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February 2016 Tax Compliance and Due Dates

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Now that you’re knee-deep in tax season, you can’t forget to pay attention to important compliance deadlines. Here’s a list for review. As always, Intuit® ProConnect™ is pleased to offer guidance and information to all tax practitioners.

In February, it is recommended that you:

  • Send reminders to individual clients who have not returned tax preparation packets or scheduled appointments.
  • Review pros and cons of S corporation election with eligible corporate clients.
  • Remind calendar year corporate clients of March 15 income tax return filing deadline.

Key Compliance Dates:

Monday, Feb. 1:

  • Furnish copies of Form W-2 for 2015 to employees.
  • Furnish information returns to retired employees (Form 1099-R) and non-corporate independent contractors who were paid $600 or more (Form 1099-MISC).
  • Employers file Form 941 for the fourth quarter of 2015 (If tax was deposited in full and on time, file by Feb. 10).
  • Qualifying small employers file annual Form 944 for 2014 (in lieu of quarterly Form 941s).
  • Employers file Form 940 for 2015 (if tax was deposited in full and on time, file by Feb. 10).
  • Individuals file individual income tax return for 2015 in lieu of Jan. 15 estimated tax payment.
  • File Form 945 for 2015 to report income tax withheld on non-payroll items.

Wednesday, Feb. 3: Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 27–29.

Friday, Feb. 5: Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 30–Feb. 2.

Wednesday, Feb. 10:

  • Employers file Form 941 for the fourth quarter of 2015 if tax for the quarter was deposited in full and on time.
  • Tipped employees who received $20 or more in tips during January report them to the employer on Form 4070.
  • Employers file Form 940 for 2014 if tax for the year was deposited in full and on time.
  • Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 3–5.

Friday, Feb. 12: Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 6–9.

Tuesday, Feb. 16: Monthly depositors deposit FICA and withheld income tax for January. Claims for 2015 exemption from income tax withholding expire; employers must begin withholding tax unless employee has submitted a new W-4 to continue exemption for 2016.

Thursday, Feb. 18: Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 10–12.

Friday, Feb. 19: Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 13–16.

Wednesday, Feb. 24: Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 17–19.

Friday, Feb. 26: Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 20–23.

Monday, Feb. 29:

  • File Form 1099 information returns (reports of payments of $600 or more, $10 dividend and interest payments) for 2015. Electronic filers see March 31.
  • Large food and beverage establishment employers file Form 8027. Employer’s Annual Information Return of Tip Income and Allocated Tips; use Form 8027-T if reporting for more than one establishment. Electronic filers see March 31.
  • Employers file Copy A of all Form W-2 issues for 2015 with the Social Security Administration (SSA). Paper Forms W-2 should be accompanied by a Form W-3. Electronic filers see March 31.

Intuit Resources:

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

Dorinda DeScherer

Dorinda DeScherer is an attorney specializing in tax and employment law. She is an honors' graduate of Barnard College of Columbia University and the University of Maryland School of Law. She is currently a principal with Editorial Resource Group, where she specializes in writing and editing professional publications. More from Dorinda DeScherer

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