December 2016 Tax and Compliance Deadlines

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:

• The December 2016 Calendar with filing deadlines and reminders for you and your clients.
• Key Tax Facts for the 2016 Return
• New Tax Law Changes for 2016

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