2017 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

2017 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.     October 16 • If a calendar-year C corporation that filed an automatic six-month extension: o File a 2016 income tax return (Form 1120) and pay any tax, interest and penalties due. o Make contributions for 2016 to certain employer-sponsored retirement plans. October 31 • Report income tax withholding and FICA taxes for third quarter 2017 (Form 941) and pay any tax due. (See exception below.) November 13 • Report income tax withholding and FICA taxes for third quarter 2017 (Form 941), if you deposited on time and in full all of the associated taxes due. December 15 • If a calendar-year C corporation, pay the fourth installment of 2017 estimated income taxes.   ©...
A Timely Postmark on Your Tax Return May Not Be Enough to Avoid Late-Filing Penalties

A Timely Postmark on Your Tax Return May Not Be Enough to Avoid Late-Filing Penalties

Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper return that’s due April 18 to be timely filed if it’s postmarked by midnight. But dropping your return in a mailbox on the 18th may not be sufficient. An example Let’s say you mail your return with a payment on April 18, but the envelope gets lost. You don’t figure this out until a couple of months later when you notice that the check still hasn’t cleared. You then refile and send a new check. Despite your efforts to timely file and pay, you’re hit with failure-to-file and failure-to-pay penalties totaling $1,500. Avoiding penalty risk To avoid this risk, use certified or registered mail or one of the private delivery services designated by the IRS to comply with the timely filing rule, such as: DHL Express 9:00, Express 10:30, Express 12:00 or Express Envelope, FedEx First Overnight, Priority Overnight, Standard Overnight or 2Day, or UPS Next Day Air Early A.M., Next Day Air, Next Day Air Saver, 2nd Day Air A.M. or 2nd Day Air. Beware: If you use an unauthorized delivery service, your return isn’t “filed” until the IRS receives it. See IRS.gov for a complete list of authorized services. Another option If you’re concerned about meeting the April 18 deadline, another option is to file for an extension. If you owe tax, you’ll still need to pay that by April 18 to avoid risk of late-payment penalties as well as interest. If you’re owed a refund and file late, you...