December 2016 Tax and Compliance Deadlines

Tax Law and News december-due-date

Are you ready for tax season? It’s almost here, but first, it’s time to celebrate your achievements and complete some end-of-year tasks. While you’re doing that, here’s a reminder of key tax compliance and due dates for you and your clients.

In December, it is recommended that you:

  • Establish tax return preparation procedures.
  • Develop tax preparation docket sheet.
  • Analyze tax season staffing needs.
  • Prepare tax season work assignments.
  • Prepare tax preparation packets for clients.
  • Review new tax developments.
  • Remind individual clients of Jan. 17 due date for final 2017 estimated tax payment.
  • Remind business clients of new Jan. 31 due date for filing Forms W-2 and 1099-MISC.
  • Alert partnerships of accelerated March 15 due date for partnership returns.
  • Remind C corporation clients of new April 17 due date for annual returns.

Key Compliance Dates:

December: Employees whose withholding status will change in 2017 should submit a new Form W-4 to the employer. The new form should be submitted as early as possible to guarantee implementation of the withholding change in January.

  • Friday, Dec. 2 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on November 26-29.
  • Wednesday, Dec. 7 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Nov. 30-Dec. 2.
  • Friday, Dec. 9 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 3-6.
  • Monday, Dec. 12 – Tipped employees who received $20 or more in tips during November report them to the employer on Form 4070.
  • Wednesday, Dec. 14 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 7-9.
  • Thursday, Dec. 15 – Monthly depositors deposit FICA and withheld income tax for November. Calendar-year corporations pay fourth installment of 2016 estimated tax.
  • Friday, Dec. 16 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 10-13.
  • Wednesday, Dec. 21 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 14-16.
  • Friday, Dec. 23 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 17-20
  • Thursday, Dec. 29 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 21-23.
  • Friday, Dec. 30 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 24-27.

Intuit Resources:

As always, visit Intuit® ProConnect™ for more information and training resources.