July 2005

Major Tax Deadlines

7/1/2005 -

July 15 - Deadline for filing extended 2004 calendar-year partnership returns.

July 15 - Deadline for filing extended 2004 income tax returns for calendar-year trusts.

August 1 - Due date for filing retirement or employee benefit plan returns (5500 series) for plans on a calendar year. (Deadline normally is July 31; however, July 31, 2005, is a Sunday, so the deadline moves to the next business day.)

NOTE: Businesses are required to make federal tax deposits on dates determined by various factors that differ from business to business.

Payroll tax deposits: Employers generally must deposit Form 941 payroll taxes (income tax withheld from employees' pay and both the employer's and employees' share of social security taxes) on either a monthly or semiweekly deposit schedule. There are exceptions if you owe $100,000 or more on any day during a deposit period, or if you owe $2,500 or less for the calendar quarter.
 

Monthly depositors are required to deposit payroll taxes accumulated within a calendar month by the fifteenth of the following month.

Semiweekly depositors generally must deposit payroll taxes on Wednesdays or Fridays, depending on when wages are paid.

For more information on tax deadlines that apply to your business, contact our office.