2016 BUSINESS AND EMPLOYER TAX CALENDAR
Stop advance payments of earned income credit for any employee who did not give you a new Form W-5 for 2016.
Friday, Jan 15
Payroll tax deposits for December are due if you're not on a semiweekly deposit schedule. If it is less than $ 2500, you can wait until next month when your 941 filing is due.
All Month: You need to prepare your W-2 and 1099's. Because you don't want to wait until the last moment they are due.
Monday, Feb. 1
You must file your W-2s for 2015. Your employees need them in their possession, too.
You must file Form 1099 information statements to the recipients of certain payments you made for services during 2015. Any independent contractor compensation, interest on seller financed mortgages, rent, professional services fees, real estate transactions, profit-sharing and pension plan distributions are to be included. The law stipulates fines and penalties if you fail to do so for any covered entity that received more than $ 599.99 during the year.
You must file Form 941 (payroll taxes) for the fourth quarter payroll or Form 944 (annual payroll taxes) if you are an annual filer. In addition, you need to file Form 940 (federal unemployment taxes). File Form 945 to report income tax withheld for 2015 on all nonpayroll items, such as pensions, annuities and IRAs. File Form 944 for the 2015 tax year if your employment tax liability was $1,000 or less.
(If you actually used cash, you must file form 8300 for those you paid more than $10K in a single cash transaction during 2015.)
If your state is NOT one that uses the 20th of the month, this is the date your quarterly tax submission and unemployment taxes are due.
Monday, Feb. 15
Payroll tax deposits for January are due, if you are not a semi-weekly deposit entity.
Monday, Feb. 29
Send Form W-3, Transmittal of Wage and Tax Statements, the summary of all the W-2's listed above to the IRS along with Copy A of all employee W-2s you issued in 2016 for calendar-year 2015.
Send Forms 1099 and 1096 to the IRS (see Feb. 1 above). A separate 1096 is required for each separate type of 1099 type.
Tuesday, March 15
Corporations (C, S, LLC operating as S) must file their 2015 calendar-year income tax return (Form 1120 or 1120-A, 1120-S). C corporations must pay taxes that are due. If you want an automatic six-month extension, file Form 7004, and deposit what you estimate you owe. An extension does not absolve an entity from having paid the taxes due.
S corporation election. File Form 2553, Election by a Small Business Corporation, by this date to be treated as an S corp beginning with calendar-year 2016. If you miss this deadline, you will be stuck as a C entity (or a partnership)until calendar-year 2017.
Payroll tax deposits for February are due if you're not on a semiweekly deposit schedule.
Thursday, March 31
ONLY if you file electronically, send Forms 1098, 1099 or W-2G to the IRS. Otherwise, Feb. 29 rules applied.
Monday, April 18
Partnerships (and LLCs treated as partnerships) must file 2015 calendar-year returns (Form 1065). This includes the K-1's that accrue to each partner entity. For an automatic five-month extension, file Form 7004.
Corporations need to send in the first installment of 2016 estimated income tax.
Payroll tax deposits for March are due if you're not on a semiweekly deposit schedule.
Monday, May 2
File Form 941 (payroll tax) for Q1-2016, plus any unpaid taxes. Also, deposit unemployment taxes for the first quarter of 2016 if you owe more than $500 in federal unemployment taxes (FUTA) for the year.
Monday, May 16
Payroll tax deposits for April are due if you're not on a semiweekly deposit schedule.
Wednesday, June 15
Pay the second installment of your 2016 corporate estimated income tax.
Payroll tax deposits for May are due if you're not on a semiweekly deposit schedule.
Friday, July 15
Payroll tax deposits for June are due if you're not on a semiweekly deposit schedule.
Monday, Aug. 1
File Form 941 (payroll tax) for Q2-2016, plus deposit any unpaid taxes. Deposit unemployment taxes for the second quarter of 2016 if you owe more than $500 in FUTA as of this date for the year.
If you maintain an employee pension, profit-sharing or stock bonus plan, file Form 5500 or 5500-EZ for calendar-year 2015.
Monday, Aug. 15
Payroll taxes for July are due if you're not on a semiweekly deposit schedule.
Thursday, Sept. 15
Those who Extended: Send in your 2015 calendar-year income tax return (Form 1120 or 1120-A, Form 1120-S) and pay any tax due. Partnerships also must file your 2015 calendar-year return if you received a five-month extension from April 18. Provide each partner with a copy of Schedule K-1 (Form 1065).
Pay the third installment of your 2016 estimated income tax.
Payroll taxes for August are due if you're not on a semiweekly deposit schedule.
Monday, Oct. 17
Payroll tax deposits for September are due if you're not on a semiweekly deposit schedule.
Monday, Oct. 31
File Form 941 (payroll tax) for Q3-2016, plus submit unpaid taxes. Deposit unemployment tax for the third quarter of 2016 if you owe more than $500 in FUTA for the year.
Payroll tax deposits for October are due if you're not on a semiweekly deposit schedule.
Thursday, Dec. 15
Payroll tax deposits for November are due, if you are not on a semi-weekly deposit schedule.
Pay the fourth installment of your 2016 estimated income tax.