FEBRUARY 2012

February 15, 2012

Federal:

File U.S. Corporate Income Tax Return, Form 1120, and pay entire tax due for corporations having a year-end of November 30.

Pay estimated tax installments for Corporations with a year-end of February 28, May 31, August 31 or October 31.

 

February 20, 2012

Texas:

File monthly report and make payment of Sales and Use Tax. No filing is required if previously qualified for quarterly or annual filing.

February 29, 2012

Federal:

File Form 1096, Annual Summary and Transmittal of U.S. Information Returns, and all Forms 1099 with the Internal Revenue Service Center, Austin, TX 73301.

File Form W-3 Transmittal of Income and Tax Statements and all Forms W-2 with the Social Security Administration, Data Operations Center, Wilkes-Barre, PA 18769-0001.

File information return, Form 5500 or 5500-EZ, for employee benefit plans having a year-end of July 31.

 

New H.I.R.E. Retention Tax Credit

Employers who hired unemployed workers after February 3, 2010, and before January 1, 2011 may qualify for a New Hire Retention Credit on their 2011 tax return.  The credit is available for each qualified employee retained for at least a year whose wages did not significantly decrease in the second half of the year.  The business may claim a new hire retention credit of up to $1,000 per worker on its income tax return.

 

A retained employee is a qualified employee who remains an employee for at least 52 consecutive weeks and whose wages for the last 26 weeks equal at least 80% of the wages for the first 26 weeks.  The amount of the credit is the lesser of $1,000 or 6.2 percent of wages paid during the 52 week consecutive period.  The credit is claimed on Form 5884-B and filed with the 2011 federal business return.

 

If you have any questions, please contact us.