Major
Tax Deadlines For March 2006
March 1 - Farmers and fishermen who
did not make 2005 estimated tax payments must file 2005 tax returns and pay
taxes in full.
March 15 - 2005 calendar-year
corporation income tax returns are due.
March 15 - Deadline
for calendar-year corporations to elect S corporation status for 2006.
March 31 - Deadline
for payors who file electronically to file 2005
information returns (such as 1099s) with the IRS.
March 31 - Deadline
for employers who file electronically to send copies of 2005 W-2s to the Social
Security Administration.
For
April 2006
April 3 - Deadline
for taking your first required IRA distribution if you turned 70½ in 2005.
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, if you owe
$2,500 or less for the calendar quarter, or if your estimated annual liability
is $1,000 or less.
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.
