After nearly three decades of consulting with farmers on tax matters, Paul Neiffer of Hansen Neiffer CPAs & Consultants (www.hansenneiffer.com) realized farmers need a tax calendar to know when the numerous reports and forms are due. Neiffer put together this calendar exclusively for Top Producer for 2010. You might want to cut it out and paste it on your office wall. —Jeanne Bernick
Tax Deadlines
February 28: W-2s and Form 1099s are required to be filed with Internal Revenue Service and Social Security Administration.
March 1: If farmer does not make estimated tax payments, if filed by this date, no penalty is owed for not paying estimates as long as farm income is two-thirds of gross income.
March 15: Corporation income tax returns are due (both C and S corporations), unless six-month extension is requested. That extension is automatic.
March 31: If filing electronically, W-2s and Form 1099s can be filed on this date instead of February 28.
April 15: Individual returns are due unless requesting automatic six-month extension.
April 15: Partnership tax returns are due, unless requesting automatic five-month extension.
April 15: Individual retirement contributions including Roth contributions must be made by this date to be deducted on previous year tax return.
July 31: Form 5500 for any pension plan is due unless extension to October 15 is requested.
September 15: Corporation and partnership returns with extensions are due. If late, $89 penalty per partner/shareholder per month is owed. Limited exceptions.
October 1: Latest date that a SIMPLE IRA plan (Savings Incentive Match Plan for Employees) can be formed for current year.
October 15: Extended individual tax returns are due.
October 15: Extended Form 5500 pension plan returns are due.
> Note that any pension plan payment must be paid by the due date of the return, including extensions.
