October 2011

Major Tax Deadlines for October 2011

10/1/2011 -

* October 3 - Generally, the deadline for self-employeds and small businesses to establish a SIMPLE retirement plan for 2011.
     
* October 17 - Deadline for filing 2010 individual tax returns on automatic extension of the April 18 filing deadline.
     
* October 17 - If you converted a regular IRA to a Roth IRA in 2010 and now want to switch back to a regular IRA, you have until October 17, 2011, to do so without penalty.

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

** Certain areas have extended deadlines for October 2011. Please view our Alloy Alert for further details. **

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, if you owe $2,500 or less for the calendar quarter, or if your estimated annual liability is $1,000 or less.

* 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 you or your business, contact our office.