March 10 - Report Tips to Employer
If you are an employee who works for tips and got more than $20 in tips in February, you must report them to your employer using IRS Form 4070 by March 10. See Pub. 531 for additional information about reporting tips to your employer.
Your employer is obligated to deduct FICA and income tax withholding for these tips from your normal pay. If your regular earnings are inadequate to pay FICA and tax withholding, your employer will record the uncollected withholding in box 8 of your annual W-2. When you submit your annual return, you will be obligated to pay any uncollected withholdings.
March 17 - Time to Call For Your Tax Appointment
There is just one month before the April deadline for your individual income tax return. If you have not scheduled an appointment to get your taxes prepared, we recommend that you do so before it is too late.
Don't be anxious about having all of your information ready before booking the appointment. If you do not have all of your information, we will simply compile a list of the missing elements. When you get the products, please send them to us.
Even if you believe you may need to file an extension, it is preferable to complete a preliminary return and predict the outcome so that you can pay the tax and avoid interest and penalties. We can then file your extension for you.
We look forward to hearing from you.
Weekends & Holidays:
If a due date comes on a Saturday, Sunday, or legal holiday, it is automatically extended to the next working day that is not a legal holiday.
Disaster Area Extensions:
Please keep in mind that when a geographic region is classified as a disaster area, deadlines will be extended. For further information on whether an area has been declared as a disaster area and the filing extension dates, please visit the following websites:
FEMA: https://www.fema.gov/disaster/declarations
IRS: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
March 2025 Business Due Dates
March 3 - Farmers and Fishermen
File your 2024 income tax return (Form 1040 or 1040-SR) and pay any taxes owed. You have till April to submit if you paid your 2024 anticipated tax by January 15, 2025.
March 17 - Partnerships
Submit a 2024 calendar year return (Form 1065). Give each partner a copy of their Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, and so on, or a replacement Schedule K-1, as well as, if appropriate, Schedule K-3 (Form 1065). If you desire an automatic 6-month extension to submit your return, fill out Form 7004. Then, by September 15, submit Form 1065 and furnish the partners with Schedules K-1 or substitute Schedules K-1, as well as Schedules K-3, if appropriate.
March 17 - S-Corporations
File a 2024 calendar year income tax return (Form 1120-S) and pay any taxes owed. Give each shareholder a copy of Schedule K-1 (Form 1120-S), Shareholder's Share of Income, Deductions, Credits, and Other Items, or a replacement Schedule K-1 (Form 1120-S), and, if appropriate, Schedule K-3 (Form 1120-S) or a substitute Schedule K-3 (Form 1120-S).
To obtain an automatic 6-month extension to submit the return, complete Form 7004 and pay the estimated tax payable. Then, by September 15, submit the return, pay any required taxes, interest, and penalties, and present each shareholder with a copy of their Schedule K-1 (Form 1120-S) and, if appropriate, Schedule K-3 (Form 1120-S).
March 17 - S-Corporation Election
Fill out Form 2553, Election by a Small Business Corporation, to choose to be recognized as a S corporation starting in calendar year 2025. If Form 2553 is submitted late, S treatment will begin in the calendar year 2026.
March 17 - Social Security, Medicare and Withheld Income Tax
If the monthly deposit rule applies, deposit the tax for payments made in February.
March 17 - Non-Payroll Withholding
If the monthly deposit rule applies, deposit the tax for payments made in February.
March 31 - Electronic Filing of Forms 1094-C, 1095-C, 1094-B, 1095-B, 1097, 1098, 1099, 3921, 3922, 8027, and W-2G -
File Forms 1094-C, 1095-C, 1094-B, 1095-B, 1097, 1098, 1099 (excluding 1099-NEC, which reports nonemployee remuneration), 3921, 3922, 8027, and W-2G with the IRS online. This deadline applies only if you submit electronically. Otherwise, check "All Businesses" under February 28, earlier. These paperwork were to be sent to the addressee before January 31.
Weekends & Holidays:
If a due date comes on a Saturday, Sunday, or legal holiday, it is automatically extended to the next working day that is not a legal holiday.
Disaster Area Extensions:
Please keep in mind that when a geographic region is classified as a disaster area, deadlines will be extended. For further information on whether an area has been declared as a disaster area and the filing extension dates, please visit the following websites:
FEMA: https://www.fema.gov/disaster/declarations
IRS: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
