TAX CALENDAR
February 2010 | March 2010 Calendar
February 1, 2010
ALL BUSINESSES
Give annual information statements (Forms 1099) to recipients of certain payments you made during 2009. Payments that are covered include: (1) compensation for workers who are not considered employees; (2) dividends and other corporate distributions; (3) interest; (4) rents; (5) royalties; (6) profit sharing distributions; (7) retirement plan distributions; (8) original issue discounts; (11) debt cancellations (treated as payment to debtor); and (12) 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 2009.
For nonpayroll taxes, file Form 945 to report income tax withheld for 2009 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 2009.
For all taxes, deposit any undeposited tax. If the total is less than $2,500 and not a shortfall, you can pay it with the return. If you deposited the tax for the year in full and on time, you have until February 11 to file the return.
For federal unemployment tax, file Form 940 (or 940-EZ) for 2009. 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 11 to file the return.
February 15, 2010
INDIVIDUALS
If you claimed exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 to continue your exemption for another year.
February 16, 2010
EMPLOYERS
For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in January if the monthly rule applies.
Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2009, but did not give you a new Form W-4 to continue the exemption for 2010.
ALL BUSINESSES
Give annual information statements (Forms 1099) to recipients of certain payments you made during 2009. Payments that are covered include: (1) amounts paid in broker and barter exchange transactions; (2) amounts paid in real estate transactions; and (3) payments to attorneys.
March 2010 Calendar
March 1, 2010
EMPLOYERS
File Form W-3, along with Copy A of all the Forms W-2 you issued for 2009. If you file Forms W-2 electronically (not by magnetic media), your due date for filing them with the Social Security Administration is March 31.
March 15, 2010
CORPORATIONS
File a 2009 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 and deposit what you estimate you owe.
S CORPORATIONS
File a 2009 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., or substitute Schedule K-1. If you want an automatic six-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.
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 2010. If Form 2553 is filed late, S treatment will begin with calendar year 2011.
ELECTING LARGE PARTNERSHIPS
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 substitute Schedule K-1. This due date is effective for the first March 15 following the close of the partnership's tax year. The due date of March 15 applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 7004.
EMPLOYERS
For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in February if the monthly rule applies.
Updated February 2010
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: AICPA CPA Client Bulletin. The CPA Client Bulletin is prepared monthly by the staff of the AICPA and is informational only, not to be acted upon with professional advice.
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*The American Institute of Certified Public Accountants and the Massachusetts Society of Certified Public Accountants have the responsibility of recommending and implementing guidelines by which Certified Public Accountants must adhere.