July 15th

Trusts. Last day for filing 2005 Form 1041 for trusts that obtained an automatic three-month filing extension.

Partnerships. Last day for filing 2005 Form 1065 for partnerships that obtained an automatic three-month filing extension.

July 31st

Employers Taxes. Employers of nonagricultural and nonhousehold employees must file return on Form 941 to report income tax withholding and FICA taxes for the second quarter of 2006.4

Aug. 15th

Individuals. Last day for filing 2005 income tax return by calendar-year individuals who obtained automatic four-month filing extension.

Sept. 15th

Estimated Tax. Payment of third installment of 2006 estimated tax by calendar-year corporations.

Payment of third installment of 2006 estimated tax by individuals (other that farmers and fishermen), by trusts and by estates and certain residuary trusts in existence more than 2 years.

Last day for filing 2005 income tax return by calendar-year corporations that obtained automatic six-month filing extension.

Exempt Organizations. Last day for exempt calendar-year farmers' cooperatives to file 2005 income tax returns (Form 990-C). Fiscal-year cooperatives must file by the 15th day of the 9th month following the close of the tax year. An automatic six-month extension of the filing date may be obtained by filing Form 7004.

Oct. 31st

Employers' Taxes. Employers of nonagricultural and nonhousehold employees must file return on Form 941 to report income tax withholding and FICA taxes for the third quarter of 2006.5

Dec. 15th

Estimated Tax. Payment of last installment of 2006 estimated tax by calendar-year corporations.

Jan. 31st

Individuals. Final income tax return for 2006 by calendar-year individuals and by trusts and estates in existence more than two years who owed but did not pay 2006 estimated tax otherwise due January 15th.

Income Tax Withholding, FICA Taxes, Backup Withholding. Employment taxes are withheld income tax, FICA contributions and backup withholding on reportable payments. Generally, an employer must make either MONTHLY or SEMI-WEEKLY deposits during a calendar year based upon the aggregate amount of employment taxes paid during the "lookback" period. The lookback period for each calendar year is the 12-month period that ended the preceding June 30. Thus, an employer's obligation to make deposits in 2006 will be based upon the aggregate employment taxes paid during the period July 1, 2004, through June 30, 2005. (New employers are considered to have an aggregate tax liability of zero for any calendar quarter in which the employer did not exist.).

Monthly Deposits. Monthly deposits are required if the aggregate amount of employment taxes reported by the employer for the lookback period is $50,000 or less. Monthly deposits are due on the 15th day of the following month in which the payments were made.

Semi-Weekly Deposits. An employer is a semi-weekly depositor for the entire calendar year if the aggregate amount of employment taxes during the lookback period exceeds $50,000. Further, a monthly depositor will become a semiweekly depositor on the first day after the employer becomes subject to the One-Day Rule, discussed below. Semiweekly deposits are generally due on either Wednesday or Friday-depending upon the timing of the employer's pay period. Employers with payment dates (paydays) that fall on Wednesday, Thursday or Friday must deposit the employment taxes on or before the following Wednesday. Employers with payment dates that fall on Saturday, Sunday, Monday or Tuesday must make their deposit oil or before the following Friday. However, an employer will always have three banking days in which to make the deposit. Thus, if any of the three weekdays following the close of a semiweekly period is a holiday, then the employer will have an additional banking day in which to make the deposit.

One-Day Rule. If an employer has accumulated $100.000 or more of undeposited employment taxes, then the taxes must be deposited by the close of the next banking day.

Federal Unemployment Taxes. The calendar year is divided into four quarters for purposes of determining when deposits of federal unemployment tax are necessary. The periods end on March 31, June 30, September 30 and December 31. If the employer owes more than $500 in undeposited federal unemployment tax at the end of a quarter, then the tax owed must be deposited by the end of the next month.