| DOCUMENT |
DUE DATE |
SUMMARY |
| Corporate Tax Returns |
3/16/2015 |
- For Corporations with a year-end of December 31, federal, New York and New York City corporate tax returns are due on March 15 of the following year (if that date falls on a weekend, the due date is the first following business day). If your Company is not prepared to file returns on this date, you can apply for an automatic six-month extension of time to file for all jurisdictions. Please keep in mind that an extension is only an extension of time to file, not an extension of time to pay your income tax or minimum state fees.
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| Partnership Tax Returns |
4/15/2015 |
- For Partnerships with a year-end of December 31, federal, New York and New York City partnership tax returns are due on April 15 of the following year. If your company is not prepared to file returns on this date, you can apply for an automatic five-month extension of time to file for all jurisdictions. Please keep in mind that an extension is only an extension of time to file, not an extension of time to pay your income tax or minimum state fees. NYC has the UBT return (NYC-204), also due April 15. Filing an NYC-EXT gives you an extension for an additional six months.
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| Individual Tax Returns |
4/15/2015 |
- Individuals are required to file their federal, state and city personal tax returns by April 15 of the following year. Individuals that are not prepared to file returns on this date can apply for an automatic six-month extension of time to file for all jurisdictions. Please keep in mind that an extension is only an extension of time to file, not an extension of time to pay your income tax or minimum state fees.
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| Filing of 1099s and W-2s |
1/31/2015 (recipients)2/28/2015 (IRS) |
- If you have employees or contractors, 1099s (for contractors) and W-2s (for employees) are due to the recipients by January 31 of the following year. Copies of the documents must be mailed to the Internal Revenue Service and applicable states by February 28 of the following year.
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| Incentive Stock Options – Filing of Form 3921 |
1/31/2015 (recipients)2/28/2015 (IRS) |
- For any exercise of an incentive stock option (ISO) or transfer of a share previously purchased pursuant to a tax-qualified employee stock purchase plan (ESPP) where the purchase price paid for the share was (a) less than 100% of the fair market value on the date of grant or (b) not fixed or determinable on the date of grant, the Internal Revenue Code requires companies to report the transaction on Form 3921 which is due to the recipient by January 31 of the following year and must be provided to the Internal Revenue Service by February 28 of the following year.
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| Reporting of Stock Option Exercise on an Employee’s W-2 |
BEFORE YEAR-END |
- If an employee holding a non-qualified stock option exercises his or her option to purchase shares, where the purchase price of the shares (strike price) is less than the fair market value on the date of exercise, the difference between the purchase price and the fair market value of the stock must be included on the employee’s W-2 as compensation expense. This must be done (typically by your payroll company) before the end of the year of exercise in order to be properly accounted for as employee compensation. While this generally only applies to non-qualified stock options (rather than ISOs), keep in mind that there are scenarios where, if a holder of an ISO exercises his option to purchase shares and sells those shares in a “disqualifying disposition” a portion of the gain would need to be recognized on his W-2 as compensation. Please discuss with your tax advisor.
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| Delaware Corporate Franchise Tax Report |
3/1/2015 |
- If your company was formed in Delaware, all Delaware corporations are required to file an annual franchise tax return online. The filing is due by March 1 of the following year.
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| Delaware Partnership Franchise Tax Report |
6/30/2015 |
- If your company was formed in Delaware, all Delaware partnerships are required to file an annual franchise tax return online. The filing is due by June 30 of the following year.
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| NYC Commercial Rent Tax |
Quarterly |
- If you pay rent for property in Manhattan (below 96th street), and that rent is in excess of $250,000 per year, you may be subject to a commercial rent tax, which is required to be filed and paid on a quarterly basis. Please contact your tax advisor if you believe you qualify.
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