2017 and all of its tax deadlines are upon us! Below is a quick guide of the most important dates to keep in mind this calendar year. Take a careful look as quite a few deadlines have changed this year!
- January 17th: due date to pay 4th quarter estimated taxes.
- January 31st:
- Due date to send out 1099s and W-2s to recipients.
- New Deadline: due date to file 1099s/1096s with amounts in Box 7 and W-2s/W-3s with the IRS. Previously these were not due to the IRS until February 28th if paper filing and March 31st if filing electronically.
- Healthcare open enrollment for 2017 closes.
- February 28th: due date to file 1099s/1096s that do not have amounts in Box 7 if you are paper filing.
- March 15th:
- Due date to file S-Corp (1120S) returns
- Due date to elect S-Corp status for existing corporations or LLCs.
- New Deadline: due date to file partnership returns (1065). Previously these were not due until April 15th.
- March 31st: due date to file 1099s/1096s that do not have amounts in Box 7 if you are filing electronically.
- April 18th:
- Due date to file individual (1040) and trust (1041) returns.
- New Deadline: due date to file C-Corp returns. Previously these were due March 15th.
- Last day to make HSA contributions and contributions to the majority of retirement plans.
- Due date to pay 1st quarter estimated payments.
- May 15th: due date to file most nonprofit returns (Form 990).
- June 15th: due date to pay 2nd quarter estimated payments.
- September 15th:
- Due date for extended S-Corp and partnership tax returns.
- Due date to pay 3rd quarter estimated payments.
- October 2nd New Deadline: due date for extended trust returns. Previously these were due September 15th.
- October 16th:
- Due date for extended individual tax returns.
- New Deadline: due date for extended C-Corp returns. Previously these were due September 15th.
- November 15th New Deadline: due date to file extended nonprofit returns. Previously you could apply for a 3 month extension (August 15th) and a second three month extension (November 15th). This changes it to one six-month extension like most other returns.
A reminder as regards the April 17th deadline: an extension is an extension to file, not an an extension to pay. If you file an extension and still owe money you will be assessed the failure-to-pay penalty of 0.5% per month on the balance. This is a huge improvement over the 5% per month failure-to-file penalty – so by all means file an extension (or get me to file one for you) if you need one.
If you are unsure of exactly what to do for any of these deadlines or need any assistance, give me a call. There are few things as costly as missed or erroneous tax filings – so let me help you keep things straight and get 2017 started on the right foot!
Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.