ERC Associates PLLC Tax Calendar

Tax Central

ERC Associates PLLC
Scytheville Row, 75 Newport Rd -
PO Box 1726
New London, NH 03257-1726
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Weekends & Holidays:
If a due date falls on a Saturday, Sunday or holiday, the due date is automatically extended until the next business day that is not itself a legal holiday.

May

10	Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.
10	Social Security, Medicare and Withheld Income Tax File Form 941 for the first quarter of 2012. This due date applies only if you deposited the tax for the quarter in full and on time.
15	Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, May 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for April 2012. This is also the due date for the non-payroll withholding deposit for April 2012 if the monthly deposit rule applies.
31	Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2011. The FMV of an IRA on the last day of the prior year (Dec 31, 2011) is used to determine the required minimum distribution (RMD) that must be taken from the IRA if you are age 70½ or older during 2012. If you are age 70½ or older during 2012 and need assistance determining your RMD for the year, please give this office a call. Otherwise, no other action is required and the Form 5498 can be filed away with your other tax documents for the year.

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