TAX CALENDAR for 2011
DECEMBER 2011 Tax Calendar
December 15
Employers. For Social Security, Medicare, withheld income tax, and
nonpayroll withholding, deposit the tax for payments in November if
the monthly rule applies.
Corporations. Deposit the fourth installment of estimated income
tax for 2011.
JANUARY 2012
January 17
Individuals. Make a payment of your estimated tax for 2011 if you did not pay your income tax for the year through withholding (or did not pay enough in tax that way). Use Form 1040-ES. This is the final installment date for 2011 estimated tax. However, you don’t have to make this payment if you file your 2011 return and pay any tax due by January 31, 2011.
Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in December if the monthly rule applies.
January 31
All businesses. Give annual information statements (Forms 1099) to recipients of certain payments you made during 2011. Payments that are covered include: (1) compensation for workers who are not considered employees, (2) dividends and other corporate distributions, (3) interest, (4) amounts paid in real estate transactions, (5) rents, (6) royalties, (7) amounts paid in broker and barter exchange transactions, (8) payments to attorneys, (9)
profit-sharing distributions, (10) retirement plan distributions, (11) original issue discounts, (12) prizes and awards, (13) medical and health care payments, (14) debt cancellations (treated as payment to debtor), (15) payments of Indian gaming profits to tribal members, and (16) cash payments over $10,000. There are different forms for different types of payments.
Employers. Give your employees their copies of Form W-2 for 2011. For nonpayroll taxes, file Form 945 to report income tax withheld for 2011 on all nonpayroll items, such as backup withholding and withholding on pensions, annuities, and IRAs. For Social Security, Medicare, and withheld income tax, file Form 941 for the fourth quarter of 2011. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it with the return. If you deposited the tax for the quarter in full and on time, you have until February 10 to file the return. For federal unemployment tax, file Form 940 (or 940-EZ) for 2011. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you already deposited the tax for the year in full and on time, you have until February 10 to file the return.
This information is provided as an informational service only and does not constitute professional or legal advice. Please check with Shuman & Epstein LLC regarding dates and forms.
Source: The CPA Client Bulletin
The CPA Client Bulletin (ISSN 1942-7271) is prepared by AICPA staff for the clients of its members and other practitioners. The Bulletin carries no official authority, and its contents should not be acted upon without professional advice. Copyright © 2011 by the American Institute of Certified Public Accountants, Inc., New York, NY 10036-8775. Printed in the U.S.A. Sidney Kess, CPA, JD, Editor. For AICPA customer service call 888.777.7077 or visit http://www.cpa2biz.com.
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