Despite a flurry of last minute tax extenders passed in the December 2015 federal omnibus spending bill, the IRS opened tax filing season as planned on January 19. This means that the IRS is now accepting both electronic and paper tax returns as of that date. The tax filing deadline is a little different this year, it has been moved to Monday, April 18 due to the Emancipation Day holiday being celebrated in Washington D.C. on April 15.
There are several other filing deadlines taxpayers should be aware of. Here are some of the most noteworthy:
January 31: Businesses must send W2 forms to all employees.
February 1: Most forms 1099 must be sent to recipients businesses paid $600 or more in 2015. This may include:
- Compensation for workers who are not employees (e.g. independent contractors)
- Rent
- Royalties
- Interest
- Dividends
- Profit sharing and other corporate distributions
- Prizes and awards
- Debt cancellations
- Medical and health care payments
- Cash payments for fish from anyone engaged in the trade or business of catching fish
- Cash payments exceeding $10,000
February 16: Certain forms 1099 not included in the February 1 deadline are due to recipient. Such as:
- Form 1099-B: Proceeds from broker or barter exchange transactions
- Form 1099-S: Proceeds from real estate transactions
- Form 1099-MISC: Gross proceeds paid to an attorney
February 29/March 31: The paper and electronic filing dates (respectively) for all forms 1097, 1098, 1099, 3921, 3922, and W2-G with the IRS. These forms should already have been sent to the recipients previously before their respective deadlines.
April 18: 2015 federal individual tax returns are due. You must either file by this date or file an extension.
October 15: This is the filing deadline for those who have filed extensions by the previous deadline of April 18. All 2015 tax extension filers should have their returns in by this date.
There are numerous other filing deadlines throughout tax season (and throughout the year) for individuals and businesses depending on their specific circumstances. Speak with your tax accountant about which deadlines pertain to you, so you can ensure your 2015 taxes are filed in a timely manner.