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You probably clicked on this article because you were intrigued about how something as simple as a calendar could save your business so much money. Well, an Admin Calendar system is not just a calendar - it performs as an organizer - and monitors the action items and tasks required to meet deadlines.
So, you're a business owner with employees and/or maybe a manager; someone is supposed to be handling the financial/compliance obligations; and making sure processes are correct and timely. Still, you are getting semi-harsh letter(s) that might as well, glow in red, alerting you to another missed deadline. URGH! How and why was this late; or, worse - got missed?
Getting down to why deadlines are missed could be a matter of realizing that the due date on a calendar may not adequately account for the significant action-items/tasks required. Does your calendar ensure that you or your employee(s) have identified and outlined these requirements?
So, what is an Admin Calendar system?
For a second, think of the personal calendar you have now. It may be littered with appointments, meetings, birthdays, and other things that life throws at you. There's one hanging on the wall; the one tied to your email system; and you may still have one your purse that you still write in.
Just like we like to keep up with life and meetings, it's important for you and your employees to stay informed; and ahead of the curve when it comes to keeping your business compliant. Why? (Because we have to!) .
The Admin Calendar on the wall could/should look something like this:
While there are pre-determined due dates for tax returns, state required reporting, expiring insurance policies, staff reviews and especially audits; the work required to compile a return or report; or renew a policy is often quite significant. Once the tasks are identified and rolled up into action-items; it is critical to include these items in an Admin Calendar system.
Of course, payroll is issued on time (or someone's feeling the heat). Still, gathering the details to ensure payroll is timely can be extremely stressful. Your payroll person may be chasing time sheets, receipts for reimbursements, trying to get new employees on boarded; or, just putting off the action-items required to process payroll.
Reviewing and reconciling totals, to ensure accurate returns and tax payments are reported, should not be planned to happen on the due date. In fact, the date reflected on the Admin Calendar should be at least two days prior to the actual due date.
While the formal application to renew the health insurance policy can't be submitted until 30-45 days in advance; researching alternative providers; and gathering details from your employees should start at least 60 days in advance of the expiring policy. Understanding, outlining and ensuring the action-items required for this project is pivotal to a smooth execution. Not doing so strongly suggests urgent and potential crisis mismanagement.
Now more than ever, staying on top of deadlines is pivotal! Especially ensuring the following functions are performed timely. To be in compliance with governmental agencies; your company's Administrative Calendar must have these events recorded, with adequate time to compile REQUIRED information.
With few exceptions, like a pandemic, hurricane or other deemed disaster; the following due dates should be acknowledged as THE DUE DATE. Best practices are to actually target having these processes completed at least two days prior to the due date. It should also be noted that SOME DUE DATES DON'T VARY, EVEN IF IT FALLS ON A WEEKEND OR HOLIDAY!
Business Structures/Federal Tax Returns Corporations (S-Corp), Partnerships, Sole Proprietors (Note an LLC can be any of these structures)
Federal Returns & Taxes – Due dates for Federal and State Tax returns and taxes vary; as do the due dates for the associated returns. These are due dates for returns and taxes required for different business structures.
Corporations may need to pay quarterly taxes due April 15, June 15, September 15, December 15.
Form 1120 -Annual tax return Due 3/15; with extension due 9/15
Form 1120S -Annual tax return. Due 3/15; with extension due 9/15 – required before members can file Federal tax returns
Partnerships - Form 1065 – Annual tax return. Due 3/15; with extension due 9/15 – required before partners can file Federal tax returns.
Sole Proprietors - Form 1040 Schedule C– Annual tax return filed with personal IRS Form 1040. Due 4/15; with extension 10/15. May also need to pay quarterly April 15, June 15, September 15, January 15.
Texas Tax Returns
Franchise Tax Returns- Texas - Filed annually and required for ALL registered companies; even LLCs filed with a personal Form 1040. State laws also requires many associated companies to file a consolidated return based on commonality. This annual return is due May 15; but can be extended through November 15. Note the Federal returns must be completed before this return can be submitted.
Sales Tax Returns- Texas is due monthly, quarterly or annually based on sales volume and taxes due. Monthly tax returns are due by the 20th of the following month.
County Tax Returns
Business Rendition is an annual report of your companies’ assets. This report is required by the county where business is conducted. Check with your local counties for the deadlines. There is a county and school tax due on all of the company's assets and billed separately for fixed assets and vehicles. TYPICALLY the tax bill is received anywhere from late October to December; and is due by January 31st. Still, the tax payment is only deductible the year it is paid.
Payroll Returns/Tax Payments
Payroll Form 941 (Federal)/TWC (Texas state return) If your business files the Form 941, a quarterly return is required - even if no wages paid. The Form 941 and TWC quarterly returns are due April 30, July 31, October 31 and January 31.
Payroll tax payments are required per payroll issued, monthly, or quarterly based on the total payroll and taxes due. (Note payroll taxes are payable per this schedule, even if the Form 944 is required.)
Forms 940, W-2 (W-3) & 1099(1096) are annual returns and are due January 31.
If a Due Date falls on a holiday, the next business day MAY become the Due Date. This should be confirmed.
Other Note-Worthy Deadlines to Mark Down in Your Admin Calendar
Renewing Insurances (General Liability Insurance, Health Insurance, and more).
Employee & Staff Performance Reviews
1099's & W9 audits
Workers Comp Audits
DID YOU KNOW?
Did you know that if your email operates under Google/Outlook/other system, you have access to a super helpful tools? These are EXTREMELY USEFUL ORGANIZATIONAL TOOLS for you or your staff to ensure deadlines and compliance obligations in an organized fashion.
These are just some of the COOL features of Google Calendar:
You can share and sync certain calendar events with other Google Calendar users (AKA your manager/employees).
You can set up reminders for events ahead of time. This can help with getting ahead of deadlines as a reminder to get things done before crunch time!
You can organize events based on categories. Basically, you can color-code calendar events to help stay organized.
Sync your calendar to your computer, phone, or tablet with the Google Calendar App.
It's important for you and your managers to stay up-to-date with obligations and it alleviates unneeded stress/conflict come crunch time. Just think of it as your old school calendar - except with (exciting)things like tax returns, insurance deadlines, etc, ;-)!