May, 2004
Major Tax Deadlines for May 2004
What New In Taxes
New Business
Smart Business
What's New In Financial Strategies
Chuckle of the Month

Major Tax Deadlines For May 2004

May 17 - Deadline for calendar-year exempt organizations to file 2003 information returns.

June 1 - Deadline for IRA, SEP, SIMPLE, Roth IRA, MSA, and education savings account trustees to file annual statements (Form 5498) with the IRS, with copies to participants. (Normally, the deadline is May 31, but since May 31, 2004, is a holiday, the deadline is moved to the next business day.)

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) 838-4100 or email JFaw@ConcordePlanning.com. .

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We do not give tax or legal advice.  The comments regarding tax and estate planning techniques in this material simply reflect our understanding of current interpretations of the applicable laws.  Since laws are always subject to interpretation and possible changes, we recommend that you seek the counsel of an attorney, accountant or other qualified tax advisor for advice on how this general information may apply to your particular situation.

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