Fall 2015 Issue of Horizons

February 29, 2016 All Businesses. If not filing electronically, file 2015 information returns (Form 1099) for certain payments you made during 2015. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit for forms for each type of payment. If you file Forms 1099 electronically, your due date for filing them with the IRS will be extended to March 31, 2016. All Employers. If not filing electronically, file 2015 Form W-3, “Transmittal of Wage and Tax Statements,” along with Copy A of all the Forms W-2 you issued for 2015 with the Social Security Administration. If you file Forms W-2 electronically, your due date for filing them with the Social Security Administration will be extended to March 31, 2016. March 16, 2016 Corporations. File a 2015 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic six-month extension of time to file the return, file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, and deposit what you estimate you owe. S Corporations. File a 2015 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1(Form 1120S), Shareholder’s Share of Income, Deductions, Credits, etc. If you want an automatic six-month extension of time to file the return, file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, and deposit what you estimate you owe.

March 31, 2016 All Businesses. If filing electronically, file 2015 information returns (Form 1099) for certain payments you made during 2015. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit for forms for each type of payment. If you do not file Forms 1099 electronically, your due date for filing them with the IRS is March 2. All Employers. If filing electronically, file Copy A of Form(s) W-2 and W-3 you issued for 2015 with the Social Security Administration. If you do not file Forms W-2 electronically, your due date for filing them with the Social Security Administration is February 29, 2016. April 8, 2016 Individuals. File a 2015 income tax return (Form 1040, 1040A or 1040EZ) and pay any tax due. If you want an automatic six-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return and be sure 100% of your 2015 income tax has been paid before or with your extension. Individuals. If you are not paying all of your 2016 estimated income tax through withholding, pay the first installment of your 2016 estimated tax using Form 1040-ES. Partnerships. File a 2015 calendar year income tax return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc. If you want an automatic five-month extension of time to file the return, file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns.

Corporations. If filing on a calendar year, deposit the first installment of estimated income tax for 2016.

April 30, 2016 Federal Payroll Tax. File Form 941 for the first quarter of 2016. Deposit or pay any undeposited Social Security, Medicare and withheld federal income tax. Federal Unemployment Tax. Deposit the tax owed through March if more than $500.

Any federal tax advice contained in this communication (including any attachments): (i) is intended for your use only; (ii) is based on the accuracy and completeness of the facts you have provided us; and (iii) may not be relied upon to avoid penalties. Readers should not act upon information presented without individual professional consultation.

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