Major Tax Deadlines For
March 2008
March 3 - Farmers and
fishermen who did not make 2007 estimated tax payments must file 2007 tax
returns and pay taxes in full. (Deadline is extended to March 10 if Form 4136,
Credit for Federal Tax Paid on Fuels, is attached to tax return, and the tax
return is electronically filed.)
March 9 - Daylight Saving
Time begins. (The energy bill passed back in 2005 extended Daylight Saving Time
by one month. As a result, Daylight Saving Time starts the second Sunday in
March and ends the first Sunday in November.)
March 17 - 2007 calendar-year
corporation income tax returns are due.
March 17 - Deadline for
calendar-year corporations to elect S corporation status for 2008.
March 31 - Deadline for payors who file electronically to file 2007 information
returns (such as 1099s) with the IRS.
March 31 - Deadline for
employers who file electronically to send copies of 2007 W-2s to the Social
Security Administration.
For early April 2008
April 1 - Deadline for taking
your first required IRA distribution if you turned 70½ in 2007. 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.
