Year-End Tax Due Dates 2018
| Document Due | Due Date | Summary |
|---|---|---|
| C-Corporation Form 1120 | April 15 | For C-Corporations with a year-end of December 31, federal returns are due on April 15 of the following year. You can apply for an automatic six-month extension of time to file (due date extended to October 15). An extension is only an extension of time to file, not an extension of time to pay your income tax or minimum state fees. For C-Corporations with a year-end of June 30, the due date is September 15 with a seven-month extension until April 15, 2018. For all other C-corporations besides December 31 and June 30 year-ends, returns will now be due on the 15th of the 4th month after year-end with a six-month extension allowed from that date. |
| Partnership Form 1065 | March 15 | For Partnerships with a year-end of December 31, federal returns are due on March 15 of the following year. You can apply for an automatic six-month extension of time to file for all jurisdictions (due date extended to September 15). An extension is only an extension of time to file, not an extension of time to pay your income tax or minimum state fees. |
| S-Corporation Form 1120S | March 15 | For S-Corporations with a year-end of December 31, federal returns are due on March 15 of the following year. You can apply for an automatic six-month extension of time to file (due date extended to September 15). An extension is only an extension of time to file, not an extension of time to pay your income tax or minimum state fees. |
| Individual Form 1040 | April 15 | Individuals are required to file their federal returns by April 15 of the following year. Individuals that are not prepared to file returns on this date can apply for an automatic six-month extension of time to file (due date extended to October 15). Please keep in mind that an extension is only an extension of time to file, not an extension of time to pay your income tax. |
| Estates and Trusts Form 1041 | April 15 | Estates and trusts are required to file their federal returns by April 15 of the following year. If you are not prepared to file returns on this date, you can apply for an automatic 5 1/2 month extension of time to file (due date extended to September 30). Please keep in mind that an extension is only an extension of time to file, not an extension of time to pay your income tax. |
| Filing of Form W-2 | Recipients January 31 IRS January 31 (paper & electronic) |
Form W-2 is due to employees by January 31 of the following year. Copies of the W-2 must also be sent to the IRS and applicable states by January 31 of the follow year whether you file using paper forms or electronically. |
| Filing of Form 1099-MISC | Recipients January 31 IRS February 28 (paper) or March 31 (electronic) Caution: If you are reporting nonemployee compensation in Box 7, the due date is January 31 (paper & electronic) |
Form 1099-MISC (for contractors) are due to contractors by January 31 of the following year. Copies of the documents must also be sent to the IRS and applicable states by February 28 if filing on paper or March 31 if filing electronically. However, if you are reporting nonemployee compensation in Box 7, the due date is January 31. |
| Incentive Stock Options – Filing of Form 3921 | Recipients January 31 IRS February 28 (paper) or March 31 (electronic) |
For any exercise of an incentive stock option (ISO) or transfer of a share previously purchased pursuant to a tax-qualified employee stock purchase plan (ESPP) where the purchase price paid for the share was (a) less than 100% of the fair market value on the date of grant or (b) not fixed or determinable on the date of grant, the company is required to report the transaction on Form 3921 which is due to the recipient by January 31 of the following year and must be provided to the IRS on paper by February 28 of the following year or electronically by March 31. |
| Reporting of Stock Option Exercise on an Employee’s W-2 | Recipients January 31 IRS January 31 (paper & electronic) |
If an employee holding a non-qualified stock option exercises his or her option to purchase shares, where the purchase price of the shares (strike price) is less than the fair market value on the date of exercise, the difference between the purchase price and the fair market value of the stock must be included on the employee’s W-2 as compensation income. This must be done (typically by your payroll company) before the end of the year of exercise in order to be properly accounted for as employee compensation. While this generally only applies to non-qualified stock options (rather than ISOs), keep in mind that there are scenarios where, if a holder of an ISO exercises his option to purchase shares and sells those shares in a “disqualifying disposition” a portion of the gain would need to be recognized on his W-2 as compensation. Please discuss with your tax advisor. |
| Delaware Corporate Franchise Tax Report | March 1 | If your company was formed in Delaware, all Delaware corporations are required to file an annual franchise tax return online. The filing is due by March 1 of the following year. If your total tax liability exceeds $5,000, you will also be required to make quarterly estimates (June 1, Sept 1, Dec 1). |
| Delaware LLC/Partnership Tax | June 1 | All Domestic and Foreign Limited Liability Companies, Limited Partnerships, and General Partnerships formed or registered in Delaware are required to pay an annual tax of $300 due on or before June 1 of the following year. There is no requirement to file an Annual Report. |
| NYC Commercial Rent Tax | Quarterly (June 20, Sept 20, Dec 20, March 20) | If you pay rent for property in Manhattan (below 96th street), and that rent is in excess of $250,000 per year (or $62,500 per quarter), you may be subject to a commercial rent tax, which is required to be filed and paid on a quarterly basis. Please contact your tax advisor if you believe you qualify. |
| FinCEN Report 114 | April 15 | Foreign Bank and Financial Accounts Report (FBAR) must be filed if a United States person or company has a financial interest in or signature authority over foreign financial accounts if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. This form is due on April 15 and has an automatic six-month extension to October 15. |
| Forms 1042 and 1042-S Foreign Person’s U.S. Source Income Subject to Withholding | Recipient March 15 IRS March 15 |
Form 1042-S is an annual information return that must be filed to report amounts paid from U.S. sources to foreign persons during the preceding calendar year. The company must file Form 1042-S with the IRS and send a copy to the payee for informational purposes by March 15. An automatic 30-day extension of time may be requested by completing Form 8809 and to provide statements to recipients may be requested by sending a letter to the IRS. File only one Form 1042, which includes all Form 1042-S recipient information. Form 1042 must also be filed by March 15th. An extension may be requested by submitting Form 7004 to the IRS. |
| Forms 1094-B and 1095-B, 1094-C and 1095-C Transmittal of Health Coverage Information Returns | Recipient January 31 IRS Feb 28 (paper) or March 31 (electronic) |
The Affordable Care Act created new reporting requirements where certain employers must provide information to the IRS about the health plan coverage they offer to their employees. This applies to small employers with less than 50 full-time-equivalent employees that sponsor a self-insured group health plan or large employers with 50 or more full-time equivalent employees, regardless of whether they offer fully-insured, self-insured or no health insurance plans. Applicable small employers report information on that coverage to the IRS and covered individuals by filing Forms 1094-B and 1095-B. For reporting purposes only, an applicable large employer will use Forms 1094-C and 1095-C. The return and transmittal form must be filed with the IRS on or before the last day of February (March 31 if filed electronically) of the year following the calendar year of coverage. You may obtain an automatic 30-day extension of time to file by completing Form 8809, Application for Extension of Time to File Information Returns, and filing it with the IRS on or before the due date. |
Additional Year-End Tax Planning Resources
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To ensure compliance with U.S. Treasury rules, unless expressly stated otherwise, any U.S. tax advice contained in this communication is not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.
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