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  Important Return Filing Dates

  This section highlights important deadlines for tax return filing.  
 

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Partnership : Important Tax Preparation Dates

For any tax payer it is important to know and remember the deadlines prescribed for meeting the defined tax obligations.It is however, not easy always to remember every prescribed deadline and therefore we have tried to give below important month wise dates which a tax payer needs to remember.

Important Tax Preparation Dates

January 31 for Individuals who must make estimated tax payments

If you haven’t paid last installment of estimated tax by January 18, you may choose (but not required) to file income tax return (Form 1040) for the year by January 31 of the year. Paying any tax and filing return before due date i.e. January 31 prevents any penalty for late payment of estimated tax installment. If you haven’t filed and paid tax by January 31, you can file and pay tax before or on April 15.

  • Rent.
  • Royalties.
  • Amounts paid for broker and barter exchange transactions.
  • Payments to attorneys.
  • Cash payments for fish (or another aquatic life) purchased from someone engaged in the trade or business of catching fish.
  • Compensation to workers, which are not considered as employees (including crew members to which fishing boat proceeds have been paid)
  • Dividend and other corporate distributions. Interest.
  • Amount paid in real estate transaction.
  • Profit-sharing distributions.
  • Retirement plan distributions.
  • Original issue discount.
  • Prizes and awards.
  • Medical and health care payments.
  • Debt cancellation (treated as payment to debtor).
  • Cash payments over $10,000. (Form 8300’s instructions applied, for reporting of Cash
  • Payments over $10,000 received in a any Trade or Business)

February 28

  • File information returns (Form 1099) regarding certain payments made during the tax-year.
  • These payments are described above under January 31. Use different form for different type of payment. Use a separate Form 1096 to summarize and transmit the forms for each type of payment.
  • See instructions for Forms 1099, 1098, 5498 and W-2G, to know what payment is covered, which form have to be used, extensions of time to file any form and amount necessary for filing a return. If you file Forms 1098, 1099, or W-2G electronically (not by magnetic media), the due date for filing them with the IRS will be extended to March 31.

March 15

  • Provide every partner a copy of Schedule K-1 (Form 1065-B), Partner's share of Income (Loss) from an Electing Large Partnership, or a substitute Schedule K-1. This due date is effective as first March 15 following the close of the partnership's tax year and if the partnership requests for an extension of time to file the Form 1065-B by filing Form 8736 or Form 8800

March 31

  • Electronic filing of Forms 1098, 1099, and W-2G
  • File Forms 1098, 1099, or W-2G with the IRS. This due date applies only if you file electronically (not by magnetic media). Otherwise, see February 28. The due date for giving the recipient these forms remains January 31. For information about filing Forms 1098, 1099, or W-2G electronically, see Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G Electronically or Magnetically.

April 15

  • File calendar year return (Form 1065-B) for the tax-year.
  • File Form 8736 if want an automatic 3-month extension of time to file the return, then file Form 1065-B by July 15.
  • File Form 8800 if an additional 3-month extension to file the return needed.

July 15

  • This due date applies to file calendar year return (Form 1065) for the tax-year only if timely request for an automatic 3-month extension has been filed. Provide each partner with a copy of Schedule K-1 (Form 1065) or a substitute Schedule K-1. If you need an additional 3-month extension, file Form 8800.

October 17

  • That’s the date for filing of calendar year return (Form 1065) for the tax-year and this due date applies only if an additional 3-month extension has been provided by the IRS. Provide each partner with a copy of Schedule K-1 (Form 1065) or a substitute Schedule K-1.
 
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