Major
Tax Deadlines For March 2004
March
1 - Payors must file
information returns (such as 1099s) with the IRS.
March
1 - Employers must send
W-2 copies to the Social Security Administration.
March
1 - Farmers and
fishermen who did not make 2003 estimated tax payments must file 2003 tax
returns and pay taxes in full.
March
15 - 2003 calendar-year
corporation income tax returns are due.
March
15 - Deadline for
calendar-year corporations to elect S corporation status for 2004.
April
1 - Deadline for taking
your first required IRA distribution if you turned 70½ in 2003. Unless you're
still working, this deadline also applies to your other retirement accounts
(except for Roth IRAs).
NOTE: Businesses are required to make federal
tax deposits on dates determined by various factors that differ from business
to business.
Payroll tax deposits: Employers generally must deposit Form
941 payroll taxes (income tax withheld from employees' pay and both the
employer's and employees' share of social security taxes) on either a monthly
or semiweekly deposit schedule. There are exceptions if you owe $100,000 or
more on any day during a deposit period, or if you owe $2,500 or less for the
calendar quarter.
Monthly depositors are required to deposit payroll taxes
accumulated within a calendar month by the fifteenth of the following month.
Semiweekly depositors generally must deposit payroll taxes on
Wednesdays or Fridays, depending on when wages are paid.
For more information on
tax deadlines that apply to your business, contact our office at (336) 838-3080
or email JFaw@ConcordePlanning.com.
