May 2017 Tax Deadlines

Major Tax Deadlines for May 2017

• May 16 – Deadline for calendar-year exempt organizations to file 2016 information returns
• May 31 – Deadline for IRA, SEP, SIMPLE, Roth IRA, MSA, and education savings account trustees to file annual statements (Form 5498) with the IRS, with copies to participants

 
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 FICA 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.
 
 

Contact an Alloy Silverstein Accountant and Advisor if you need assistance.