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Commentary & Insights

Insight, Tax Planning

Tax Calendar Guidelines

28 May 2020
Trista DeAngelis

By Trista DeAngelis

"I am proud to be paying taxes in the United States. The only thing is I could be just as proud for half of the money." – Arthur Godfrey

Tax season. It’s a painful reminder of a good problem to have. And to add to the stress, taxpayers and accounting professionals alike need to keep track of several important deadlines. The following is a summary of these milestones and the expected timeframes to receive the various documents needed to file your own tax return (along with a little WCF commentary).

*Disclaimer: The following schedule is what you can expect in a typical year. As you review the various dates below, please note:

  • The 2019 tax return filing deadline (normally due April 15th) has been postponed to July 15th, 2020 due to the COVID-19 crisis. If you owe federal (and most states’) taxes from your 2019 tax return, you have until July 15th to pay your taxes penalty-free.
  • The 2020 deadlines to pay Q1 and Q2 estimated tax payments (normally due April 15th and June 15th respectively) have also been pushed back to July 15th.

Please do not hesitate to reach out if you would like further clarification.

January 15

(Individuals) Q4 estimated tax payments are due. Individuals, including sole proprietors, partners, and S Corporation shareholders, who receive income that is not subject to withholding, generally have to make estimated tax payments quarterly. Contact WCF if you’d like help with this!

January 31

(All Employers) W-2 copies must be delivered or posted electronically. The W-2 reports the employee’s annual wages and the amount of taxes withheld from their paychecks.

(All Businesses) Annual information statements (Form 1099) are due to recipients of certain payments made during the previous year. Generally, individuals and any entity that is not a corporation should receive a 1099 for services performed.

February 15

(All Businesses) Consolidated Form 1099s should be postmarked by this date. The consolidated 1099 will contain all reportable income and transactions for the year. February 15th is typically the earliest date you can expect to receive your 1099s from Charles Schwab and other similar custodians.

*April 15

(Individuals) Income tax returns and payments are due. You can file Federal and State forms to extend the filing deadline six months to October 15th. Prepare in advance to file an extension if you are a limited partner or hold certain alternative investments, such as commercial real estate deals or funds. K-1s typically take longer to prepare than all other necessary tax documents.

(Individuals) Q1 estimated tax payments are also due April 15th.

*June 15

(Individuals) Q2 estimated tax payments are due. Remember, we’re here to help.

September 15

(Individuals) Q3 estimated tax payments are due.

(Partnerships) K-1s are due to all members of partnerships (such as limited partners of alternative investments, including commercial real estate deals). The K-1 reports each partner’s share of the partnership’s earnings, losses, deductions, and credits. This is the latest date you can expect to receive your K-1s from limited partnerships.

October 15

(Individuals) If you received a 6-month extension to file your income tax return, it is due now.