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1st Quarter 2008

During January

All employers. Give your employees their copies of Form W-2 for 2007 by January 31, 2008. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee of the posting by January 31.

January 1

Employers. Stop advance payments of the earned income credit for any employee who did not give you a new Form W-5 for 2008.

January 10

Employees who work for tips. If you received $20 or more in tips during December, report them to your employer. You can use Form 4070, Employee's Report of Tips to Employer.

January 15

Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in December 2007.

Individuals. Make a payment of your estimated tax for 2007 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). Use Form 1040-ES. This is the final installment date for 2007 estimated tax. However, you do not have to make this payment if you file your 2007 return (Form 1040) and pay any tax due by January 31, 2008.

Farmers and fishermen. Pay your estimated tax for 2007 using Form 1040-ES. You have until April 15 to file your 2007 income tax return (Form 1040). If you do not pay your estimated tax by January 15, you must file your 2007 return and pay any tax due by March 3, 2008, to avoid an estimated tax penalty.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in December 2007.

January 31

Employers - Federal unemployment tax. File Form 940 (or 940-EZ) for 2007. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you already deposited the tax for the year in full and on time, you have until February 11 to file the return.

Employers - Social security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2007. Deposit or pay any undeposited tax. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until February 11 to file the return.

Employers - Nonpayroll taxes. File Form 945 to report income tax withheld for 2007 on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the year in full and on time, you have until February 11 to file the return.

Individuals. File your income tax return (form 1040) for 2007 if you did not pay your last installment of estimated tax by January 15. Filing your return and paying any tax due by January 31 prevents any penalty for late payment of the last installment. If you cannot file and pay your tax by January 31, file and pay your tax by April 15.

Employers. Give your employees their copies of Form W-2 for 2007. If an employee agreed to recieve Form W-2 electronically, have it posted on a website accessible to the employee and notify the employee of the posting.

Employers. Give your independent contractor paid over $600 and individuals to whom you paid dividends, interest or rent their copies of Form 1099 for 2007.

February 11

Employers - Federal unemployment tax. File Form 940 (or 940-EZ) for 2007. This due date applies only if you deposited the tax for the year in full and on time.

Employers - Social security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2007. This due date applies only if you deposited the tax for the quarter in full and on time.

Employers - Nonpayroll taxes. File Form 945 to report income tax withheld for 2007 on all nonpayroll items. This due date applies only if you deposited the tax for the year in full and on time.

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

February 15

Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in Janaury.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit tax for payments in January.

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 W-4 by this date to continue your exemption for another year.

February 16

Employers. Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2007, but did not give you a new Form W-4 to continue the exemption this year.

February 28

All businesses. File information returns (Form 1099) for certain payments you made during 2007. These payments are described under January 31. There are different forms for different types of payments. Use a separate Form 1096 to sumarize and transmit the forms for each type of payment. See the 2007 Instructions for Forms 1099, 1098, 5498, and W-2G for information on what payments are covered, how much the payment must be before a return is required, what form to use, and extensions of time to file. If you file Forms 1098, 1099, or W-2G 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 recipient these forms remains January 31.

February 29

Employers. File Form W-3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W-2 you issued for 2007. If you file Forms W-2 electronically, your due date for filing them with the SSA will be extended to March 31. The due date for giving the recipient these forms remains January 31.

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.

March 17

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February.

Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in February.

Corporations. File a 2007 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 2007 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 17 following the close of the partnership's tax year. The due date of March 17 applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 7004.

S corporation election. File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2008. If Form 2553 is filed late, S treatment will begin with calendar year 2009.

March 31

Electronic filing of Forms 1098, 1099, and W-2G. File Forms 1098,1099, or W-2G with the IRS. This due date applies only if you file electronically (not by magnetic media). Otherwise, See February 28. The due date for giving the recipient these forms remains January 31. For information about filing Forms 1098, 1099, or W-2G electronically, see Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G Electronically and Magnetically.

2nd Quarter 2008

April 10

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

April 15

Individuals. File an income tax return for 2007 (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, or you can get an extension by phone or over the internet. Then file Form 1040, 1040A, or 1040EZ by October 15.

Household employers. If you paid cash wages of $1,500 or more in 2007 to a household employee, file Schedule H. If you are required to file a federal income tax return (Form 1040), file Schedule H with the return and report any employment taxes. Report any federal unemployment (FUTA) tax on Schedule H if you paid total cash wages of $1,000 or more in any calendar quarter of 2006 or 2007 to household employees. Also report any income tax you withheld for your household employees. For more information, see Publication 926.

Individuals. If you are not paying your 2008 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2008 estimated tax. Use Form 1040-ES. For more informatio, see Publication 505.

Partnerships. File a 2007 calendar year return (Form 1065). Provide each partner with a copy of a Schedule K-1 (Form 1065), Partner'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 and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then file Form 1065 by October 15.

Electing large partnerships. File a 2007 calendar year return (Form 1065-B). If you want an automatic 6-month extension of time to file the return, file Form 7004. Then file Form 1065-B by October 15. See March 17 for the due date for furnishing the Schedules K-1 to the partners.

Corporations. Deposit the first installment of estimated income tax for 2008. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in March.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in March.

April 30

Employers - Social security, Medicare, and withheld income tax. File Form 941 for the first quarter 2008. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until May 12 to file the return.

Employers - Federal unemployment tax. Deposit the tax owed through March if more than $500.

May 12

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

Social security, Medicare, and withheld income tax. File Form 941 for the first quarter 2008. This due date applies only if you deposited the tax for the quarter in full and on time.

May 15

Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in April.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in April.

June 10

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

June 16

Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in May.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May.

Individuals. If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. Otherwise, see April 15. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file. Then file Form 1040 by August 15. Then, file Form 1040 by October 15.

However, if you are a participant in a combat zone you may be able to further extend the filing deadline.

Individuals. Make a payment of your 2008 estimated tax if you are not paying you income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2008. For more information, see Publication 505.

Corporations. Deposit the second installment of estimated income tax for 2008. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

3rd Quarter 2008

July 10

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

July 15

Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in June.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in June.

July 31

Employers - Social security, Medicare, and withheld income tax. File Form 941 for the second quarter 2008. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until August 11 to file the return.

Certain small employers. Deposit any undeposited tax if your liability is $2,500 or more for 2008 but less than $2,500 for the second quarter.

Employers - Federal unemployment tax. Deposit the tax owed through June if more than $500.

All employers. If you maintain an employee benefit plan, such as a pension, profit-sharing, or stock bonus plan, file Form 5500 or 5500-EZ for calendar year 2007. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends.

August 11

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

Social security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2008. This date applies only if you deposited the tax for the quarter in full and on time.

August 15

Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in July.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in July.

September 10

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

September 15

Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in August.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in August.

Individuals. Make a payment of your 2008 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the third installment date for estimated tax in 2008. For more information, see Publication 505.

Corporations. File a 2007 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 17.

S corporations. File a 2007 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 17. Provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1.

Corporations. Deposit the third installment of estimated income tax for 2008. A worksheet, Form 1120-W, is available to help you make a estimate of your tax for the year.

4th Quarter 2008

October 10

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

October 15

Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in September.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in September.

Individuals. If you have an automatic 6-month extension to file your income tax return for 2007, file Form 1040, 1040A, or 1040EZ and pay any tax, interest and penalties due.

Partnerships. File a 2007 calendar year return (Form 1065). This due date applies only if you were given an additional 6-month extension. Provide each partner with a copy of Schedule K-1 (Form 1065) or a substitute K-1.

Electing large partnerships. File a 2007 calendar year return (Form 1065-B). This due date applies only if you were given an additional 6-month extension. See March 17 for the due date for furnishing the Schedules K-1 to the partners.

October 31

Employers - Social security, Medicare, and withheld income tax. File Form 941 for the third quarter 2008. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until November 10 to file the return.

Certain small employers. Deposit any undeposited tax if your liability is $2,500 or more for 2008 but less than $2,500 for the third quarter.

Employers - Federal unemployment tax. Deposit the tax owed through September if more than $500.

November 10

Social security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2008. This date applies only if you deposited the tax for the quarter in full and on time.

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

November 17

Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in October.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in October.

December 10

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

December 15

Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in November.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in November.

Corporations. Deposit the fourth installment of estimated income tax for 2008. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

 

 

 

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