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The Online Advisor

March 2008


Major Tax Deadlines

For March 2008

* March 3 - Farmers and fishermen who did not make 2007 estimated tax payments must file 2007 tax returns and pay taxes in full. (Deadline is extended to March 10 if Form 4136, Credit for Federal Tax Paid on Fuels, is attached to tax return, and the tax return is electronically filed.)

* March 9 - Daylight Saving Time begins. (The energy bill passed back in 2005 extended Daylight Saving Time by one month. As a result, Daylight Saving Time starts the second Sunday in March and ends the first Sunday in November.)

* March 17 - 2007 calendar-year corporation income tax returns are due.

* March 17 - Deadline for calendar-year corporations to elect S corporation status for 2008.

* March 31 - Deadline for payors who file electronically to file 2007 information returns (such as 1099s) with the IRS.

* March 31 - Deadline for employers who file electronically to send copies of 2007 W-2s to the Social Security Administration.

For early April 2008

* April 1 - Deadline for taking your first required IRA distribution if you turned 70½ in 2007. 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.

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