2016 BUSINESS AND EMPLOYER TAX CALENDAR
JANUARY
Monday,
Jan 4.
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.
FEBRUARY
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.
MARCH
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.
APRIL
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.
MAY
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.
JUNE
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.
JULY
Friday, July 15
Payroll tax deposits for June are due if you're not on a semiweekly deposit
schedule.
AUGUST
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.
SEPTEMBER
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.
OCTOBER
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.
NOVEMBER
Tuesday,
Nov. 15
Payroll tax deposits for October are due if you're not on a semiweekly deposit
schedule.
DECEMBER
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.
01/12/16