Becky
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General
February 1
Individuals who must make estimated tax payments: If you didn't pay your last installment of estimated tax by January 15, you may choose (but aren't required) to file your income tax return (Form 1040) for 2015 by February 1. Filing your return and paying any tax due by February 1 prevents any penalty for late payment of the last installment. If you can't file and pay your tax by February 1, file and pay your tax by April 18.
All businesses: Give annual information statements to recipients of certain payments you made during 2015. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. Payments that may be covered include the following.
February 10
Employees who work for tips: If you received $20 or more in tips during January, report them to your employer. You can use Form 4070.
February 16
Individuals: If you claimed exemption from income tax withholding last year on the Form W4, Employee's Withholding Allowance Certificate, you gave your employer, you must file a new Form W4 by this date to continue your exemption for another year.
All businesses: Give annual information statements to recipients of certain payments you made during 2015. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. This due date applies only to the following types of payments.
February 29
All businesses: File information returns (for example, Forms 1099) for certain payments you made during 2015. These payments are described under February 1. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the General Instructions for Certain Information Returns for information on what payments are covered, how much the payment must be before a return is required, which form to use, and extensions of time to file.
If you file Forms 1097, 1098, 1099, 3921, 3922, or W2G electronically, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms generally remains February 1.
Farmers and fishermen: File your 2015 income tax return (Form 1040) and pay any tax due. However, you have until April 18 to file if you paid your 2015 estimated tax by January 15, 2016.
Employers
February 1
All employers: Give your employees their copies of Form W2 for 2015. If an employee agreed to receive Form W2 electronically, have it posted on a website and notify the employee of the posting.
Payers of gambling winnings: If you either paid reportable gambling winnings or withheld income tax from gambling winnings, give the winners their copies of Form W2G.
Nonpayroll taxes: File Form 945 to report income tax withheld for 2015 on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit or pay any undeposited tax under the accuracy of deposit rules. 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 timely, properly, and in full, you have until February 10 to file the return.
Social security, Medicare, and withheld income tax: File Form 941 for the fourth quarter of 2015. Deposit or pay any undeposited tax under the accuracy of deposit rules. 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 quarter timely, properly, and in full, you have until February 10 to
file the return.
Certain small employers: File Form 944 to report social security and Medicare taxes and withheld income tax for 2015. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is $2,500 or more for 2015 but less than $2,500 for the fourth quarter, deposit any undeposited tax or pay it in full with a timely filed return. If you deposited the tax for the year timely, properly, and in full, you have until February 10 to file the return.
Farm employers: File Form 943 to report social security and Medicare taxes and withheld income tax for 2015. Deposit or pay any undeposited tax under the accuracy of deposit rules. 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 timely, properly, and in full, you have until
February 10 to file the return.
Federal unemployment tax: File Form 940 for 2015. 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 deposited the tax for the year timely, properly, and in full, you have until February 10 to file the return.
February 10
Nonpayroll taxes: File Form 945 to report income tax withheld for 2015 on all nonpayroll items. This due date applies only if you deposited the tax for the year timely, properly, and in full.
Social security, Medicare, and withheld income tax: File Form 941 for the fourth quarter of 2015. This due date applies only if you deposited the tax for the quarter timely, properly, and in full.
Certain small employers: File Form 944 to report social security and Medicare taxes and withheld income tax for 2015. This due date applies only if you deposited the tax for the year timely, properly, and in full.
Farm employers: File Form 943 to report social security and Medicare taxes and withheld income tax for 2015. This due date applies only if you deposited the tax for the year timely, properly, and in full.
Federal unemployment tax: File Form 940 for 2015. This due date applies only if you deposited the tax for the year timely, properly, and in full.
February 16
Social security, Medicare, and withheld income tax: If the monthly deposit rule applies, deposit the tax for payments in January.
Nonpayroll withholding: If the monthly deposit rule applies, deposit the tax for payments in January.
February 17
All employers: Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2015, but didn't give you Form W4 (or Form W4(SP), its Spanish version) to continue the exemption this year.
February 29
Payers of gambling winnings: File Form 1096 along with Copy A of all the Forms W2G you issued for 2015. If you file Forms W2G electronically, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms remains February 1.
All employers: File Form W3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W2 you issued for 2015. If you file Forms W2 electronically, your due date for filing them with the SSA will be extended to March 31. The due date for giving the recipient these forms remains February 1.
Large food and beverage establishment employers: File Form 8027, Employer's Annual Information Return of Tip Income and Allocated Tips. Use Form 8027T, Transmittal of Employer's Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically, your due date for filing them with the IRS will be extended to March 31.
Excise
February 1
Form 720 taxes: File Form 720 for the fourth quarter of 2015.
Wagering tax: File Form 730 and pay the tax on wagers accepted during December 2015.
Heavy highway vehicle use tax: File Form 2290 and pay the tax for vehicles first used in December 2015.
February 10
Communications and air transportation taxes under the alternative method: Deposit the tax included in amounts billed or tickets sold during the first 15 days of January.
February 12
Regular method taxes: Deposit the tax for the last 16 days of January.
February 25
Communications and air transportation taxes under the alternative method: Deposit the tax included in amounts billed or tickets sold during the last 16 days of January.
February 29
Regular method taxes: Deposit the tax for the first 15 days of February.
Wagering tax: File Form 730 and pay the tax on wagers accepted during January.
Heavy highway vehicle use tax: File Form 2290 and pay the tax for vehicles first used in January.
______________________________________
The above information applies for Calendar Year taxpayers, and was taken from the IRS Tax Calendar for 2016, which can be found here: Publication 509: Tax Calendar 2016
The above list is a general overview and does not necessarily constitute a complete and accurate picture of your / your client's tax obligations for February. Care should be taken to ensure all deadlines are correctly adhered to.
February 1
Individuals who must make estimated tax payments: If you didn't pay your last installment of estimated tax by January 15, you may choose (but aren't required) to file your income tax return (Form 1040) for 2015 by February 1. Filing your return and paying any tax due by February 1 prevents any penalty for late payment of the last installment. If you can't file and pay your tax by February 1, file and pay your tax by April 18.
All businesses: Give annual information statements to recipients of certain payments you made during 2015. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. Payments that may be covered include the following.
- Cash payments for fish (or other aquatic life) purchased from anyone engaged in the trade or business of catching fish.
- Compensation for workers who aren't considered employees (including fishing boat proceeds to crew members).
- Dividends and other corporate distributions.
- Interest.
- Rent.
- Royalties.
- Payments of Indian gaming profits to tribal members.
- Profit sharing distributions.
- Retirement plan distributions.
- Original issue discount.
- Prizes and awards.
- Medical and health care payments.
- Debt cancellation (treated as payment to debtor).
- Cash payments over $10,000. See the instructions for Form 8300.
February 10
Employees who work for tips: If you received $20 or more in tips during January, report them to your employer. You can use Form 4070.
February 16
Individuals: If you claimed exemption from income tax withholding last year on the Form W4, Employee's Withholding Allowance Certificate, you gave your employer, you must file a new Form W4 by this date to continue your exemption for another year.
All businesses: Give annual information statements to recipients of certain payments you made during 2015. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. This due date applies only to the following types of payments.
- All payments reported on Form 1099B, Proceeds From Broker and Barter Exchange Transactions.
- All payments reported on Form 1099S, Proceeds From Real Estate Transactions.
- Substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 14 of Form 1099MISC.
February 29
All businesses: File information returns (for example, Forms 1099) for certain payments you made during 2015. These payments are described under February 1. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the General Instructions for Certain Information Returns for information on what payments are covered, how much the payment must be before a return is required, which form to use, and extensions of time to file.
If you file Forms 1097, 1098, 1099, 3921, 3922, or W2G electronically, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms generally remains February 1.
Farmers and fishermen: File your 2015 income tax return (Form 1040) and pay any tax due. However, you have until April 18 to file if you paid your 2015 estimated tax by January 15, 2016.
Employers
February 1
All employers: Give your employees their copies of Form W2 for 2015. If an employee agreed to receive Form W2 electronically, have it posted on a website and notify the employee of the posting.
Payers of gambling winnings: If you either paid reportable gambling winnings or withheld income tax from gambling winnings, give the winners their copies of Form W2G.
Nonpayroll taxes: File Form 945 to report income tax withheld for 2015 on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit or pay any undeposited tax under the accuracy of deposit rules. 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 timely, properly, and in full, you have until February 10 to file the return.
Social security, Medicare, and withheld income tax: File Form 941 for the fourth quarter of 2015. Deposit or pay any undeposited tax under the accuracy of deposit rules. 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 quarter timely, properly, and in full, you have until February 10 to
file the return.
Certain small employers: File Form 944 to report social security and Medicare taxes and withheld income tax for 2015. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is $2,500 or more for 2015 but less than $2,500 for the fourth quarter, deposit any undeposited tax or pay it in full with a timely filed return. If you deposited the tax for the year timely, properly, and in full, you have until February 10 to file the return.
Farm employers: File Form 943 to report social security and Medicare taxes and withheld income tax for 2015. Deposit or pay any undeposited tax under the accuracy of deposit rules. 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 timely, properly, and in full, you have until
February 10 to file the return.
Federal unemployment tax: File Form 940 for 2015. 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 deposited the tax for the year timely, properly, and in full, you have until February 10 to file the return.
February 10
Nonpayroll taxes: File Form 945 to report income tax withheld for 2015 on all nonpayroll items. This due date applies only if you deposited the tax for the year timely, properly, and in full.
Social security, Medicare, and withheld income tax: File Form 941 for the fourth quarter of 2015. This due date applies only if you deposited the tax for the quarter timely, properly, and in full.
Certain small employers: File Form 944 to report social security and Medicare taxes and withheld income tax for 2015. This due date applies only if you deposited the tax for the year timely, properly, and in full.
Farm employers: File Form 943 to report social security and Medicare taxes and withheld income tax for 2015. This due date applies only if you deposited the tax for the year timely, properly, and in full.
Federal unemployment tax: File Form 940 for 2015. This due date applies only if you deposited the tax for the year timely, properly, and in full.
February 16
Social security, Medicare, and withheld income tax: If the monthly deposit rule applies, deposit the tax for payments in January.
Nonpayroll withholding: If the monthly deposit rule applies, deposit the tax for payments in January.
February 17
All employers: Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2015, but didn't give you Form W4 (or Form W4(SP), its Spanish version) to continue the exemption this year.
February 29
Payers of gambling winnings: File Form 1096 along with Copy A of all the Forms W2G you issued for 2015. If you file Forms W2G electronically, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms remains February 1.
All employers: File Form W3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W2 you issued for 2015. If you file Forms W2 electronically, your due date for filing them with the SSA will be extended to March 31. The due date for giving the recipient these forms remains February 1.
Large food and beverage establishment employers: File Form 8027, Employer's Annual Information Return of Tip Income and Allocated Tips. Use Form 8027T, Transmittal of Employer's Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically, your due date for filing them with the IRS will be extended to March 31.
Excise
February 1
Form 720 taxes: File Form 720 for the fourth quarter of 2015.
Wagering tax: File Form 730 and pay the tax on wagers accepted during December 2015.
Heavy highway vehicle use tax: File Form 2290 and pay the tax for vehicles first used in December 2015.
February 10
Communications and air transportation taxes under the alternative method: Deposit the tax included in amounts billed or tickets sold during the first 15 days of January.
February 12
Regular method taxes: Deposit the tax for the last 16 days of January.
February 25
Communications and air transportation taxes under the alternative method: Deposit the tax included in amounts billed or tickets sold during the last 16 days of January.
February 29
Regular method taxes: Deposit the tax for the first 15 days of February.
Wagering tax: File Form 730 and pay the tax on wagers accepted during January.
Heavy highway vehicle use tax: File Form 2290 and pay the tax for vehicles first used in January.
______________________________________
The above information applies for Calendar Year taxpayers, and was taken from the IRS Tax Calendar for 2016, which can be found here: Publication 509: Tax Calendar 2016
The above list is a general overview and does not necessarily constitute a complete and accurate picture of your / your client's tax obligations for February. Care should be taken to ensure all deadlines are correctly adhered to.
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