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Belfint Lyons & Shuman

302.225.0600||www.belfint.com

January 2020

IMPORTANT DEADLINE: Benefit Plans (12/31 year end)

January 31

BENEFIT PLAN DEADLINE (12/31 year end): Form 1099-R due to participants who received distribution in 2019. Form W-2 due to report employee’s active participant status for 2019. For additional information on these deadlines or our employee benefit plan audit services, please click here to contact us.

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IMPORTANT DEADLINE: All Employers and Businesses

January 31

ALL EMPLOYERS: All employers must have distributed 2019 W-2 forms to their employees and Form 1099s to their proper recipients.  BUSINESSES: Give annual information statements to recipients of certain payments you made during 2019. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. Payments that may be covered include the following. Cash payments for fish (or other aquatic life) purchased from anyone engaged in…

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February 2020

Belfint Briefing: SECURE Act – What Individuals and Businesses Need to Know (Client Session)

February 13 @ 8:00 am - 10:10 am
Belfint, Lyons & Shuman, CPAs, 1011 Centre Road, Suite 310
Wilmington, DE 19805 United States
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Free
Large 401k Plan Auditor

Please join Belfint, Lyons & Shuman, CPAs for our Belfint Briefing related to the biggest changes to the U.S. retirement system since 2006. We will take a look at the SECURE Act and how the changes will affect Individuals and Businesses. REGISTER FOR THE CLIENT SESSION ON THE SECURE ACT SEMINAR DETAILS TOPIC: SECURE Act - What Individuals and Businesses Need to Know WE WILL LOOK AT: Repeal of maximum age for traditional IRA contributions and coordination with qualified charitable distribution…

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IMPORTANT DEADLINE: Individuals

February 18

INDIVIDUALS: If you claimed exemption from income tax withholding last year on the Form W-4, Employee's Withholding Allowance Certificate, you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year. For additional information on these deadlines or our tax services, please click here to contact us.

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Belfint Briefing: SECURE Act – What Individuals and Businesses Need to Know (Advisors/Referral Sources Session)

February 19 @ 8:00 am - 10:10 am
Belfint, Lyons & Shuman, CPAs, 1011 Centre Road, Suite 310
Wilmington, DE 19805 United States
+ Google Map
Free
Large 401k Plan Auditor

Please join Belfint, Lyons & Shuman, CPAs for our Belfint Briefing related to the biggest changes to the U.S. retirement system since 2006. We will take a look at the SECURE Act and how the changes will affect Individuals and Businesses. REGISTER FOR THE ADVISORS/REFERRAL SOURCES SESSION ON THE SECURE ACT SEMINAR DETAILS TOPIC: SECURE Act - What Individuals and Businesses Need to Know WE WILL LOOK AT: Repeal of maximum age for traditional IRA contributions and coordination with qualified charitable…

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IMPORTANT DEADLINE: Businesses, All Employers and Restaurants & Bars

February 28

BUSINESSES: Businesses must file an information return (forms 1099, except 1099-Misc for Non-employee Compensation, and 1096) with the IRS for certain payments made in 2019.* RESTAURANTS and BARS: Restaurants and bars must report tip income and allocated tips.* *However, if you e-file, the due date is automatically extended to March 31, 2020. For additional information on these deadlines or our tax services, please click here to contact us.

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March 2020

IMPORTANT DEADLINE: Benefit Plans (12/31 year end)

March 15

BENEFIT PLAN DEADLINE (12/31 year end): Corrective distribution for failed ADP/ACP without 10% excise tax is due (non EACAs only). Eligible Automatic Contribution Arrangements (EACAs) have until June 30, 2020 to make corrective contributions without a 10% excise tax. *Deadline falls on a weekend which we do not recommend extending. For additional information on these deadlines or our employee benefit plan audit services, please click here to contact us.

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IMPORTANT DEADLINE: International

March 16

Form 1042 is due. An automatic 6-month extension using Form 7004 can be filed. This is NOT an extension to pay. Form 3520-A is due for calendar year foreign trusts with a US owner. An automatic 6-month extension is available, using Form 7004. Form 8804 must be filed to report withholding tax on income from partnerships with foreign partners. A 5-month extension using Form 7004 can be filed. This is NOT an extension to pay. For additional information on these deadlines…

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IMPORTANT DEADLINE: S-Corps, Large Partnerships, and Partnerships

March 16

S-CORPORATIONS: File a 2019 calendar year income tax return (Form 1120S) and pay any tax, interest, and penalties due. Provide each shareholder with a copy of their final or amended Schedule K-1 (Form 1120S) or substitute Schedule K-1 (Form 1120S). S-CORPORATION ELECTIONS: File Form 2553 to elect to be treated as an S corporation beginning with calendar year 2020. PARTNERSHIPS & LARGE PARTNERSHIPS: File a 2019 calendar year return (Form 1065). Provide each partner with a copy of their final…

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April 2020

IMPORTANT DEADLINE: Benefit Plans (12/31 year end)

April 1

BENEFIT PLAN DEADLINE (12/31 year end):  Required Minimum Distribution (RMD) beginning date for 5% owners and terminated participants who turned 70 ½ in 2019. This deadline applies only to the first RMD. Subsequent RMDs must be made by December 31 of each year. For additional information on these deadlines or our employee benefit plan audit services, please click here to contact us.

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IMPORTANT DEADLINE: Benefit Plans (12/31 year end)

April 15

BENEFIT PLAN DEADLINE (12/31 year end): Corrective distribution of 402(g) (excess deferrals) For additional information on these deadlines or our employee benefit plan audit services, please click here to contact us.

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IMPORTANT DEADLINE: Individuals, IRAs, C-Corps, Corporations and Trusts

April 15

INDIVIDUALS: File a 2019 Form 1040 and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868 and pay what you estimate you owe in tax to avoid penalties and interest. For more information, see Form 4868. Then, file Form 1040 by October 15. C-CORPS: C-Corps file calendar year 2019 tax returns and pay any money still due. They can file an automatic 6-month extension using Form 7004 BUT this is…

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IMPORTANT DEADLINE: International

April 15

Deadline to file FINCen 114 (Formerly known as Form TD F 90-22.1) (FBAR). E-filing is mandatory and a 6-month extension is automatic. Foreign-owned U.S. disregarded entities must paper file a pro-forma Form 1120 and Form 5472 . An automatic extension to October 15, 2020 using Form 7004 is available. For additional information on these deadlines or our international services, please click here to contact us.

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IMPORTANT DEADLINE: Individuals

April 30

2019 Delaware tax returns must be filed or extended. The balance due must be paid. An automatic 6-month extension using Form 1027 can be filed. This is NOT an extension to pay. For additional information on these deadlines or our tax services, please click here to contact us.

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May 2020

IMPORTANT DEADLINE: Nonprofits

May 15

NONPROFITS: Form 990 filing deadline for calendar year nonprofit organizations. For additional information on these deadlines or to learn about our Nonprofit services, please click here to contact us.

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June 2020

IMPORTANT DEADLINE: Individuals and Corporations

June 15

INDIVIDUALS: Make a payment of your 2020 estimated tax if you're not paying your income tax for the year through withholding (or won't pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2020. For more information, see Pub. 505. CORPORATIONS: Deposit the second installment of estimated income tax for 2020. A worksheet, Form 1120-W, is available to help you estimate your tax for the year. For additional information on these…

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IMPORTANT DEADLINE: International

June 15

Deadline for 2019, individual tax returns for US taxpayers residing abroad and partnerships which keep their books and records outside the United States (automatic 2-month extension from April 15). An automatic extension to December 15, 2020, using Form 4868 is available as long as individuals did not receive US wages. This is NOT an extension to pay. For additional information on these deadlines or our international services, please click here to contact us.

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IMPORTANT DEADLINE: Benefit Plans (12/31 year end)

June 30

BENEFIT PLAN DEADLINE (12/31 year end): Corrective distribution for failed ADP/ACP without 10% excise tax (EACA only) For additional information on these deadlines or our employee benefit plan audit services, please click here to contact us.

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July 2020

IMPORTANT DEADLINE: Benefit Plans (12/31 year end)

July 28

BENEFIT PLAN DEADLINE (12/31 year end): Summary of Material Modifications (SMM) or Summary Plan Description (SPD) must be distributed within 210 days after the end of the plan year when a plan’s provisions have material changes. For additional information on these deadlines or our employee benefit plan audit services, please click here to contact us.

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IMPORTANT DEADLINE: Employers with Employee Benefit Plans

July 31

ALL EMPLOYERS WITH EMPLOYEE BENEFIT PLANS: BENEFIT PLAN DEADLINE (12/31 year end): Form 5500 and related schedules, as applicable (A, C, D, E, H, I, R), with opinion of qualified public accountant, 5500-EZ or Form 5500-SF, if not extending Form 8955-SSA – Annual registration statement identifying separated participants with deferred vested benefits, if not extending Form 5558 – Request for extension of time to file Form 5500 annual report and Form 8955-SSA Form 5330 – Return of excise taxes related…

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September 2020

IMPORTANT DEADLINE: Individuals, Corporations, S-Corps, Large Partnerships, Partnerships and International

September 15

INDIVIDUALS AND/OR CORPORATIONS: Make a payment of your 2020 estimated tax if you're not paying your income tax for the year through withholding (or won't pay in enough lax that way). Use Form 1040-ES. This is the third installment date for estimated tax in 2020. For more information, see Pub. 505. S-CORPORATIONS:File a 2019 calendar year income tax return (Form 1120S) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic…

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IMPORTANT DEADLINE: Benefit Plans (12/31 year end)

September 30

BENEFIT PLAN DEADLINE (12/31 year end): Summary Annual Report (SAR). Later of nine months after close of plan year or two months after due date of Form 5500. The extended due date is December 15. For additional information on these deadlines or our employee benefit plan audit services, please click here to contact us.

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IMPORTANT DEADLINE: Trusts

September 30

Must file a completed 2019 tax return if a 5-1/2-month extension was filed in April. For additional information on these deadlines or our estate and trust services and tax services, please click here to contact us.

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October 2020

IMPORTANT DEADLINE: Deductions

October 1

Last day to establish a SIMPLE IRA for 2020 contribution deductions. For additional information on these deadlines or our tax services, please click here to contact us.

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IMPORTANT DEADLINE: Benefit Plans (12/31 year end)

October 15

BENEFIT PLAN DEADLINE (12/31 year end): Form 5500 and related schedules, as applicable (A, C, D, E, H, I, R), with opinion of qualified public accountant, 5500-EZ or Form 5500-SF, if extended Form 8955-SSA – Annual registration statement identifying separated participants with deferred vested benefits, if extended For additional information on these deadlines or our employee benefit plan audit services, please click here to contact us.

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IMPORTANT DEADLINE: International

October 15

Final deadline for filing automatically extended 2019 FinCEN 114. Discretionary 2-month additional extension of time to file until December 15, 2020 is available for individuals who are out of the country. A letter explaining the reasons for this request must be filed. Final extended deadline for Foreign-owned U.S. disregarded entities who must paper file a pro-forma Form 1120 with Forms 5472 attached. For additional information on these deadlines or our international services and tax services, please click here to contact…

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IMPORTANT DEADLINE: C-Corporations

October 15

Must file completed 2019 tax return if a 6-month extension was filed in April. For additional information on these deadlines or our tax services, please click here to contact us.

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November 2020

IMPORTANT DEADLINE: Nonprofits

November 16

NONPROFITS: Final extended Form 990 filing deadline for calendar year nonprofit organizations. For additional information on these deadlines or to learn about our Nonprofit services, please click here to contact us.

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December 2020

IMPORTANT DEADLINE: BENEFIT PLAN DEADLINE (12/31 year end)

December 1

BENEFIT PLAN DEADLINE (12/31 year end): Last day to distribute the 2021 Safe Harbor Notice, the Contingent Notice for 3% safe harbor contribution or the Qualified Automatic Contribution Arrangement (QACA), as applicable. Must be distributed 30-90 days prior to the start of the next plan year. 2020 Supplemental Notice for Safe Harbor plan that issued Contingent Notice at beginning of year as to whether 3% safe harbor will be made for the current year. Qualified Default Investment Alternative (QDIA) notice…

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IMPORTANT DEADLINE: Benefit Plans (12/31 year end)

December 15

BENEFIT PLAN DEADLINE (12/31 year end): Extended deadline for Summary Annual Report For additional information on these deadlines or our employee benefit plan audit services, please click here to contact us.

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IMPORTANT DEADLINE: Corporations

December 15

Fourth installment of 2020 estimated taxes is due. A worksheet, Form 1120-W, is available to help estimate taxes for the year.  For additional information on these deadlines or our tax services, please click here to contact us.

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IMPORTANT DEADLINE: International

December 15

Final extended filing deadline for individuals who requested a discretionary 2-month extension by 10/15 For additional information on these deadlines or our international services, please click here to contact us.

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IMPORTANT DEADLINE: Benefit Plans (12/31 year end)

December 31

BENEFIT PLAN DEADLINE (12/31 year end): Prospective amendment to add or remove safe harbor status for 2021. Prospective amendment to add automatic enrollment to plan ( QACA & EACA) (For 2021). Required minimum distribution date (over age 70 ½) under IRC 401(a)(9). Corrective distribution for failed ADP/ACP test with 10% excise tax or QNEC contribution. For additional information on these deadlines or our employee benefit plan audit services, please click here to contact us.

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IMPORTANT DEADLINE: Deduction

December 31

Last date to make payments that can be deducted from 2020 return for cash basis taxpayer. Last date to establish a Keogh plan or 401(k) to deduct a contribution on 2020 return. For additional information on these deadlines or our tax services, please click here to contact us.

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