March 2003

Major Tax Deadlines

3/1/2003 -

March 3 - Farmers and fishermen who did not make 2002 estimated tax payments must file 2002 tax returns and pay taxes in full.
March 17 - 2002 calendar-year corporation income tax returns are due.
March 17 - Deadline for calendar-year corporations to elect S corporation status for 2003.

For April 2003

April 1 - Deadline for taking your first required IRA distribution if you turned 70½ in 2002. Unless you're still working, this deadline also applies to your other retirement accounts (except for Roth IRAs).

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.