to the General Instructions for Certain Information Returns. If you file Forms 1097, 1098, 1099, 3921, 3922, or W-2G electronically, your IRS filing deadline will be extended to March 31 (although the deadline for giving the recipient these forms generally remains February 1).
Farmers & Fishermen: File your 2015 income tax return (Form 1040) and pay any tax due. However, if you paid your 2015 estimated tax by January 15, 2016, you have until April 18, 2016 to file your return.
March 10
Employees Who Work for Tips: If you received $20 or more in tips during the month of February, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).
March 15
Corporations: File a 2015 income tax return (Form 1120) and pay any tax due. If you want an automatic 6-month extension of time to file, use Form 7004 (Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns) and pay what you estimate you owe on your return. You can also file a business extension online.
S Corporations: File a 2015 income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Shareholder’s Share of Income, Deductions, Credits, etc.) of Form 1120S, or a substitute of Schedule K-1. If you want an automatic 6-month extension of time to file, use Form 7004 (Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns) and pay what you estimate you owe on your return.
S Corporation Election: File Form 2553 (Election by a Small Business Corporation) to elect to be treated as an S corporation beginning with calendar year 2016. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2017.
Electing Large Partnerships: Provide each partner with a copy of Schedule K-1 (Partner’s Share of Income/Loss from an Electing Large Partnership) of Form 1065-B, or a substitute of Schedule K-1. This due date applies even if the partnership requests an extension of time to file Form 1065-B by filing Form 7004.
March 31
Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, and W-2G: File these forms with the IRS. This due date applies only if you file these forms electronically. Otherwise, see February 29. (The due date for giving the recipient these forms generally remains February 1.) For more information, see IRS Publication 1220.
April 11
Employees Who Work for Tips: If you received $20 or more in tips during the month of March, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).
April 18
Individuals: File a 2015 income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want to request an automatic 6-month extension of time to file your return, use Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) to extend your filing deadline to October 17, 2016. You can also file an extension online.
Individuals: If you are not paying your 2016 income tax through withholding (or you will not pay enough tax during the year that way), pay the first installment of your 2016 estimated tax. Use Form 1040-ES (Estimated Tax for Individuals). For more information, see IRS Publication 505 (Tax Withholding and Estimated Tax).
RELATED: Tax Deadline Alert! Why 2015 Tax Returns Are Due April 18, 2016
Household Employers: If you paid cash wages of $1,900 or more to a household employee in 2015, you must file Schedule H (Household Employment Taxes) of Form 1040. If you are required to file a Federal income tax return (Form 1040), include Schedule H with your return and report any household employment taxes. If you paid total cash wages of $1,000 or more to household employees in any calendar quarter of 2014 or 2015, you must report any Federal Unemployment (FUTA) tax on Schedule H. Also report any income tax you withheld for your household employees. For more information, refer to IRS Publication 926.
Partnerships: File a 2015 tax return (Form 1065). Provide each partner with a copy of Schedule K-1 (Partner’s Share of Income, Deductions, Credits, etc.) of Form 1065, or a substitute Schedule K-1. If you want to request an automatic 5-month extension of time to file the return and provide Schedules K-1, use Form 7004 to extend your filing deadlines to September 15, 2016. You can file Form 7004 online.
Electing Large Partnerships: File a 2015 tax return (Form 1065-B). See March 15 for the deadline for providing Schedules K-1, or substitute Schedules K-1, to the partners. If you want to request an automatic 6-month extension of time to file the return and provide each partner with a copy of their amended (if required) Schedule K-1, use Form 7004 to move your filing deadlines to October 17, 2016.
Corporations: Deposit the first installment payment for 2016 estimated income tax. Form 1120-W (Estimated Tax for Corporations) is a worksheet that can be used to estimate your tax for the year.
From the IRS tax calendar…