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Sterling Minor Law Firm
808 Travis Street Suite 1418 Houston TX 77002-5734
(713) 223-8585   sminor@sterlingminor.com

 

 


 

 

 

 

Tickler List of Corporate Action Deadlines

A Texas corporation must meet certain requirements and deadlines to avoid penalties and preserve its identity as a corporation. The calendar below lists many of these important corporate dates. Your legal or tax counsel can answer questions and help you with these filings.

INITIAL ACTIONS

Hold Organizational Meeting of the Board of Directors to authorize noncalendar tax year (if desired), decide on Subchapter S election (if desired) elect and charge corporate officers, approve bylaws, adopt banking resolution, issue shares, and take any other actions needed.

Elect a noncalendar tax year (if desired) on the first form filed with the IRS or lose the opportunity to do so.

Obtain an employer ID number by filing IRS Form SS-4. (When our firm forms a corporation for you, we will obtain the Tax ID number.)

Elect Subchapter S status (if desired) by filing IRS Form 2553. Caution: 2553 is due before the 16th day of third month (~75th day) of your tax year. (Our firm will do this, for an additional fee, if you timely request. Note that spouses must also sign.)

File application for a sales tax permit if needed, and any other required licenses or permits. (Some permits already owned by a related proprietorship or partnership may be transferred to the corporation.)

If an existing business is incorporating, publish notice of incorporation to creditors.

Obtain Worker's Compensation and general liability insurance.

15TH OF EACH MONTH

Deposit tax related to employees' wages of previous month (income, Social Security, Medicare). Use IRS Form 8109.

JANUARY 31

Mail or give a wage statement, IRS Form W-2, to each employee of previous year.

Pay any undeposited federal unemployment tax and file IRS Form 940 or 940-EZ.

On IRS Form 941, report wages and tax related to employees' wages of previous quarter (income, Social Security, Medicare). Pay any undeposited withheld tax.

Deposit federal unemployment tax for previous quarter if it is more than $100.

Pay the previous quarter's state unemployment tax and file Employer's Quarterly Report with the Texas Workforce Commission.

FEBRUARY 28

With IRS Form W-3, report wage information to the Social Security Administration. Include copies of all W-2s. Make no payment.

MARCH 15

Pay IRS corporate income tax and file IRS Form 1120 (or 1120S). Alternative: file for a six-month extension with Form 7004, but estimated tax is due now.

APRIL 30

On IRS Form 941, report wages and tax related to employees' wages of previous quarter (income, Social Security, Medicare). Pay any undeposited withheld tax.

Deposit federal unemployment tax for previous quarter if it is more than $100.

Pay the previous quarter's state unemployment tax and file Employer's Quarterly Report with the Texas Workforce Commission.

 

This memorandum contains general information and while the information presented is accurate as of the date of its publication, it cannot be relied upon as legal advice, as that can only be obtained through personal consultation with an attorney with whom you share your specific facts.

 Copyright 2007 by Sterling A. Minor. All Rights Reserved.

Last Updated: March 10, 2007
 

Copyright 2007 Sterling A. Minor All rights reserved. Permission is granted to use any document on this Web Site; but, kindly provide the copyright sign and full attribution.