By A.J. Gross
Tax season is here. There are important dates both businesses and individuals should be aware of this tax season.
January 15, 2016 – Individual 4th quarter estimated tax payments for 2015 tax year are due.
January 19, 2016 – IRS starts to accept electronically filed tax returns. You can work with your tax preparer right away. However, your tax return will not be processed by the IRS until January 19th.
February 1, 2016 – This is the due date your employer must provide you Form W-2. If you are a contractor, you should receive Form 1099-MISC by this date.
February 29, 2016 – Employers that issue Form W-2s to employees are required to file copies of Form W-2s to the IRS. If the employer files copies of Form W-2s to the IRS electronically, then the due date is extended to March 31, 2016.
Businesses that issue Form 1099 are required to file copies to the IRS by February 29th. If the business files copies electronically, then the due date is extended to March 31, 2016.
March 15, 2016 – This is the due date for 2015 corporation tax returns. This includes C-Corporations and S-Corporation. Businesses are allowed to request for an automatic 6 month extension to file corporation tax return. March 15th is the due date to file an extension.
April 18, 2016 – The due date for filing 2015 individual tax returns or Form 1040 is April 18th. Friday, April 15 is Emancipation Day which is a federal holiday. Therefore, the due date for 2015 individual tax returns is pushed to Monday, April 18. You are able to request an automatic 6 month extension for filing individual tax returns. The extension must be filed by April 18th.
Individual 1st quarter estimated tax payments for 2016 tax year are due.
2015 partnership tax return, Form 1065, is due on April 18th. An automatic 5 month extension can be requested. The extension must be filed by this date.
June 15, 2016 – Individual 2nd quarter estimated tax payments for 2016 tax year are due.
September 15, 2016 – Individual 3rd quarter estimated tax payments for 2016 tax year are due.
Extended corporation and partnership tax returns are due on September 15. Corporations include both C-Corporations and S-Corporations.
October 15, 2016 – The due date for extended individual tax returns.
January 17, 2017 – Individual 4th quarter estimated tax payments for 2016 tax year are due.
A.J. Gross, C.P.A., E.A. is President of ALG Tax Solutions. A.J. Gross can be contacted at AJGross@
algtaxsolutions.com or
www.algtaxsolutions.com.
This article was printed in the January 10, 2016 – January 23, 2016 edition.
