Major Tax Deadlines – October 2010

* October 1 - Generally, the deadline for self-employeds and small businesses to establish a SIMPLE retirement plan for 2010.

* October 15 - Deadline for filing 2009 individual tax returns on automatic extension of the April 15 filing deadline.

    

* October 15 - If you converted a regular IRA to a Roth IRA in 2009 and now want to switch back to a regular IRA, you have until October 15, 2010, to do so without penalty.

    

* October 15 - Extended deadline for 2007, 2008, and 2009 returns required of nonprofit organizations.

 

NOTE: Businesses are required to make federal tax deposits on dates determined by various factors that differ from business to business.

Payroll tax deposits: Employers generally must deposit Form 941 payroll taxes (income tax withheld from employees' pay and both the employer's and employees' share of social security taxes) on either a monthly or semiweekly deposit schedule. There are exceptions if you owe $100,000 or more on any day during a deposit period, if you owe $2,500 or less for the calendar quarter, or if your estimated annual liability is $1,000 or less.

* Monthly depositors are required to deposit payroll taxes accumulated within a calendar month by the fifteenth of the following month.

* Semiweekly depositors generally must deposit payroll taxes on Wednesdays or Fridays, depending on when wages are paid.

For more information on tax deadlines that apply to you or your business, contact our office by phone at 408-879-9990 or by email at cpa@cpasllp.com. You can also visit our website www.cpasllp.com for more details.