Major
Tax Deadlines for March 2007
March
1 - Farmers and fishermen who did not make 2006 estimated tax
payments must file 2006 tax returns and pay taxes in full.
March
11 - Daylight Saving Time begins. (The energy bill passed in 2005
extends Daylight Saving Time by one month. Beginning this year, Daylight Saving
Time starts the second Sunday in March and ends the first Sunday in November.)
March
15 - 2006 calendar-year corporation income tax returns are due.
March
15 - Deadline for calendar-year corporations to elect S corporation
status for 2007.
For
April 2007
April
2 - Deadline for payers who file electronically to file 2006
information returns (such as 1099s) with the IRS.
April
2 - Deadline for employers who file electronically to send copies of
2006 W-2s to the Social Security Administration.
April
2 - Deadline for taking your first required IRA distribution if you
turned 70½ in 2006. 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 at (336) 838-4100 or email JFaw@ConcordePlanning.com.
