• March 2017 Business Due Dates

    27 February 2017
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    At Dagley & Co., we’ve compiled a list of due dates for your business. Contact us at (202) 417-6640 with any questions.

    March 15 –  Partnerships

    File a 2016-calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return and provide Schedules K-1 or substitute Schedules K-1 to the partners, file Form 7004. Then, file Form 1065 and provide the K-1s to the partners by September 15.

    March 15 –  S-Corporation Election

    File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2017. If Form 2553 is filed late, S treatment will begin with calendar year 2018.

    March 15 –  Electing Large Partnerships

    File a 2016-calendar year return (Form 1065-B) and provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K-1. This due date applies for K-1s even if the partnership requests an extension of time to file the Form 1065-B by filing Form 7004.

    March 15 – Social Security, Medicare and Withheld Income Tax

    If the monthly deposit rule applies, deposit the tax for payments in February.

    March 15 – Non-Payroll Withholding

    If the monthly deposit rule applies, deposit the tax for payments in February.
    March 31 – Electronic Filing of Forms 1098, 1099 and W-2G

    If you file Forms 1098, 1099 (other than 1099-MISC with an amount in box 7), or W-2G electronically with the IRS, this is the final due date. This due date applies only if you file electronically (not paper forms). Otherwise, January 31 or February 28 was the due date, depending on the form filed. The due date for giving the recipient these forms was January 31.

    March 31 – Large Food and Beverage Establishment Employers 

    If you file Forms 8027 for 2016 electronically with the IRS, this is the final due date. This due date applies only if you file electronically. Otherwise, February 28 is the due date.
     

     

     

     

     

     

     

     

     

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  • March 2017 Individual Due Dates

    24 February 2017
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    mach

    The month of March is quickly approaching. Flowers are starting to pop up out of the winter soil, the grass and trees are growing greener, and whether we’re ready or not, tax season is coming to an end. Plan ahead for March’s individual due dates:

    March 10 – Report Tips to Employer

    If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10.

    Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.

     

    March 15 – Time to Call for Your Tax Appointment
    It is only one month until the April due date for your tax returns. If you have not made an appointment to have your taxes prepared, we encourage you to contact Dagley & Co. before it becomes too late.

    Do not be concerned about having all your information available before making the appointment. If you do not have all your information, Dagley & Co. will make a list of the missing items. When you receive those items, just forward them to us.

    Even if you think you might need to go on extension, it is best to prepare a preliminary return and estimate the result so you can pay the tax and minimize interest and penalties. Dagley & Co. can then file the extension for you.

     

     

     

     

     

     

     

     

     

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