Hau & Associates, S.C. - Milwaukee

General Tax Calendar:

1st Quarter 2008

January 10:

Employees who work for tips. If you received $20 or more in tips during December, report them to your employer. You can use Form 4070, Employee's Report of Tips to Employer.

January 15:

Individuals. Make a payment of your estimated tax for 2007 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). Use Form 1040-ES. This is the final installment date for 2007 estimated tax. However, you do not have to make this payment if you file your 2007 return (Form 1040) and pay any tax due by January 31, 2008.

Farmers and fishermen. Pay your estimated tax for 2007 using Form 1040-ES. You have until April 16 to file your 2007 income tax return (Form 1040). If you do not pay your estimated tax by January 16, you must file your 2007 return and pay any tax due by March 1, 2008, to avoid an estimated tax penalty.

January 31:

Individuals who must make estimated tax payments. If you did not pay your last installment of estimated tax by January 15, you may choose (but are not required) to file your income tax return (Form 1040) for 2007 by January 31. Filing your return and paying any tax due by January 31 prevents any penalty for late payment of the last installment. If you cannot file and pay your tax by January 31, file and pay your tax by April 15.

All businesses. Give annual information statements to recipients of certain payments you made during 2007. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. Payments that may be covered include the following.

Cash payments for fish (or other aquatic life) purchased from anyone engaged in the trade or business of catching fish.
Compensation for workers who are not considered employees (including fishing boat proceeds to crew members).
Dividends and other corporate distributions.
Interest.
Amounts paid in real estate transactions.
Rent.
Royalties.
Amounts paid in broker and barter exchange transactions.
Payments to attorneys.
Payments of Indian gaming profits to tribal members.
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. See the instructions for Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business.

See the 2007 General Instructions for Forms 1099, 1098, and W-2G for information on what payments are covered, how much the payment must be before a statement is required, which form to use, when to file, and extensions of time to provide statements to the IRS.
Deposit FUTA tax owed through Dec if $500 or less.
File Forms 940, 941, 943, 944 and/or 945, if you did not deposit all taxes when due.
File Form 720 for the 4th quarter of 2007.
File Form 730 and pay the tax on wagers accepted during Dec 2007
File Form 2290 and pay the tax on vehicles first used in Dec 2007.

February 11:

Employees who work for tips. If you received $20 or more in tips during January, report them to your employer. You can use Form 4070.

February 15:

Individuals. If you claimed exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.

February 28:

All businesses. File information returns (Form 1099) for certain payments you made during 2007. These payments are described under January 31. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the 2007 General Instructions for Forms 1099, 1098, 5498, and W-2G for information on what payments are covered, how much the payment must be before a return is required, which form to use, and extensions of time to file. If you file Forms 1098, 1099, or W-2G electronically (not by magnetic media), your due date for filing them with the IRS will be extended to April 2. The due date for giving the recipient these forms remains January 31.

March 3:

Farmers and fishermen. File your 2007 income tax return (Form 1040) and pay any tax due. However, you have until April 16 to file if you paid your 2007 estimated tax by January 16, 2008.

March 10:

Employees who work for tips. If you received $20 or more in tips during February, report them to your employer. You can use Form 4070.

March 17:

Corporations. File a 2007 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

S corporations. File a 2007 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

S corporation election. File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2008. If Form 2553 is filed late, S treatment will begin with calendar year 2008.

Electing large partnerships. Provide each partner with 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 for the first March 15 following the close of the partnership's tax year. The due date of March 15 applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 7004.

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.

2nd Quarter 2008

April 10:

Employees who work for tips. If you received $20 or more in tips during March, report them to your employer. You can use Form 4070.

April 15:

Individuals. File a 2007 income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, or you can get an extension by phone or over the Internet. Then, file Form 1040, 1040A, or 1040EZ by October 15.

Household Employers. If you paid cash wages of $1,500 or more in 2007 to a household employee, you must file Schedule H. If you are required to file a federal income tax return (Form 1040), file Schedule H with the return and report any household employment taxes. Report any federal unemployment (FUTA) tax on Schedule H if you paid total cash wages of $1,000 or more in any calendar quarter of 2005 or 2007 to household employees. Also, report any income tax you withheld for your household employees. For more information, see Publication 926.

Individuals. If you are not paying your 2008 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2008 estimated tax. Use Form 1040-ES. For more information, see Publication 505..

Electing Large Partnerships. File a 2007 calendar year return (Form 1065-B). If you want an automatic 6-month extension of time to file the return, file Form 7004. Then, file Form 1065-B by October 15. See March 15 for the due date for furnishing Schedules K-1 or substitute Schedules K-1 to the partners.

Partnerships. File a 2007 calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then, file Form 1065 by October 15.

Corporations. Deposit the first installment of estimated income tax for 2008. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

May 12:

Employees who work for tips. If you received $20 or more in tips during April, report them to your employer. You can use Form 4070.

June 10:

Employees who work for tips. If you received $20 or more in tips during May, report them to your employer. You can use Form 4070.

June 16:

Individuals. If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. Otherwise, see April 15. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file. Then, file Form 1040 by October 15. However, if you are a participant in a combat zone, you may be able to further extend the filing deadline. See Publication 3, Armed Forces' Tax Guide.

Individuals. Make a payment of your 2008 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2008. For more information, see Publication 505.

Corporations. Deposit the second installment of estimated income tax for 2008. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

3rd Quarter 2008

July 10:

Employees who work for tips. If you received $20 or more in tips during June, report them to your employer. You can use Form 4070.

August 11:

Employees who work for tips. If you received $20 or more in tips during July, report them to your employer. You can use Form 4070.

September 10:

Employees who work for tips. If you received $20 or more in tips during July, report them to your employer. You can use Form 4070.

September 15:

Individuals. Make a payment of your 2008 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the third installment date for estimated tax in 2008. For more information, see Publication 505.

Corporations. File a 2007 calendar year income tax return (Form 1120 or 1120-A) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 15.

S corporations. File a 2007 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 15. Provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1.

Corporations. Deposit the third installment of estimated income tax for 2008. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

4th Quarter 2008

October 10:

Employees who work for tips. If you received $20 or more in tips during September, report them to your employer. You can use Form 4070.

October 15:

Individuals. If you have an automatic 6-month extension to file your income tax return for 2007, file Form 1040, 1040A, or 1040EZ and pay any tax, interest, and penalties due.

Partnerships. File a 2007 calendar year return (Form 1065). This due date applies only if you were given an additional 6-month extension. Provide each partner with a copy of Schedule K-1 (Form 1065) or a substitute Schedule K-1.

Electing large partnerships. File a 2007 calendar year return (Form 1065-B). This due date applies only if you were given an additional 6-month extension. See March 15 for the due date for furnishing Schedules K-1 or substitute Schedules K-1 to the partners.

November 10:

Employees who work for tips. If you received $20 or more in tips during October, report them to your employer. You can use Form 4070.

December 10:

Employees who work for tips. If you received $20 or more in tips during November, report them to your employer. You can use Form 4070.

December 15:

Corporations. Deposit the fourth installment of estimated income tax for 2008. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.


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