February 2016 Tax Compliance and Due Dates

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:

• • The February 2016 Calendar with filing deadlines and reminders for you and your clients.
  • Key Tax Facts for the 2015 Return

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