It’s officially March, which means that it’s time for part three of our important tax dates for small business series! After covering tax dates that matter in January and February, we ended on a cliffhanger teasing a mention of what was to come for March tax dates, including defining the difference between Form 1065 and Form 1065-B, information related to S-Corporations and a focus on electronic filings.
All that and much more can be found below for the deadlines your business needs to know about this March.
This due date is specifically for farmers and fishermen and serves as the deadline for filing Form 1040, your 2016 individual income tax return and paying any tax that is due.
Last month, I mentioned that February 10 was the due date for any employees who receive tips to report how much they received. It’s the same deal for March, too. Employees who receive more than $20 in tips at an establishment must report the full amount for the month on Form 4070.
Save the date because this is a big deadline day for C-Corporations, S-Corporations and partnerships! Here’s what entrepreneurs need to know about filing across the board for C-Corps, S-Corps and partnerships, along with the required paperwork.
C-Corps are required to pay taxes on this date if they use the calendar year as their fiscal year. They’ll use Form 1120 (U.S. Corporation Income Tax Return) to file and pay any tax that is due. If a C-Corp needs more time to file, it’s recommended they file Form 7004 for an automatic extension of time to file which grants a six-month extension to the C-Corp.
Much like C-Corps, S-Corps will use Form 1120S (U.S. Income Tax Return for an S-Corporation) to file and pay any tax that is due. They can also file for a six-month extension using Form 7004. If a business would like to elect to be treated as S-Corporation status in 2017, March 15 is their deadline for filing Form 2553 (Election by a Small Business Corporation). If the form is filed late, the business will not be treated as an S-Corp until 2018.
Electing Large Partnerships will file Form 1065-B (U.S. Return of Income for Electing Large Partnerships). Afterwards, they will provide each partner with a copy of Schedule K-1 from Form 1065-B. It’s a similar situation for Partnerships, as well. File Form 1065 (U.S. Return of Partnership Income), then provide partners with a copy of Schedule K-1 from Form 1065 afterwards. Just like S-Corps and C-Corps, if an extension is necessary, file Form 7004.
We wrap up the month with electronic filing for a cluster of forms including Forms 1097, 1098, 1099, 3921 and 3922. Remember that this is the electronic filing due date for these forms, but your paper forms were due on February 28.
If you’ve already filed for your employees via print, great! If not, your deadline to file electronically with the IRS is March 31.