Important Tax Deadlines - 2016

February 1, 2016  

Deadline to issue W2 to your employees and 1099s to your independent contractors.  Below is some information on 1099s, but as always, should you have any questions, please do not hesitate to contact us.  (The normal deadline for corporate returns is January 31st, but this falls on a Saturday, so the deadline is pushed to the next business day, which is Monday, February 2nd .)

February 16, 2016

Deadline for employees who claim exemption from withholding to file a new Form W-4 with their employers. Financial institutions must mail out 1099-B, 1099-S and 1099-MISC forms by this date. 1099-B forms detail sales of stock, bonds or mutual funds through a brokerage account. 1099-S forms relate to real estate transactions. 1099-MISC forms show other income such as rent and royalty payments or prizes and awards from TV or radio shows.

February 29, 2016

Deadline to renew your LA Business Tax Certificate.  If your business operates out of the city of Los Angeles, it is likely that you have (or should have applied for) a Business Tax Certificate and the renewal for this certificate MUST BE renewed by February 28 in order to be considered timely.  This renewal is important as your business may be subject to exemptions that will reduce or eliminate any tax due to the City of Los Angeles.  You can renew electronically at: https://latax.lacity.org/laweb/F-logon.jsp.   You can also contact us or find any info you need on the requirements for this license at: http://finance.lacity.org.  

March 2, 2016

Deadline for businesses to mail Forms 1099 and 1096 with the IRS if filing on paper. (If filing these forms electronically, the deadline is March 31.)

March 15, 2016

Deadline for corporate tax returns (Forms 1120, 1120A, and 1120S) for the year 2015, or to request automatic 6-month extension of time to file (Form 7004) for corporations who use the calendar year as their tax year.

Final deadline to file an amended corporate tax return (Form 1120X) for tax year 2012 and still claim a tax refund. (Refunds expire three years from the original due date of the return.)

     April 18, 2016

Deadline to file individual tax returns (Form 1040, 1040A, or 1040EZ) for the year 2015 or to request an Automatic Extension (Form 4868).   An extension provides an extra six months to file your return. Payment of the tax is still due by April 15th.  You can submit payment for tax along with the extension form.

Last day to make a contribution to traditional IRA, Roth IRA, Health Savings Account, SEP-IRA or solo 401(k) for the 2015 tax year. (However, if you get an extension, you will have until October 15th to fund a SEP-IRA or solo 401(k).)

1st quarter estimated tax payments due for the 2016 tax year.

Final deadline to file an original tax return (Form 1040) for tax year 2012 and still claim a tax refund, as refunds expire three years from the original due date of the tax return.

Final deadline to file amended tax return (Form 1040X) for tax year 2012 and still claim a tax refund. (Be sure to mail the amended return well before April 15th to make sure your tax refund will be processed in a timely manner. And be sure to obtain proof of mailing, such as a certified mail with return receipt.)

Deadline to file estate income tax or trust income tax returns (Form 1041) or to request an automatic 5-month extension of time to file (Form 7004).

Deadline to file partnership tax returns (Form 1065) or to request an automatic 5-month extension of time to file (Form 7004).

Final deadline for estates, trusts, or partnerships to file an amended tax return and still claim a tax refund for the year 2011, as refunds expire three years from the original due date of the tax return.

June 15, 2016

·         2nd quarter estimated tax payments due for the 2016 tax year.

·         Deadline for US citizens living abroad to file individual tax returns and to pay any tax due. You can request an additional 4-month extension (Form 4868).

June 30, 2016

·         Deadline to file Foreign Bank Account Report for the year 2015. This report is required if you have over $10,000 (in aggregate) held in foreign bank accounts. Foreign Bank Account Reports (FinCEN Form 114) must be filed electronically. Extensions of time to file are not available this year (but they will be available starting in 2017).

September 15, 2016

·         3rd quarter estimated tax payments due for the 2016 tax year.

·         Final deadline to file corporate tax returns for the year 2015 if an extension was requested. (Forms 1120, 1120A, 1120S).

·         Final deadline to file trust income tax returns (Form 1041) for the year 2015 if an extension was requested.

·         Final deadline to file partnership tax returns (Form 1065) for the year 2015 if an extension was requested.

October 1, 2016

·         Deadline for self-employed persons or small employers to establish a SIMPLE-IRA for the year 2016.

October 17, 2016

·         Final deadline to file individual tax returns for the year 2015. (Forms 1040, 1040A, 1040EZ.)

·         Last day the IRS will accept an electronically filed tax return for the year 2015. If filing after October 15th, you'll need to mail in your tax return for processing.

·         Final deadline to fund a SEP-IRA or solo 401(k) for tax year 2015 if you requested an automatic extension of time to file.