Randy J. Elder, CPA, P.C.

Important Tax Related Due Dates for Arizona Small Business

Let’s continue our series last month. There are several important tax related items coming due for businesses this month. The important date to remember for March is the 17th. Not only is it St. Patrick’s Day but also the day certain filing and deposits are due. So, before you celebrate all that is Irish, make sure you’ve taken care of the important tasks.

Tax due by March 17

S-Corporation Election

If you are planning to establish an S Corporation or change your business entity structure to an S Corporation, you will need to File Form 2553 by March 17. If Form 2553 is filed late, tax treatment as an S Corporation won’t go into effect until the 2015 calendar year.

Electing Large Partnerships

By March 17 of this year, you must provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K-1. This due date is effective for the first March 15 following the close of the partnership’s tax year. The tax due by March 15 applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 7004. Since March 15 falls on a Saturday this year, the due date is Monday, March 17.

Social Security, Medicare and Withheld Income Tax

Deposits for Social Security, Medicare and Withheld Income Tax payments made in February are due if the monthly deposit rule applies.

Non-Payroll Withholding

If the monthly deposit rule applies, deposits for the non-payroll withholding tax payments made in February are also due.

Corporations

File a 2013 calendar year income tax return (Form 1120 or 1120-A) and pay any tax untill March 17. If you need an automatic 6-month extension of time to file the return, file Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns, and deposit what you estimate you owe. It is important to note that filing this extension protects you from late filing penalties but not late payment penalties. To avoid late payment penalties be sure to estimate your liability carefully and deposit the estimated amount due using the instructions on Form 7004.

In honor of St. Patrick’s Day here is an Irish quote of unknown origin: ‘A best friend is like a four leaf clover: hard to find and lucky to have.’

If you have any questions about due dates, deposits or the filing of required forms, please contact me.