HLB Gross Collins Varied

January/February Dates to Remember

January 16 

Individuals. Make a payment of your estimated tax for 2017 if you did not pay your income tax for the year through withholding (or did not pay enough in tax that way). Use Form 1040-ES. This is the final installment date for 2017 estimated tax. However, you don’t have to make this payment if you file your 2017 return and pay any tax due by January 31, 2018.

Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in December 2017 if the monthly rule applies.

January 31

All businesses. Give annual information statements (Forms 1099) to recipients of certain payments you made during 2017. Payments that are covered include the following: compensation for workers who are not considered employees; dividends and other corporate distributions; interest; rents; royalties; profit-sharing distributions; retirement plan distributions; original issue discounts; prizes and awards; medical and health care payments; payments of Indian gaming profits to tribal members; debt cancellations (treated as payment to debtor); and cash payments over $10,000. There are different forms for different types of payments.

Employers. Give your employees their copies of Form W-2 for 2017. If an employee agreed to receive Form W­2 electronically, have it posted on a website and notify the employee of the posting.

For nonpayroll taxes, file Form 945 to report income tax withheld for 2017 on all nonpayroll items, such as backup withholding and withholding on pensions, annuities, and IRAs. Deposit or pay any undeposited tax. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the year in full and on time, you have until February 12 to file the return.

For Social Security, Medicare, and withheld income tax, file Form 941 for the fourth quarter of 2017. Deposit and pay any undeposited tax. If your tax liability is less than $2,500, you can pay it in full with a timely filed return.  If you deposited the tax for the year in full and on time, you have until February 12 to file the return.

For federal unemployment tax, file Form 940 for 2017. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you already deposited the tax for the year in full and on time, you have until February 12 to file the return.

 

February 15 

All businesses. Give annual information statements (Forms 1099) to recipients of certain payments you made during 2017. Payments that are covered include (1) amounts paid in real estate transactions;(2) amounts paid in broker and barter exchange transactions; and (3) payments to attorneys. 

Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in January if the monthly rule applies.

Individuals. If you claimed exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 to continue your exemption for another year. 

February 16 

Employers. Begin withholding income tax from any employee’s pay who claimed exemption from withholding in 2017, but did not provide a new Form W-4 to continue the exemption for 2018.