2015 Tax Reminders - March

Monday, March 2


Employers.  Send Form W-3, Transmittal of Wage and Tax Statements, to the IRS along with Copy A of all employee W-2s you issued in 2015 for calendar-year 2014.
Businesses.  Send Forms 1099 and 1096 to the IRS (see Feb. 2). A separate 1096 is required for each 1099 type.

Monday, March 16


C corporations. File a 2014 calendar-year income tax return (Form 1120 or 1120-A) and pay any tax that is due. If you want an automatic six-month extension, file Form 7004, and deposit what you estimate you owe.


S corporations. File your 2014 calendar-year income tax return (Form 1120-S) and pay any tax that is due. Provide each shareholder with a copy of Schedule K-1 (Form 1120-S), Shareholder’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. For an automatic six-month extension, file Form 7004.


S corporation election.  File Form 2553, Election by a Small Business Corporation, by this date to be treated as an S corp beginning with calendar-year 2015. If you miss the deadline, the switch generally won’t take effect until calendar-year 2016.


Employers.  February 2015 payroll tax deposit is due if you’re not on a semiweekly deposit schedule.

Tuesday, March 31


Employers.  If you file electronically, send Forms 1098, 1099 or W-2G to the IRS. Otherwise, see March 2 rules. The due date for giving recipients those forms is still Feb. 2, regardless of whether you file electronically.

 

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