Form W-2 filing deadline
- January 31 – Deadline to submit W-2 to IRS and sent w-2 to the employee.
Individuals (Form 1040)
- April 15th – Individual and sole proprietor (filing schedule C on the tax return).
- Jun 15, living abroad gets an automatic 2 months extension.
- Oct 15, for those individuals who filed for an extension.
Sole Proprietor and Single-member LLC
- Sole proprietors and single-member LLCs pass income through to the person running it and therefore have the same due dates as for individuals. The business income is reported on Schedule C, as part of the individual tax return.
- Multi-member LLCs are taxed as partnerships.
Partnership (form 1064 & K-1) & S-Corp (form 1120S & K-1)
- March 15 – Due date for form 1064 with schedule K-1 for Partnerships, form 1120S with schedule K-1 for S Corporations.
- April 15 – Deadline to file extension.
- Sept 15 – The final deadline for partnerships and S-Corporation that filed for an extension (Form 7004).
S-Corp election date (form 2553)
- March 1 – last day to file form 2553 to elect to be treated as S-Corporation for that year.
C-Corp (Form 1120)
- Apr 15 – Tax due date
- Oct 15 – 6 months extension with form 7004
Quarterly Estimated Payments
Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.
Corporations (F1120-W) generally have to make estimated tax payments if they expect to owe tax of $500 or more when their return is filed.
- Apr 15 – For the period Jan 1 to March 31
- Jun 15 – For the period April 1 to May 31
- Sept 15 – For the period June 1 to August 31
- Jan 15 – For the period September 1 to December 31
Quarterly Tax Due Apr 30, July 31, Oct 30, Jan 31
- Form 940 – to report the Federal Unemployment Tax return each year.
- Form 941 – Employer’s Quarterly Federal Tax return.
- NYS-45 – Quarterly Combined Withholding, Wage Reporting, And Unemployment Insurance Return (if in NYS)
Penalties for filing late
When S corporations fail to file Form 1120S by the due date or by the extended due date, the IRS will impose a minimum penalty of $195 for each month or part of the month the return is late multiplied by the number of shareholders. If the corporation files its Form 941/ 940 after the deadline and it has an unpaid tax balance, a 5 percent penalty may be assessed on the balance for each month or partial month the tax is late, up to a maximum of 25 percent.
Sales and Use Tax Due Dates
- Monthly filers – 20th day of the following month.
- Quarterly filers – April 20, July 20, October 20, and January 20 of the following year.
- Annual filers – February 5 of the following year.