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Fall 2017 Brings IRS Tax Filing Deadlines

The annual tax return filing deadline each April is certainly the most recognized tax date on the calendar. However, there are important dates throughout the year, including some coming up very soon in the fall of 2017.

Upcoming important 2017 tax dates

Some dates to look for in September:

September 11 – Reporting tips by employees

Employees who work for tips need to report these to their employer. The employer needs this information to properly withhold Social Security and other taxes; employees who do not report tips can be fined 50% of the unpaid taxes owed on unreported income. Employees who received at least $20 in tips in August should report them to their employer using IRS Form 4070 (Employee’s Report of Tips to Employer).

September 15 – Extensions and estimated quarterly payments

Estimated tax

Individuals, like independent contractors, who do not pay income tax through withholding or who will not pay enough through withholding must pay the third quarter of their 2017 estimated tax. Individuals should use Form 1040-ES (Estimated Tax for Individuals).

Corporations must deposit their third installment payment of estimated income for 2017. IRS Form 1120-W (Estimated Tax for Corporations) contains a worksheet that can be used for estimating corporate taxes for the year.

Taxes deferred by extension

For businesses that requested and obtained a six-month extension to file 2016 tax return, the due date to pay those taxes is September 15. Each type of entity has its own filing requirements:

  • Partnerships must provide each shareholder with a copy of either a final or amended Schedule K-1 (Form 1065) or a substitute Schedule K-1 (Form 1065).
  • S Corporations must provide each shareholder with a copy of either a final or amended Schedule K-1 (Form 1120S) or substitute Schedule K-1 (Form 1120S).
  • Electing Large Partnerships should file Form 1065-B and pay taxes due. If necessary, they should also provide partners with copies of a final or amended Schedule K-1 (Form 1065-B) or a substitute Schedule K-1 (Form 1065-B).

Fourth quarter 2017 tax dates quickly approaching

For some individuals and businesses, reporting responsibilities continue through the remainder of 2017. There are a few dates to be aware of in October.

October 10 – Reporting tips by employees

Employees who work for tips and who received at least $20 in tips in September should report them to their employer using IRS Form 4070.

October 16 – Extensions

Individuals and corporations that requested and obtained a six-month extension must file a 2016 tax return and pay any taxes owed by October 16. Individuals should file Form 1040, 1040A, or 1040EZ (Individual Income Tax Return). Corporations should file Form 1120 (U.S. Corporation Income Tax Return).

Timely tax advice in Maryland

State and federal tax laws impose a series of requirements on individuals and businesses alike. Failing to abide by the numerous deadlines can lead to fines, penalties, and over-payments. The knowledgeable Maryland tax lawyers at Rosenberg Martin Greenberg help clients stay on top of the deadlines while providing strategic and insightful advice. To discuss your tax situation, call today for a consultation.

Additional “2017 Tax Deadline” Resources:

  1. IRS, 2017 Federal Tax Calendar, https://www.irs.com/articles/2017-federal-tax-calendar
  2. IRS, Publication 531 – Main Content, https://www.irs.gov/publications/p531/ar02.html

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Rosenberg Martin Greenberg

705 Melvin Avenue Annapolis, MD 21401
Phone: 410-727-6600
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