Tax Service Calander

2025

Page 1

Tax Service Calendar

Client Engagement

• Sending Engagement Letters via TaxCaddy
• Tax Season Kickoff Email to Respective Clients
• Invite New Clients to TaxCaddy
• Send MLBPA and Senne Signature Authorizations
• Q4 Estimated Payments Processing

Tax Preparation and Workflows

• TaxCaddy DRL Prep and Sending
• Initiate All Tax Return Prep Workflows
• Tax Kickoff Meeting Including Offshore Staff

Information Requests and Updates

• Send Business Return Info Requests
• Send TaxCaddy Questionnaire
• Send Updated BOI Communication

Client Financial Review

• Review of W-4s/Updates
• Safe Harbor – Turn Withholding On
• Check on NY and CA Withholding Adjustments
• Draft Signing Bonus Projections

Forms and Compliance

• 1099 Issuance for QBs Clients
• Research Reciprocal Agreements and Submit Forms to Turn Off State Withholding
• Renew PTINs

Client File Management

• Roll Forward Folders for Clients without 2024 Set Up
• Roll Forward Return Locators

Training and Development

• Toggle Training
• AWM High Performance Summit

January 31, 2025

• Forms W-2 and 1099-MISC due to recipients
• Forms W-2 (along with Form W-3) due to the Social Security Administration
• Forms 1099-NEC (along with Form 1096) due to the IRS. Note: If a business is required to file more than 10 information returns, the forms must be e-filed with the IRS.
• Forms 1099-K due to recipients

January 15, 2025

• 4th quarter estimated tax payments due for individuals (Form 1040-ES)
• 4th quarter estimated tax payments due for trusts and estates (Form 1041-ES)

Business Action Items

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Key Dates

January

Team Communication

• Communicate All Open Items with Planners/Advisors
• Communicate Max MBR/i401(k) Clients to Complete Contributions
• Consider Employee Contribution of $23,000 if no contribution is made to Employer plan and Schedule C Income is in excess of $23,000
• Confirm IRA Contributions Completed
• Confirm i401(k) and Roth i401(k) Accounts Opened

Tax Document Management

• Pull Tax Docs
• Request Endorsement Income Summaries and 1099s from Agencies for 2024 Returns
• Gather IPINs

Extension Preparation

• Prep Extensions (Compare vs Tax Projection)
• Drop W-2s into All Athlete Client Locators

• Submit Manual State Extension Payments
• Confirm Cash Available for Extension Payment

Payroll Setup

• Set Up Payroll Logins for New Teams

Compliance and Filings

• Complete Form 5500 and Form 709 Filings

February 17, 2025

• Certain information-reporting forms, such as Forms 1099-B, due to recipients

February 28, 2025

• Forms 1097, 1098, 1099, 3921, 3922 and W-2G due to the IRS by February 28 when paper filing (due April 1 if filing electronically); see exceptions for Form 1099-NEC and 1098-SB. Note: If a business is required to file more than 10 information returns, the forms must be e-filed.
• Health coverage information for applicable large employers (Forms 1094-C and 1095-C) due for paper filings (due March 31 if filing electronically)
• Health coverage information for individuals covered by minimum essential coverage (Form 1094-B and Form 1095-B) due for paper filings (due March 31 if filing electronically)

Business Action Items

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Key Dates

February

March 5, 2025

• Deadline (65 days after year-end) for a trust or estate to make distributions that qualify to be treated as distributions made for the prior year
• Trust return to allocate estimated tax payments to the beneficiaries (Form 1041-T)

March 17, 2025

• S election (Form 2553) for calendar-year small businesses due (often a C corporation)
• S corporation (Form 1120S) returns or extensions due
• Partnership (Form 1065) returns or extensions due

Business Return Filings

• Finalize On-Time Business Return Filings

Amended Filings Review

• Review for Amended Charles Schwab Consolidated 1099s

Client Communication and Deadlines

• Complete S-Corp Elections
• Provide Deadline to Clients on Tax Document Uploads
• Your Return Will Be Extended if Documents Not Received by XX/XX/XXXX

Business Action Items

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Key Dates

March

April 1, 2025

• All other Forms 1099 due (electronic filing)

• Last day for individuals who turned age 73 during 2023 to take their first required minimum distribution from an IRA/retirement account to avoid penalties (in general)

April 15, 2025

• Individual (Form 1040) and trust (Form 1041) returns or extensions due (including most state individual returns and extensions)
• Deadline for household employers to file Schedule H with Form 1040
• 1st quarter estimated tax payments for individuals (Form 1040ES) and trusts/estates (Form 1041ES) due
• Traditional IRA contributions must be made
• Foreign Bank and Financial Accounts Report due (FinCEN 114)
• Corporate returns (Form 1120) or extensions due (including most state corporate returns/extensions)
• 1st quarter estimated tax payments for calendar-year C corporations due (Form 1120-W) (also note state estimated tax payments)
• Trust and estate income tax returns (Form 1041) or extensions due
• Gift and generation-skipping transfer tax returns (Form 709) or extensions due

Review and Invoicing

• Process/Send Invoices for Clients
• Confirm All Paper Filed Returns Mailed and Payments Processed
• Review Initial Pay Stubs for Withholding/401k

Estimated Payments and Extensions

• Process Q1 Estimated Payments
• Release of Extensions
• Communicate Extensions and Successful Acceptance of Returns
• Internal to Advisors for List of Extended Clients vs. On-Time Filings

Financial Projections and Analysis

• Launch Family Office Projections
• Request 2025 Endorsement Summaries for All Clients
• NFL Draft Bonus Analysis

Post-Tax Season Activities

• Schedule Post Tax Season Debrief
• Close Open Tax Return Workflows if Filed on Time

Key Dates

Business Action Items

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April

May 15, 2025

• Tax-exempt entities with a calendar year-end — Form 990 series due

June 17, 2025

• Deadline for Form 1040 for individuals who live abroad or request a four-month extension (Form 4868)
• 2nd quarter estimated tax payments due for individuals (Form 1040-ES)
• 2nd quarter estimated tax payments due for trusts and estates (Form 1041-ES)
• 2nd quarter estimated tax payments due for calendar-year C corporations (Form 1120-W)

July 31, 2025

• Deadline for calendar-year 2023 employee benefit plan reports (Form 5500 series)

Financial Projections and Analysis

• FFO, Core, Tax Only MLB, and Small Projections
• MLB Draft Bonus Analysis

Tax Preparation and Payments

• Complete All Tax Returns Without Schedule K-1s
• Process Q2 Estimated Payments

Communication and Events

• Bi-Annual Tax Newsletter
• Tax Summit
• AICPA Conference

Business Action Items

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Key Dates

May - August

Business Filings and Payments

• Complete All Business Filings
• Q3 Estimated Payments

K-1 Management

• Distribute Venture K-1s
• Follow Up on Outstanding K-1 Requests

Team Communications

• Communicate All i401(k) Contributions

September 15, 2025

• Extended due date for partnerships/electing large partnerships (Form 1065/Form 1065-B) (consider state extended due dates)
• Extended due date for S corporations (Form 1120S) (consider state extended due dates)
• 3rd quarter estimated tax payments due for individuals (Form 1040-ES)
• 3rd quarter estimated tax payments due for trusts and estates (Form 1041-ES)
• 3rd quarter estimated tax payments due for calendar-year C corporations (Form 1120-W)

September 30, 2025

• Extended due date for calendar-year trusts and estates (Form 1041)

Business Action Items

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Key Dates

September

Finalization of Individual Returns

• Finalize All Individual Returns
• Complete All FBAR Filings
• Confirm All Paper Filed Returns Mailed and Payments Processed

Client Communication

• Communicate Successful Acceptance of Returns

• Request Updated Endorsement Summaries for True Ups

Financial Management

• Process/Send Invoices for Clients
• Close Open Tax Return Workflows if Filed on Time

Post-Tax Season Activities

• Tax Season Debrief
• Pull Final Pay Stubs

October 15, 2025

• Extended due date for individual income tax returns (Form 1040) (including most state returns)
• Extended due date for calendar-year C corporation income tax returns (Form 1120)
• Extended due date for calendar-year employee benefit plan reports (Form 5500 series)
• Extended due date for gift and generation-skipping transfer tax returns (Form 709)
• Extended due date for Foreign Bank and Financial Accounts Report (FinCEN 114)

Business Action Items

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Key Dates

October

Engagement planning

• Business Process Updates
• W-4 Realignment
• CCH Workflow Setup
• Tax Memo Roll Forward
• MCL Rollover
• Update Fees
• Client Realignment (Purge)
• Tax Projection and Workpaper Excel Updates
• Create Next Year MLB Duty Days Templates
• Confirm Duty Days Locations (Injuries)
• Schedule Meeting with Planning Team for Return Refund/Payment Review

Tax Planning and Projections

• Tax Projection True Ups
• Roth IRA Conversion Analysis
• 529 Planning
• Confirmation of Retirement Account Contributions (IRAs)
• Confirm DAF Contributions Made

Client Management and Development

• Identify Playoff Shares, Pre-Arb Bonus, and Performance Bonus Clients
• Business Development on Tax Only Clients
• Status Updates for Offseason Meetings

Communication

• Bi-Annual Tax Newsletter

November 17, 2025

• Extended due date for calendar-year exempt organizations (Form 990 series)

December 16, 2025

• 4th quarter estimated tax payments due for calendar-year C corporations (Form 1120-W)

December 31, 2025

• Required minimum distributions (from IRAs and other retirement plans) are generally required to be taken by December 31 to avoid penalties.

Business Action Items

Key Dates

Page 9

November - December