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We will post tax calendar due dates quarterly.

News

First Quarter 2005

Federal

By January 10

Employees who work for tips. If you receive $20 or more in tips during December, report them to your employer. You can use Form 4070.

By January 17

Estimated Taxes. Final installment of 2004 estimated tax (Form 1040ES) by individuals unless income tax return is filed with final payment by January 31, 2006. Payment in full of estimated tax by farmers and fisherman unless income tax returns are filed by March 1, 2005. Final instalment for trusts unless Form 1041 filed by January 31, 2006.

By January 31

Employers’ Taxes. Employers of nonagricultural and nonhousehold employees file return on Form 941 for withheld income and FICA taxes in last quarter of 2005.
Employers must file Form 940, annual return of federal unemployment (FUTA) taxes for 2005.
Farm Employers. Must file annual Form 943 for agricultural workers to report income and FICA taxes withheld during 2005.
Withholding. Employees’ statements (Form W-2 and Form 1099-R) for amounts withheld in 2005 to be furnished by employer to employees.
Individuals. (other than farmers and fishermen) who owed, but did not pay estimated tax on January 15, must file final 2005 income tax return and pay tax in full to avoid late payment penalty.
All Businesses. Give annual information statements to recipients of certain payments you made during 2004. See your tax professional for the proper forms and which payments you need to file through 1099s and W2s.

By February 10

Employees who work for tips. If you receive $20 or more in tips during January, report them to your employer. You can use Form 4070.

By February 15

Nonpayroll taxes. File form 954 to report income tax withheld for 2005 on all nonpayroll items. This due date applies only if you deposited the tax for the year in full and on time.
Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2005. This due date applies only if you deposited the tax for the quarter in full and on time.
Federal unemployment tax. File form 940 (or 940-EZ) for 2005. This due date applies only if you deposited the tax for the quarter in full and on time.
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 by this date to continue your exemption for another year.
Social security, Medicare, withheld income tax, and nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in January.
All employers. Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2005, but did not give you a new Form W-4 to continue the exemption this year.

By February 28

All businesses. File information returns (Form 1099) for certain payments you made during 2005. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. If you file Forms 1098, 1099, or W-2G electronically, your due date for filling them with the IRS will be extended to March 31. The due date for giving the recipient these forms still will be January 31.
All employers. File Form W-3, Transmittal of Wage and Tax Statements, along with Copy A of all the Form W-2 you issued for 2005. If you file W-2 electronically (not by magnetic media), your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipients these forms still will be January 31.
Large food and beverage establishment employers. File Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips. Use Form 8027-T, Transmittal of Employer’s Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment.

By March 1

Farmers and Fisherman. File your 2005 income tax return (form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2005 estimated tax by January 15, 2006.

By March 10

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

By March 15

Corporations. File 2005 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.
S Corporations. File a 2005 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, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.
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. This due date is effective for the first March 15 following the close of the partnership’s Tax Year. If March 15 falls on Saturday, Sunday, or legal holiday, then the due date is the next business day. The due date of March 15 applies even if the partnership requests an extension of time to file Form 1065-B by filing Form 8736 or Form 8800.
Social security, Medicare, withheld income tax, and nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February.

By March 31

Electronic filing of Forms 1098, 1099, W-2G, and W-2. File Forms 1098, 1099, W-2G, and W-2 with the IRS. This due date applies only if you file electronically (not by magnetic media). Otherwise, File by February 28. The due date for giving the recipient these forms still will be January 31.

State

By January15

By February15

By February 28

For all employers, N. C. Annual Withholding report is due for the prior year. To be filed with the state copy of the W-2s.

By March 15

Specific tax questions; send email to jcavender@earthlink.net