900 N. Kings Highway, Cherry Hill, New Jersey 08034 856.667.4100 · 215.563.0276 · Fax: 856.667.3652 Tax Tip of the Week For the week of April 21st, 2008 It's still tax time after April 15 With so much focus on April 15, it's easy to overlook other tax due dates. But employers, nonprofit organizations, and fiscal-year filers have upcoming reporting requirements that are equally important. Here's an overview. Employers. The federal due date for first quarter payroll returns, such as Form 941, is April 30. However, if you deposited all your payroll taxes on time, you can send the return to the IRS by May 12. Now is also the time to calculate your federal unemployment tax liability for the three months ended March 31. If you owe more than $500, the due date for making your deposit is April 30. Nonprofit organizations. Do you volunteer your time to a charitable organization? Make sure the charity is aware of a new federal reporting requirement. Nonprofit organizations that may not have been required to complete a return in the past — such as those with less than $25,000 of annual gross receipts — are now required to file Form 990-N. The form, called an "e-Postcard," must be submitted electronically. The due date for nonprofits with a December 31 year-end is May 15. Failure to file Form 990-N could result in loss of tax-exempt status. Fiscal-year filers. When your corporation, partnership, or other entity has a tax year ending on the last day of any month except December, the due dates for income tax and other returns vary. However, your payroll tax returns follow the same schedule as calendar-year taxpayers, meaning Form 941 is due by April 30 (or May 12, if you meet the exception). Excise tax returns, estimated payments, and nonpayroll withholding are examples of tax responsibilities that have due dates beyond April 15. Please contact our office. We can help you establish a calendar that will keep you on track throughout the year. Click here to view previous tax tips. "Tax Tips" are published weekly to provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders, and current tax information. The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax-cutting information from time to time, please contact our office. We're here to help. Home