Avon, CT CPA / Nathan Accounting Group, LLC

Nathan Accounting Group

Corporate Tax Administration and Planning

Selected Federal Reporting Guidelines-2008¹

Prepared by John A. McCann, Esq.

MONTH/DAY		ENTITY²	FORM NO.	DESCRIPTION

JANUARY
1		A	W-5	Employers should stop advance earned income credit payments for employees who did not submit a new form W-5 for 2008.

31		A	W-2	Give employees their copies of Form W-2.

31		A	940	Federal unemployment tax return due. Balance of unpaid 2007 liability is due. (Return due February 11, if all taxes were deposited on time.)

31		A	941	Quarterly payroll report due. (Deadline is February 11, if all taxes were deposited on time.)

31		A	1099	Information returns due to nonemployee workers and recipients of dividends, interest, royalties, profit sharing distributions, etc.

FEBRUARY
15		A	W-4	Begin withholding income tax from pay of any employee who claimed exemption from withholding in 2007, but did not submit a new Form W-4 by this date to continue exemption for another year.

28		A	1096	File Copy A of all 2007 Forms 1099s, along with transmittal Form 1096. (If additional time is needed, file an extension request on Form 8809.)

29		A	W-3	File Copy A of all 2007 W-2s, along with transmittal Form W-3. (If additional time is needed, file an extension request on Form 8809.) These items are filed with the Social Security Administration rather than the IRS (see the instructions to Form W-3).

MARCH
17		C	1120	Corporate return due³ (or file extension request on Form 7004).

17		S	1120-S	Corporate return due³ (or file extension request on Form 7004).

17		C	2553	Last day to elect S corporate status for calendar year 2008.

17		C	4466	Last day to file for quick refund of prior year overpaid estimated taxes

APRIL
15		P	1065	Partnership return due(see note 4) (or file extension request on Form 8736).

15		C,S	1120-W	First Estimated Tax Payment due(see note 5) (use deposit coupon Form 8109).

30		A	941	Quarterly payroll report due. (Deadline is May 12, if all taxes were deposited on time.)

30		A	Note 8	Deposit federal unemployment tax liability for the first quarter, if more than $500. (Use deposit coupon Form 8109.)

MAY
15		P, S	8752	Must be filed along with any required payment by most partnerships and S corporations that use something other than a calendar year for their tax year.

JUNE
16		C, S	1120-W	Second Estimated Tax Payment due(see note 5) (use deposit coupon Form 8109).

JULY
31		A	941	Quarterly payroll report due. (Deadline is August 10, if all taxes were deposited on time.)

31		A	Note 8	Deposit any unpaid federal unemployment tax liability owed through June, if more than $500. (Use deposit coupon form 8109.)

31		A	5500	Reports are due for most employee benefit plans the employer maintains (such as profit sharing plans, see note 6). Extension requests are filed on form 5558.

SEPTEMBER
15		C	1120	Corporate return due, if previously extended, see note 7.

15		C	1120-S	Corporate return due, if previously extended, see note 7.

15		C,S	1120-W	Third Estimated Tax Payment due, see note 5. (Use deposit coupon Form 8109.)

OCTOBER
15		P	1065	Partnership return due, if previously extended.

15		A	5500	Employee benefit plan reports due, if previously extended, see note 6.

31		A	941	Quarterly payroll report due. (Deadline is November 10, if all taxes were deposited on time.)

31		A	Note 8	Deposit any unpaid federal unemployment tax liability owed through September, if more than $500. (Use deposit coupon Form 8109.)

DECEMBER
15		C, S	1120-W	Fourth Estimated Tax Payment due, see note 5. (Use deposit coupon Form 8109.)

Notes
1	Adopted from IRS Publication 509 (Pub. 509). Due dates for federal payroll tax deposits are not covered in this guide, but are addressed in detail in Pub. 509.

2	C (C corporation), S (S corporation), P (Partnership), A (All entities).

3	Calendar-year taxpayers; returns for fiscal year taxpayers are due on the fifteenth day of the third month after year end.

4	Calendar-year entities; returns for fiscal year partnerships are due on the fifteenth day of the fourth month after year end.

5	Calendar year entities; estimated payments for fiscal year taxpayers are due on the fifteenth day of the fourth, sixth, ninth, and twelfth months of the fiscal year. Form 1120-W is merely a worksheet that does not require filing with the IRS.

6	Calendar year plans; if a plan uses a fiscal year, the report is due by the last day of the seventh month after the plan year end (or if extended, by the fifteenth day of the tenth month after year-end). For plans that provide deferred compensation soley for (1) an individual or an and his or her spouse who wholly own a trade or business, whether incorporated or unincorporated, or (2) partners or the partners and the partners' spouses in a partnership may generally file Form 5500-EZ (which has due dates identical ot the 5500), provided certain requirements are met. In some cases, extending the employer's tax return will extend the due date of form 5500 or 5500-EZ (see Form 550 or 5558 instructions for additional information).

7	Calendar-year entities; extended returns for fiscal year taxpayers are due on the fifteenth day of the ninth month after year end.

8	Form 940 is only filed once a year (January), although quarterly deposits are generally required using deposit Form 8109.

Selected Federal Reporting Guidelines-2008