February & March Tax Calendars

February Tax Calendar

February 11

Employees who work for Tips
If you received $20 or more in tips during January, report them to your employer. Use Form 4070.

February 15

Employers
For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in January if the monthly rule applies.

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

Employers
Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2007 but did not give you a new Form W-4 to continue the exemption for 2008.

February 28

All Businesses
File information returns (Form 1099) for certain payments you made during 2007. If you file Forms 1099 electronically (not by magnetic media), your due date for filing them with the IRS is March 31.

February 29

Employers
File Form W-3 along with Copy A of all the Forms W-2 you issued for 2007. 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 Tax Calendar

March 10

Employees who work for Tips
If you received $20 or more in tips during February, report them to your employer. Use Form 4070.

March 17

S Corporations
File a 2007 calendar year income tax return (Form 1120 or 1120S) 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 Corporation Election
File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2008. If form 2553 is filed late, S treatment will begin with calendar year 2009.

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 a substitute Schedule K-1. This due date is effective for the first March 17 following the close of the partnership's tax year. The due date of March 17 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.

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.